Tech Up As Tax Fears Abate -- Tech Roundup

FeaturesDow Jones Newswires

Shares of tech companies rose, recouping some of their recent losses as fears abated that the sector would lose tax advantages under new Republican legislation.

The Securities and Exchange Commission intervened to halt San Francisco food-review app maker Munchee's $15 million initial coin offering, as regulators crack down on the controversial fund-raising method. The SEC said the app company's digital token sale was violating investment laws because the company didn't provide adequate investor disclosures.

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Apple acquired music-recognition app Shazam Entertainment, as it attempts to recharge growth in its music-subscription service.

Xerox said former Icahn Capital Managing Director Jonathan Christodoro resigned from its board so that activist investor Carl Icahn's organization could nominate four directors at Xerox's annual shareholder meeting in 2018.

Valuation worries about the stock market in general, and the tech sector in particular, are likely to hover over the market in 2018. "U.S. stocks are more expensive today in terms of earnings and book value than at any time since the tech bubble of the late 1990s," said Bob Doll, chief investment strategist at money manager Nuveen Investments, in a note to clients. "Corporate earnings growth has been impressive given slow economic growth, but future expectations are high and may be tough to exceed."

-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

December 11, 2017 16:21 ET (21:21 GMT)