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Technology Shares Fall Ahead of Earnings -- Tech Roundup

10/26/2020 | 04:07pm EST

Shares of technology companies fell ahead of a run of earnings from big names. The calendar this week includes Microsoft, Apple, Amazon.com and Alphabet.

SAP SE shares plunged more than 20% Monday after Europe's biggest technology company by sales scrapped its profit targets for the year and said measures to thwart a rebound in coronavirus infections would weigh on business through the middle of next year.

The Justice Department's attempt to punish Google for its competitive practices in internet search could end up taking a major toll on a different tech giant: Apple.

A multibillion-dollar deal in which Google pays to be the default search engine on Apple's iPhones and other devices is at the heart of the case the U.S. government filed last week against Google. That deal is also at the heart of Apple's services unit, which has been the biggest contributor to its growth over the past several years.

Some of the nation's internet providers are limiting broadband usage for customers and increasing rates for heavy users, steps that partly help offset revenue lost from subscribers abandoning their traditional pay-TV plans in favor of internet-based options.

Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

10-26-20 1706ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.65% 1824.97 Delayed Quote.36.25%
APPLE INC. 0.29% 123.08 Delayed Quote.67.17%
MICROSOFT CORPORATION -0.39% 215.37 Delayed Quote.37.10%
SAP SE -0.24% 100.92 Delayed Quote.-15.81%
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