Tech Flat as IPhone Excitement Fades -- Tech Roundup

Features Dow Jones Newswires

Shares of tech companies were flat as hype about Apple's new line of phones subsided.

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Cisco Systems Executive Chairman John Chambers, who spearheaded the growth of the networking giant for more than 20 years, won't stand for re-election later this year.

Shares of Nvidia rose after analysts at brokerage Merrill Lynch boosted their price target on the chip maker's shares. Another analyst, at RBC Capital Markets, said demand for Nvidia's high-performance chips for Bitcoin "mining" could actually increase after the Chinese crackdown on digital-currency exchanges.

Alphabet's Google launched an app in India that would allow customers to transfer money without use of a credit or a debit card, joining the competitive field of payment technology in a nation that recently recalled most of the notes in circulation and where few people carry payment cards.

Workplace social network Slack Technologies said it closed a $250 million funding round led by SoftBank Group's Vision Fund, the giant technology fund started by SoftBank leader Masayoshi Son.

Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

September 18, 2017 17:00 ET (21:00 GMT)