Tech Up Slightly As Investors Hedge On Deal Outlook, Stimulus Bill Chances -- Tech Roundup

08/04/2020 | 05:28pm

Shares of technology companies rose slightly as investors hedged their bets on the outlook for deal activity and economic stimulus legislation.

Microsoft shares gave back some of their recent gains after The Wall Street Journal reported that Chief Executive Satya Nadella must navigate the difficult waters of the U.S.-Chinese relationship if it pursues an acquisition of popular Chinese video-sharing app TikTok's U.S. business.

"China's media outlets called the U.S. a 'rogue country' and called the forced sale 'theft of a Chinese Technology company,'" said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group.

Booking Holdings said it plans to cut up to a quarter of Booking.com's global work force, or more than 4,000 people, in the latest sign of the lasting effects the Covid pandemic has had on travel demand. The online travel agency, which also operates Kayak, OpenTable, Priceline and Agoda, said it's in talks with works councils, employee representatives and relevant organizations as it decides on the timing, number of affected employees and other parts of the cost-reduction measures.

Apple tapped Greg Joswiak, a company veteran who helped market key products including the iPhone and iPod, as its senior vice president for worldwide marketing, succeeding Phil Schiller, who joined the company in 1987, and was a friend of Apple's most celebrated executive and co-founder, Steve Jobs. Apple said Mr. Schiller will continue to lead the App Store and Apple Events, and Chief Executive Tim Cook lauded his role in shaping the company.

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

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