Tech Rises, Recouping Some Recent Losses -- Tech Roundup

Shares of technology companies rose, recouping some of the recent losses associated with recession fears.

The Federal Trade Commission sued Microsoft to block its planned $75 billion acquisition of Activision Blizzard, as the Biden administration seeks to address the growing scale and power of technology giants.

Separately, the Federal Trade Commission asked a judge to halt Meta Platforms' planned acquisition of a virtual-reality startup. In the wake of the report, Activision Chief Executive Bobby Kotick expressed confidence that the deal would close. One strategist said it was unclear if the FTC was on a "trust busting" campaign aimed at Big Tech companies.

"Who knows if they will trust bust, who knows where the rest of those lawsuits end up ... you have to be prepared for a 'long and winding road,' as the Beatles said," said JJ Kinahan, chief executive of IG North America, the parent company of options firm tastytrade.

American depositary receipts of Hello Group rallied after the Chinese mobile social and entertainment platform said it improved its bottom line in the third quarter as it focused on reducing costs.

Ciena shares rallied after the Internet infrastructure provider's fiscal fourth-quarter earnings topped Wall Street estimates.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

12-08-22 1751ET