Tech Down As Rotation To Financials Continues -- Tech Roundup

Features Dow Jones Newswires

Shares of tech companies fell as a rotation from tech companies into the financial sector continued.

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Financial companies, many of whom have a domestic base, are seen as a more direct beneficiary of tax cuts than tech companies, many of whom distribute their businesses and tax liabilities worldwide.

Ireland will begin collecting EUR13 billion ($15.46 billion) in back taxes from Apple as soon as early next year after both sides agreed to the terms of an escrow fund for the money, Ireland's finance chief said. The agreement stems from the European Union's 2016 order that Dublin recoup some of the taxes, as it sought to close the door on tax-avoidance programs that took advantage of the Irish regimen, including the "double Irish."

Chip maker Broadcom opened the next front in its $105 billion takeover bid for Qualcomm, saying Monday it plans to submit its own candidates to sit on its target's board.

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

(END) Dow Jones Newswires

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December 04, 2017 16:49 ET (21:49 GMT)