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Technology Shares Sink Amid Earnings -- Tech Roundup

10/28/2020 | 04:12pm EST

Shares of technology companies sank amid earnings and as several high-profile leaders tangled with U.S. senators.

Microsoft's stock was down nearly 5% as the company's forecast did not live up to estimates. All three of its core segments grew strongly amid demand for cloud services and videogames during the COVID-19 pandemic.

However, Microsoft underwhelmed with its forecast for the fiscal second quarter, when it will launch the new Xbox consoles.

Meanwhile, Sony raised its forecast for its full-year operating profit by nearly $800 million, capping a strong run of results by Japanese electronics makers benefiting from China's revived economy and pandemic technology trends.

Automatic Data Processing shares jumped more than 6% after quarterly profits rose year-on-year.

A federal appeals court refused to reconsider its decision earlier this year to throw out a government antitrust case against Qualcomm.

The Federal Trade Commission had alleged the dominant cellphone chip maker engaged in illegal monopolization, but a three-judge panel on the Ninth U.S. Circuit Court of Appeals ruled in August that the government hadn't proven its case.

Meanwhile, the CEOs of Facebook, Twitter and Alphabet faced a Senate committee in a hearing over the companies' roles in moderating public discourse.

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

(END) Dow Jones Newswires

10-28-20 1711ET

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