Tech Shares Sink on Overheating Fears -- Technology Roundup

Features Dow Jones Newswires

Technology shares tumbled as investors pulled back on one of the most profitable trades of the year so far.

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Facebook, Google parent Alphabet, Amazon, Apple and Microsoft shares all logged losses, though they remain up by double digits for the year. Traders and analysts attributed the selloff in part to a research note by Goldman Sachs that called out the five companies' recent outperformance as potentially overheated.

A Citron Research report on Nvidia called the company a "casino stock" and said it should trade down to $130.

Qualcomm's bid to acquire NXP Semiconductors NV faces an in-depth probe by the European Union on concerns the deal could lead to higher prices, less choice and reduced innovation in the semiconductor industry, the EU's antitrust regulator said.

Japan's SoftBank said it would buy Boston Dynamics and Schaft, two pioneers in advanced robots, from Alphabet.

-By Amy Pessetto, amy.pessetto@dowjones.com

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(END) Dow Jones Newswires

June 09, 2017 18:43 ET (22:43 GMT)