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Tech Up As Investors Rotate Back Into Sector Ahead Of IPhone Launch -- Tech Roundup

10/12/2020 | 05:11pm EST

Shares of technology companies rallied as investors rotated out of a sector that had fallen out of favor in the recent correction, boosted by enthusiasm about a new iPhone.

Shares of Apple rose by more than 6% as investors embraced plans for the launch of a 5G phone, which would provide lightning-fast Internet capabilities. Apple will unveil the 5G-enabled iPhone Tuesday, setting off what analysts anticipate could be the most significant upgrade/replacement cycle since 2014, when Apple introduced larger screens.

Shares of Facebook, Netflix and Google parent Alphabet were all up by more than 5%.

Cloud-computing concern Twilio agreed to acquire software maker Segment that focuses on helping businesses track customer data for $3.2 billion. Shares of Twilio, which supports Uber Technologies' text-messaging capabilities among other things, have more than tripled for the year to date.

Facebook said it would begin removing Holocaust denials from its social media platforms, a concession following years of complaints from civil rights groups that the company was tolerating hate speech.

Airbnb Chief Executive Brian Chesky quickly pivoted Airbnb's strategy to advertise home rentals near travelers' homes rather than far-flung locations and hotels, turning around the home-sharing platform's business ahead of an initial-public offering, The Wall Street Journal reported.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

10-12-20 1710ET

Stocks mentioned in the article
ChangeLast1st jan.
AIRBNB, INC. 0.81% 181.87 Delayed Quote.23.89%
ALPHABET INC. 0.45% 1892.56 Delayed Quote.7.98%
APPLE INC. 1.61% 139.07 Delayed Quote.3.15%
FACEBOOK INC 0.60% 274.5 Delayed Quote.0.49%
NETFLIX, INC. -2.53% 565.17 Delayed Quote.4.52%
TWILIO INC. 0.77% 392.01 Delayed Quote.15.81%
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