Tech Up as Services Data Whets Risk Appetite -- Tech Roundup

Shares of technology companies rallied amid optimism about the economic outlook in the wake of strong services-sector data.

The widely followed ARK Innovation exchange-traded fund, managed by cutting-edge tech investor Cathie Wood, rose by more than 5%, as investors piled into the riskiest niches, including cryptocurrencies.

Electronic Arts rose after the videogame maker posted fiscal first-quarter sales in excess of Wall Street estimates.

Sierra Wireless rose after confirmation that rival semiconductor concern Semtech had agreed to acquire the company in an all-cash deal with a total enterprise value of about $1.2 billion.

Cryptocurrency exchange Coinbase Global is appealing to the Supreme Court in a bid to avoid getting entangled in class-action lawsuits with angry customers.

PayPal Holdings leapt after activist hedge fund Elliott Management disclosed a substantial stake in the financial-technology company.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

08-03-22 1758ET