Tech Up on Hopes for Consolidation - Tech Roundup

FeaturesDow Jones Newswires

Shares of tech companies rose amid hopes for consolidation in the sector. Shares of Square rallied after analysts at brokerage Loop Capital said it would make sense if PayPal bought the provider of payment technology to merchants.

Snap's shares continued a precipitous decline after Morgan Stanley, one of the lead underwriters in the Snapchat parent's initial public offering, cut its rating on the company, citing competition from Facebook's Instagram, among others. Facebook shares rose slightly as the social network said it would start to filter ads into its Messenger technology.

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Tesla said it plans to triple its capacity to repair vehicles, adding 1,400 technicians, dozens of new service centers and hundreds of maintenance vans that can be dispatched to an owner's home, in preparation for the launch of its first mass-market vehicle.

(-By Rob Curran,

(END) Dow Jones Newswires

July 11, 2017 16:45 ET (20:45 GMT)