Tech Down on Valuation Concerns - Tech Roundup

Features Dow Jones Newswires

Shares of tech companies declined amid fears the sector was becoming over-valued in the wake of a long run-up. For the sixth time in 2017, fund managers surveyed last week by brokerage Bank of America Merrill Lynch said "long Nasdaq" was the most crowded trade of them all. A crowded trade is considered to be dangerous to touch by market professionals, and the survey suggests a perception that there are more potential sellers of Nasdaq stocks than buyers in the market. Tech manufacturer Foxconn Technology Group posted a 39% drop in quarterly net profit amid production challenges dogging its largest customer -- Apple -- over the new iPhone X. Illumination Entertainment, which makes animated films for Comcast Corp.'s Universal Pictures, is close to an agreement with Nintendo to make an animated "Super Mario Bros." movie based on the 32-year-old videogame series about a pair of sibling plumbers.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

November 14, 2017 16:19 ET (21:19 GMT)