Santos bet pays off for takeover target portfolio

Financial Journalist
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The recent sharp sell-off in tech stocks is not the backdrop for a takeover frenzy. But improving valuations could eventually tempt tech giants to pounce on weakened prey.

A correction in global tech stocks is long overdue. The Nasdaq Composite Index shed almost 3% this week as institutions reduced positions in tech stocks and as sentiment towards sector stars, such as Facebook, waned.

Electric-vehicle maker Tesla Inc, a target of short sellers, lost almost 8% at one stage. Amazon and Netflix were down almost 5% and Microsoft and Facebook lost almost 3%. These are significant falls for stocks that led the global equities rally.

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