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Tech Down On Valuation Concerns — Tech Roundup

Shares of technology companies fell in volatile trading as concerns about valuations spurred a flight from some of the largest companies.

The spike in Treasury yields makes richly valued growth stocks particularly unattractive, according to many stock-pricing models.

Shares of electric-car maker Tesla fell by more than 8% as the price of digital currency bitcoin swung wildly. Tesla is the first major corporation to hold a significant number of bitcoins on their balance sheet.

Shares of other giants such as Apple and Google parent Alphabet also lost significant ground.

Videogame company Roblox plans to hold a direct listing of its shares on March 10 as demand for at-home entertainment remains strong.

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

(END) Dow Jones Newswires

February 22, 2021 17:29 ET (22:29 GMT)

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