Tech Down Amid Tax Fears -- Tech Roundup

FeaturesDow Jones Newswires

Shares of tech companies declined amid fears that the new tax bill will crimp the sector's ability to take advantage of overseas tax jurisdictions.

Shares of Apple declined after analysts at brokerage Nomura Securities cut their rating on the gadget maker's shares. "We argue that the stock's gains for the iPhone X super-cycle are in the late innings," said the Nomura analysts. "We believe unit growth, if not quite average-selling-price growth, is well anticipated by consensus and a historically full multiple."

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The White House on Tuesday blamed North Korea's government for a massive cyberattack in May--known as WannaCry--that crippled hundreds of thousands of computers around the world. The United Kingdom had previously cast blame on the country.

Analysts at brokerage Credit Suisse said incursions from the technology sector into other industries will remain the dominant issue in markets during 2018. "Technological disruption remains the most important theme and hence idiosyncratic factors are dominating stock and sector performance," said the Credit Suisse analysts, in a note to clients.

--Rob Curran,

(END) Dow Jones Newswires

December 19, 2017 17:19 ET (22:19 GMT)