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Tech Up, But Lags Market, On Rotation To Vaccine Bets -- Tech Roundup

11/13/2020 | 05:44pm EST

Shares of technology companies rose, but not by as much as the broad market, as investors continued to retreat from "stay-at-home" bets and buy into sectors that have more to gain from a Covid vaccine and a return to normal social activity.

After the market closed, President Donald Trump estimated that most Americans would have access to a vaccine by April.

Zoom Video Communications slid by more than 5%, capping a volatile week. Amazon.com was also lower, while Facebook and others trailed the gains of the broad market.

The disclosure that Pfizer and partner BioNTech were on the cusp of a viable vaccine caused a rejiggering of investor portfolios early in the week, with a rotation out of mega cap tech stocks and into cyclical sectors like energy, materials and financials.

Shares of network technology maker Cisco surged after it forecast full-year financial performance exceeding Wall Street targets.

Chip makers rose after Applied Materials forecast sales growth above the average Wall Street estimate.

Shares of electric-car maker Tesla slipped after Chief Executive Elon Musk tweeted that he may have contracted Covid 19.

President-elect Joe Biden could take on a broader agenda on technology and the U.S.-China rivalry, said Eric Sayers, an adjunct senior fellow at think tank Center for a New American Security.

Shares of luxury reseller Farfetch rallied after its quarterly sales growth topped Wall Street estimates.

Federal officials have granted TikTok and its Chinese parent ByteDance a 15-day extension of a deadline for completing a divestiture deal, in another delay of the Trump administration's efforts to turn the social-media app into an American company.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-13-20 1743ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLIED MATERIALS, INC. -2.51% 103.14 Delayed Quote.19.51%
BIONTECH SE -4.02% 101.59 Delayed Quote.24.62%
CISCO SYSTEMS, INC. 0.62% 45.43 Delayed Quote.1.52%
FACEBOOK INC 2.33% 251.36 Delayed Quote.-7.98%
PFIZER INC. -0.14% 36.7 Delayed Quote.-0.30%
TESLA, INC. -2.23% 826.16 Delayed Quote.17.07%
ZOOM VIDEO COMMUNICATIONS, INC. 0.34% 384.53 Delayed Quote.14.00%
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