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Tech Up On IPO Enthusiasm -- Tech Roundup

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09/25/2020 | 06:26pm EDT

Shares of technology companies rose amid enthusiasm about a growing wave of initial-public offerings.

Data-mining giant Palantir, backed by Peter Thiel and other prominent Silicon Valley investors, is preparing for a "direct listing" IPO, which could value the company at a substantial $22 billion.

Shares of some of the "mega cap" tech stocks that had been hit hardest in the recent correction, were among the biggest gainers Friday. Tesla, Apple and Microsoft were among major gainers.

Apple said it's giving some businesses a reprieve from paying a 30% commission on paid events and experiences through mobile apps, a move that follows controversy among developers and regulators about practices at the tech giant's App Store. Among those set to get an exemption is Facebook.

Google's parent Alphabet agreed to overhaul how it treats allegations of sexual misconduct in its executive ranks, seeking to close a tumultuous chapter in the company's history.

LinkedIn, the professional networking site owned by Microsoft, has rolled out a redesign and several new features, including its own version of "stories" posts.

The Trump administration asked a California judge to allow a ban on the Chinese-owned app WeChat to proceed, citing what it said are urgent national-security concerns about the Chinese government's potential collection of data on American users of the app, as reported earlier.

 

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


Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.04% 116.23 Delayed Quote.56.72%
FACEBOOK INC 1.76% 281.895 Delayed Quote.35.01%
MICROSOFT CORPORATION 1.82% 213.6 Delayed Quote.33.22%
PALANTIR TECHNOLOGIES INC. 7.19% 10.695 Delayed Quote.0.00%
TESLA, INC. 0.60% 423.245 Delayed Quote.402.33%
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