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Tech Down As Intel Weighs -- Tech Roundup

10/23/2020 | 05:12pm EST

Shares of technology companies ticked down after weak earnings from one major chip maker.

Intel shares plunged after the chip maker said revenue dropped 4% to $18.3 billion, a sign that an initial surge in demand for technology facilitating "remote" work and education is wearing off.

Tech firms may have initially benefited from "double counting" when corporations were paying for office IT infrastructure, and remote-working infrastructure at the same time, according to Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.

Tesla shares fell after a report the electric-vehicle maker plans to recall more than 29,000 of its Model S and Model X vehicles from China after problems with the cars' front and rear suspension were discovered.

Uber Technologies and Lyft must comply with an order that requires them to reclassify their drivers as employees, a California appeals court said Thursday, siding with a lower-court ruling from August that's a challenge to the companies' business models.

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

(END) Dow Jones Newswires

10-23-20 1711ET

Stocks mentioned in the article
ChangeLast1st jan.
INTEL CORPORATION 2.18% 50.99 Delayed Quote.-16.62%
LYFT, INC. -0.69% 43.1 Delayed Quote.0.19%
TESLA, INC. 4.32% 593.38 Delayed Quote.609.22%
UBER TECHNOLOGIES, INC. -1.07% 52.52 Delayed Quote.76.60%
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