Tech Cos Down On Valuation Concerns -- Tech Roundup

Shares of tech companies fell amid valuation concerns.

Shares of Facebook declined after an analyst at brokerage Pivotal Research cut their rating on the social network, saying the market was complacent about regulatory risk and signs that big advertisers are unhappy with digital ads. The analyst pointed to a decision by Procter & Gamble--the world's largest purchaser of advertising--to cut back on its digital advertising budget.

Ride-hailing startup Lyft added its first independent board member, Valerie Jarrett, a former top adviser to President Barack Obama.

For months Japanese conglomerate SoftBank has been pressing Indian ecommerce company, in which it owns a stake, to merge with market leader Flipkart. But Snapdeal said Monday it is calling off the talks, The Wall Street Journal reported.

-Rob Curran,

(END) Dow Jones Newswires

July 31, 2017 16:44 ET (20:44 GMT)