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Tech Up Ahead Of Earnings -- Tech Roundup

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07/27/2020 | 06:36pm EDT

Shares of technology companies rose as upward momentum returned to the sector ahead of earnings from Apple, Amazon.com and others later in the week.

Analysts remain divided over whether the surge in tech stocks has created bubble conditions. Based on charts that compare valuations of value and growth stocks, the recent rally has not caused dislocations associated with prior bubbles, said Ryan Detrick, chief market strategist at brokerage LPL Financial, in a note to clients.

Shares of electric-car maker Tesla, which have been volatile in the wake of its recent earnings report, rallied by about 8% to trade above $1,500 a share.

The price of digital currency bitcoin, which is sometimes used as an alternative to gold futures by investors seeking assets less correlated to the stock-market performance, rallied.

Alphabet's Google will keep nearly all of its roughly 200,000 full-time and contract employees home until at least next July, making the search-engine giant the first major U.S. corporation to formalize such an extended timetable in the face of the coronavirus pandemic.

Garmin, the maker of navigation systems for cars, boats and planes, said it was the target of a cyberattack that made its software unavailable for several days. The company said there was no indication that any customer data were accessed or stolen, as it works to get systems back to normal in the coming days.

A group of investors owning about 40% of Web site franchise Leaf Group called for the ouster of Chief Executive Sean Moriarty, citing concerns with conduct.

Shares of Optiva, which makes software for tasks including billing and customer service, surged after the company's largest shareholder, ESW Capital LLC, said it planned a tender offer worth C$60 a share.

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


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 3.80% 1616.11 Delayed Quote.20.67%
APPLE INC. -5.60% 108.86 Delayed Quote.48.29%
BITCOIN - EURO 1.12% 11682.585 Real-time Quote.79.22%
BITCOIN - UNITED STATES DOLLAR 0.90% 13611.555 Real-time Quote.88.71%
GARMIN LTD 3.27% 104.02 Delayed Quote.6.62%
GOLD 0.51% 1877.9 Delayed Quote.23.88%
LEAF GROUP LTD. 1.79% 5.7 Delayed Quote.42.50%
LPL FINANCIAL HOLDINGS INC. 2.91% 79.93 Delayed Quote.-13.36%
OPTIVA INC. 0.76% 45.24 Delayed Quote.0.00%
TESLA, INC. -5.55% 388.04 Delayed Quote.363.80%
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