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Tech Down As Stimulus Nerves Offset Deal Activity -- Tech Roundup

10/19/2020 | 05:21pm EST

Shares of technology companies fell as nerves about stimulus negotiations and earnings offset deal activity.

Intel is nearing a deal to sell a memory-chip unit to South Korea's SK Hynix for roughly $10 billion, in a move that reflects the semiconductor giant's overhaul of its sprawling business lines.

Shares of International Business Machines were flat ahead of the computer-services giant's earnings report. Shares of "Big Blue" slipped in late trading after it reported a decline in quarterly revenue.

Zoom Video Communications shares rose after an executive said the company's tolerance of free users represented an investment in its future, and hinted that it would soon find a way to earn money on such customers.

Federal prosecutors unsealed charges against six Russian intelligence officers accused of engaging in widespread and destructive cyberattacks, including operations that allegedly knocked Ukraine's energy grid offline, interfered in the presidential elections in France, and damaged computer systems world-wide in the costly 2017 NotPetya attack, as reported earlier.

A $185 million consulting deal that SoftBank Group signed with WeWork co-founder Adam Neumann upon his departure last year is no longer in place, a company executive chairman said.

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

(END) Dow Jones Newswires

10-19-20 1720ET

Stocks mentioned in the article
ChangeLast1st jan.
COMPUTER SERVICES, INC. -2.35% 58.1 Delayed Quote.30.56%
INTEL CORPORATION 0.85% 47.45 Delayed Quote.-20.72%
INTERNATIONAL BUSINESS MACHINES CORPORATION 0.12% 124.35 Delayed Quote.-7.23%
SK HYNIX, INC. 2.26% 99400 End-of-day quote.5.63%
SOFTBANK GROUP CORP. 3.19% 7089 End-of-day quote.49.05%
ZOOM VIDEO COMMUNICATIONS, INC. 6.29% 471.61 Delayed Quote.593.14%
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