Tech Up as Momentum Traders Chase Sector Gains -- Tech Roundup

Features Dow Jones Newswires

Shares of tech companies rose slightly as this year's momentum sector continued to draw fast money. "Among hedge funds, the highest conviction stocks are increasingly FAANG: Facebook, Amazon, Apple, Netflix, and Alphabet," said analysts at brokerage Goldman Sachs, in a research note. The rebound in "stock pickers" performance this year is largely explained by their concentrated holdings of these surprisingly fast-rising mega cap tech stocks, according to Goldman. Apple revealed a premium voice-activated speaker called HomePod and launched upgrades to its computers and tablets as it seeks to fend off competition on voice-activated technology from Amazon, Alphabet's Google and others.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

June 05, 2017 16:27 ET (20:27 GMT)