Tech Up As Investors Chase Rebound in Sector -- Tech Roundup

Shares of technology companies rose as institutional investors bought back into the sector after catastrophic losses in the first half of the year.

For example, George Soros's firm Soros Fund Management reported a new Uber Technologies stake of 300,000 shares on its quarterly 13-F filing Friday, while Sachem Head Capital Management increased its position to 4.6 million from 3.7 million.

A perception that the earnings season was a more salutary one than investors had feared has generated strong investor demand for tech companies, including software makers.

"Second-quarter results thus far have largely confirmed that demand trends are moderating," said strategists at brokerage Morgan Stanley.

Microsoft is up more than 20% from its June lows.

Videogame software maker Unity Software shares fell after its board unanimously agreed to reject a $17.5 billion buyout offer from rival AppLovin.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

08-15-22 1714ET