Tech Stocks Up as Valuation Scare Passes - Tech Roundup

Features Dow Jones Newswires

Shares of tech companies rose as fears about valuations receded.

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Quincy Krosby, chief market strategist at Prudential Financial, said the return to favor of tech stocks could reflect "window dressing," as hedge-fund and mutual-fund managers buy up big gainers so that they will appear on their quarter-end portfolio lists sent out to investors.

In the wake of Travis Kalanick's surprising exit as chief executive of ride-hailing firm Uber Technologies, other executives are seeking to reassure the 15,000 employees that the company is still well positioned to make an impact. A group of about 1,000 employees have signed a petition calling for Mr. Kalanick to be re-installed.

--By Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

June 23, 2017 16:44 ET (20:44 GMT)