February 16, 2026
Tech stocks are surging, but here’s a sign the sector is actually under pressure

Tech stocks are surging, but here’s a sign the sector is actually under pressure

Tech stocks are surging, but here’s a sign the sector is actually under pressure – MarketWatch

Object.keys(e[t]||{}),executeQueue(e){try{t[e]&&t[e].forEach((e=>this.execute(…e))),delete t[e]}catch(e){console.error(e)}},execute(){var[t,i,r,n]=arguments,s=e[t][i],u=e=>e,c=[];return”function”!=typeof s?s:(r&&(“function”==typeof r?(u=r,n&&Array.isArray(n)&&(c=n)):Array.isArray(r)&&(c=r)),u(s.apply(null,c)))},__reset(){var i=e=>Object.keys(e).forEach((t=>delete e[t]));i(e),i(t)},hasSubscription(e){return this.getSubscribedElements().indexOf(e)>-1},hasSubscribedFunction(e,t){return this.getSubscribedFunctions(e).indexOf(t)>-1},uniqueFucntionsUnderSubscription(t,i){const{__ace:r=(()=>({}))}=window;let n={};return Object.keys(i).forEach((s=>{e[t][s]?r(“log”,”log”,[{type:”warning”,initiator:”page”,message:”You are trying to subscribe the function “+s+” under the “+t+” namespace again. Use another name.”}]):n[s]=i[s]})),n},addSubscription(t,i){if(this.hasSubscription(t)){const r=this.uniqueFucntionsUnderSubscription(t,i);e[t]={…e[t],…r}}else e[t]=i;return e},subscribe(t,i,r){if(r)return e[t]=i,e;if(!i||”object”!=typeof i)throw new Error(“Missing third parameter. You must provide an object.”);return this.addSubscription(t,i),this.executeQueue(t),e},globalMessaging(){var[e,t,…i]=arguments;if(!e&&!t)return this.getSubscribedElements();if(e&&”string”==typeof e&&!t)return this.getSubscribedFunctions(e);if(“string”!=typeof e||”string”!=typeof t)throw new Error(“First and second argument must be String types”);if(this.hasSubscribedFunction(e,t))return this.execute(e,t,…i);this.addToExecutionQueue(e,t,…i)}},window.__ace=i.globalMessaging.bind(i),window.__ace.subscribe=i.subscribe.bind(i)}();var googletag=googletag||{};googletag.cmd=googletag.cmd||[];function _typeof(e){return(_typeof=”function”==typeof Symbol&&”symbol”==typeof Symbol.iterator?function(e){return typeof e}:function(e){return e&&”function”==typeof Symbol&&e.constructor===Symbol&&e!==Symbol.prototype?”symbol”:typeof e})(e)}!function(){for(var e,t,n=[],r=window,o=r;o;){try{if(o.frames.__tcfapiLocator){e=o;break}}catch(e){}if(o===r.top)break;o=r.parent}e||(function e(){var t=r.document,n=!!r.frames.__tcfapiLocator;if(!n)if(t.body){var o=t.createElement(“iframe”);o.style.cssText=”display:none”,o.name=”__tcfapiLocator”,t.body.appendChild(o)}else setTimeout(e,5);return!n}(),r.__tcfapi=function(){for(var e=arguments.length,r=new Array(e),o=0;o3&&2===parseInt(r[1],10)&&”boolean”==typeof r[3]&&(t=r[3],”function”==typeof r[2]&&r[2](“set”,!0)):”ping”===r[0]?”function”==typeof r[2]&&r[2]({gdprApplies:t,cmpLoaded:!1,cmpStatus:”stub”}):n.push(r)},r.addEventListener(“message”,(function(e){var t=”string”==typeof e.data,n={};if(t)try{n=JSON.parse(e.data)}catch(e){}else n=e.data;var r=”object”===_typeof(n)?n.__tcfapiCall:null;r&&window.__tcfapi(r.command,r.version,(function(n,o){var a={__tcfapiReturn:{returnValue:n,success:o,callId:r.callId}};e&&e.source&&e.source.postMessage&&e.source.postMessage(t?JSON.stringify(a):a,”*”)}),r.parameter)}),!1))}(),function(){var e=!1,t=window,n=document;function r(e){var n=”string”==typeof e.data;try{var r=n?JSON.parse(e.data):e.data;if(r.__cmpCall){var o=r.__cmpCall;t.__uspapi(o.command,o.parameter,(function(t,r){var a={__cmpReturn:{returnValue:t,success:r,callId:o.callId}};e.source.postMessage(n?JSON.stringify(a):a,”*”)}))}}catch(r){}}!function e(){if(!t.frames.__uspapiLocator)if(n.body){var r=n.body,o=n.createElement(“iframe”);o.style.cssText=”display:none”,o.name=”__uspapiLocator”,r.appendChild(o)}else setTimeout(e,5)}(),”function”!=typeof __uspapi&&(t.__uspapi=function(){var t=arguments;if(__uspapi.a=__uspapi.a||[],!t.length)return __uspapi.a;”ping”===t[0]?t[2]({gdprAppliesGlobally:e,cmpLoaded:!1},!0):__uspapi.a.push([].slice.apply(t))},__uspapi.msgHandler=r,t.addEventListener(“message”,r,!1))}(),function(e){var t={};function n(r){if(t[r])return t[r].exports;var o=t[r]={i:r,l:!1,exports:{}};return e[r].call(o.exports,o,o.exports,n),o.l=!0,o.exports}n.m=e,n.c=t,n.d=function(e,t,r){n.o(e,t)||Object.defineProperty(e,t,{enumerable:!0,get:r})},n.r=function(e){“undefined”!=typeof Symbol&&Symbol.toStringTag&&Object.defineProperty(e,Symbol.toStringTag,{value:”Module”}),Object.defineProperty(e,”__esModule”,{value:!0})},n.t=function(e,t){if(1&t&&(e=n(e)),8&t)return e;if(4&t&&”object”==typeof e&&e&&e.__esModule)return e;var r=Object.create(null);if(n.r(r),Object.defineProperty(r,”default”,{enumerable:!0,value:e}),2&t&&”string”!=typeof e)for(var o in e)n.d(r,o,function(t){return e[t]}.bind(null,o));return r},n.n=function(e){var t=e&&e.__esModule?function(){return e.default}:function(){return e};return n.d(t,”a”,t),t},n.o=function(e,t){return Object.prototype.hasOwnProperty.call(e,t)},n.p=”/”,n(n.s=0)}([function(e,t,n){“use strict”;n.r(t);var r=function(){var e=window.djcmp,t=void 0===e?{}:e;if(!t._params){var n=document.querySelector(“#djcmp”),r=n&&n.getAttribute(“data-params”);t._params=r&&JSON.parse(r)}return t._params||{}},o=function(){return!(-1!==(document&&document.cookie||””).indexOf(“gdprApplies=false”))},a=function(){return window&&window.djcmp&&window.djcmp.tcData&&window.djcmp.tcData.gdprApplies},i=function(){var e=a();return”boolean”==typeof e?e:null},p=function(e,t){if(r().gdprApplies)return!0;switch(e){case”cookieOnly”:return o();case”serviceOnly”:return function(){var e=arguments.length>0&&void 0!==arguments[0]?arguments[0]:function(){},t=r().geoServiceUrl;if(t){var n=””.concat(t,”/geolocation-services/gdpr”);fetch(n).then((function(e){return e.json()})).then((function(t){var n=t.applies;e(n)})).catch((function(){e(null)}))}else”function”==typeof e&&e(null)}(t);case”tcfapiOnly”:return”function”==typeof t?function(e){var t=a();return”boolean”==typeof t?e(t):window.__tcfapi(“getTCData”,2,(function(t){var n=”boolean”!=typeof t.gdprApplies||t.gdprApplies;e(n)}))}(t):i();case”cookieFirst”:return-1!==(document&&document.cookie||””).indexOf(“gdprApplies=”)?o():i();default:return function(){var e=a();return”boolean”==typeof e?e:o()}()}},c=function(e){return!!r().ccpaApplies};!function(){var e=[];function t(){e.push(arguments)}window.djcmp||(t.gdprApplies=p,t.ccpaApplies=c,t.queue=e,window.djcmp=t)}()}]); ]]]]]]]]>]]]]]]>]]]]>]]> {}),performance:d}=window,o=e=>{const d=(t(“page”)||[]).indexOf(“setPerfMark”)>-1?”page”:”ace”;t(d,”setPerfMark”,[e,{isNewRelicEnabled:!0,justNewRelic:!1}])};e.cmd.push((()=>{const s={gptSlotRequested:!1,gptSlotRenderEnded:!1,gptSlotOnload:!1};window.adslots=window.adslots||{},window.adslots.spaAdtechPerfObj=s,t(“dataLayer”,”setData”,[{spaAdtechPerfObj:s}]),e.pubads().addEventListener(“slotRequested”,(()=>{const{spaAdtechPerfObj:e={}}=window.adslots,{gptSlotRequested:t}=e;t||(d.clearMarks(“gpt-slotRequested”),o(“gpt-slotRequested”),window.adslots.spaAdtechPerfObj.gptSlotRequested=!0)})),e.pubads().addEventListener(“slotRenderEnded”,(()=>{const{spaAdtechPerfObj:e={}}=window.adslots,{gptSlotRenderEnded:t}=e;t||(d.clearMarks(“gpt-slotRenderEnded”),o(“gpt-slotRenderEnded”),window.adslots.spaAdtechPerfObj.gptSlotRenderEnded=!0)})),e.pubads().addEventListener(“slotOnload”,(()=>{const{spaAdtechPerfObj:e={}}=window.adslots,{gptSlotOnload:t}=e;t||(d.clearMarks(“gpt-slotOnload”),o(“gpt-slotOnload”),window.adslots.spaAdtechPerfObj.gptSlotOnload=!0)}))}))})(); ]]]]]]]]>]]]]]]>]]]]>]]> {const{moatEnabled:t,adId:o,slot:d,requestAd:m}=e,s=a[o]&&a[o].slot||d;if(n.getEntriesByName(“moat-ace-firstAdItem”).length||i(“ace”,”setPerfMark”,[“moat-ace-firstAdItem”,{isNewRelicEnabled:!0}]),t&&”function”==typeof r&&r(s),!s)throw new ReferenceError(`slot ${o} is not defined`);m(s,e)})),window.moatQueue=null};((t=e)=>{if(“function”!=typeof t)throw new TypeError(“moatYieldReady must be a function”);window.moatYieldReady=t})()}(); ]]]]]]]]>]]]]]]>]]]]>]]> {function a(a,e){window.apstag._Q.push([a,e])}window.apstag||(window.apstag={init(){a(“i”,arguments)},fetchBids(){a(“f”,arguments)},setDisplayBids(){},targetingKeys:()=>[],_Q:[]})})(); ]]]]]]]]>]]]]]]>]]]]>]]> {n.d(t,{P_:()=>f,Mt:()=>p,C5:()=>s,DL:()=>m,OP:()=>_,lF:()=>E,Yu:()=>y,Dg:()=>g,CX:()=>c,GE:()=>b,sU:()=>j});var r=n(8632),i=n(9567);const o={beacon:r.ce.beacon,errorBeacon:r.ce.errorBeacon,licenseKey:void 0,applicationID:void 0,sa:void 0,queueTime:void 0,applicationTime:void 0,ttGuid:void 0,user:void 0,account:void 0,product:void 0,extra:void 0,jsAttributes:{},userAttributes:void 0,atts:void 0,transactionName:void 0,tNamePlain:void 0},a={};function s(e){if(!e)throw new Error(“All info objects require an agent identifier!”);if(!a[e])throw new Error(“Info for “.concat(e,” was never set”));return a[e]}function c(e,t){if(!e)throw new Error(“All info objects require an agent identifier!”);a[e]=(0,i.D)(t,o),(0,r.Qy)(e,a[e],”info”)}var d=n(7056);const u=()=>{const e={blockSelector:”[data-nr-block]”,maskInputOptions:{password:!0}};return{allow_bfcache:!0,privacy:{cookies_enabled:!0},ajax:{deny_list:void 0,enabled:!0,harvestTimeSeconds:10},distributed_tracing:{enabled:void 0,exclude_newrelic_header:void 0,cors_use_newrelic_header:void 0,cors_use_tracecontext_headers:void 0,allowed_origins:void 0},session:{domain:void 0,expiresMs:d.oD,inactiveMs:d.Hb},ssl:void 0,obfuscate:void 0,jserrors:{enabled:!0,harvestTimeSeconds:10},metrics:{enabled:!0},page_action:{enabled:!0,harvestTimeSeconds:30},page_view_event:{enabled:!0},page_view_timing:{enabled:!0,harvestTimeSeconds:30,long_task:!1},session_trace:{enabled:!0,harvestTimeSeconds:10},harvest:{tooManyRequestsDelay:60},session_replay:{enabled:!1,harvestTimeSeconds:60,sampleRate:.1,errorSampleRate:.1,maskTextSelector:”*”,maskAllInputs:!0,get blockClass(){return”nr-block”},get ignoreClass(){return”nr-ignore”},get maskTextClass(){return”nr-mask”},get blockSelector(){return e.blockSelector},set blockSelector(t){e.blockSelector+=”,”.concat(t)},get maskInputOptions(){return e.maskInputOptions},set maskInputOptions(t){e.maskInputOptions={…t,password:!0}}},spa:{enabled:!0,harvestTimeSeconds:10}}},l={};function f(e){if(!e)throw new Error(“All configuration objects require an agent identifier!”);if(!l[e])throw new Error(“Configuration for “.concat(e,” was never set”));return l[e]}function g(e,t){if(!e)throw new Error(“All configuration objects require an agent identifier!”);l[e]=(0,i.D)(t,u()),(0,r.Qy)(e,l[e],”config”)}function p(e,t){if(!e)throw new Error(“All configuration objects require an agent identifier!”);var n=f(e);if(n){for(var r=t.split(“.”),i=0;i{n.d(t,{D:()=>i});var r=n(50);function i(e,t){try{if(!e||”object”!=typeof e)return(0,r.Z)(“Setting a Configurable requires an object as input”);if(!t||”object”!=typeof t)return(0,r.Z)(“Setting a Configurable requires a model to set its initial properties”);const n=Object.create(Object.getPrototypeOf(t),Object.getOwnPropertyDescriptors(t)),o=0===Object.keys(n).length?e:n;for(let a in o)if(void 0!==e[a])try{“object”==typeof e[a]&&”object”==typeof t[a]?n[a]=i(e[a],t[a]):n[a]=e[a]}catch(e){(0,r.Z)(“An error occurred while setting a property of a Configurable”,e)}return n}catch(e){(0,r.Z)(“An error occured while setting a Configurable”,e)}}},6818:(e,t,n)=>{n.d(t,{Re:()=>i,gF:()=>o,q4:()=>r});const r=”1.236.0″,i=”PROD”,o=”CDN”},385:(e,t,n)=>{n.d(t,{FN:()=>a,IF:()=>d,Nk:()=>l,Tt:()=>s,_A:()=>o,il:()=>r,pL:()=>c,v6:()=>i,w1:()=>u});const r=”undefined”!=typeof window&&!!window.document,i=”undefined”!=typeof WorkerGlobalScope&&(“undefined”!=typeof self&&self instanceof WorkerGlobalScope&&self.navigator instanceof WorkerNavigator||”undefined”!=typeof globalThis&&globalThis instanceof WorkerGlobalScope&&globalThis.navigator instanceof WorkerNavigator),o=r?window:”undefined”!=typeof WorkerGlobalScope&&(“undefined”!=typeof self&&self instanceof WorkerGlobalScope&&self||”undefined”!=typeof globalThis&&globalThis instanceof WorkerGlobalScope&&globalThis),a=””+o?.location,s=/iPad|iPhone|iPod/.test(navigator.userAgent),c=s&&”undefined”==typeof SharedWorker,d=(()=>{const e=navigator.userAgent.match(/Firefox[/s](d+.d+)/);return Array.isArray(e)&&e.length>=2?+e[1]:0})(),u=Boolean(r&&window.document.documentMode),l=!!navigator.sendBeacon},1117:(e,t,n)=>{n.d(t,{w:()=>o});var r=n(50);const i={agentIdentifier:””,ee:void 0};class o{constructor(e){try{if(“object”!=typeof e)return(0,r.Z)(“shared context requires an object as input”);this.sharedContext={},Object.assign(this.sharedContext,i),Object.entries(e).forEach((e=>{let[t,n]=e;Object.keys(i).includes(t)&&(this.sharedContext[t]=n)}))}catch(e){(0,r.Z)(“An error occured while setting SharedContext”,e)}}}},8e3:(e,t,n)=>{n.d(t,{L:()=>u,R:()=>c});var r=n(2177),i=n(1284),o=n(4322),a=n(3325);const s={};function c(e,t){const n={staged:!1,priority:a.p[t]||0};d(e),s[e].get(t)||s[e].set(t,n)}function d(e){e&&(s[e]||(s[e]=new Map))}function u(){let e=arguments.length>0&&void 0!==arguments[0]?arguments[0]:””,t=arguments.length>1&&void 0!==arguments[1]?arguments[1]:”feature”;if(d(e),!e||!s[e].get(t))return a(t);s[e].get(t).staged=!0;const n=[…s[e]];function a(t){const n=e?r.ee.get(e):r.ee,a=o.X.handlers;if(n.backlog&&a){var s=n.backlog[t],c=a[t];if(c){for(var d=0;s&&d{let[t,n]=e;return n.staged}))&&(n.sort(((e,t)=>e[1].priority-t[1].priority)),n.forEach((e=>{let[t]=e;a(t)})))}function l(e,t){var n=e[1];(0,i.D)(t[n],(function(t,n){var r=e[0];if(n[0]===r){var i=n[1],o=e[3],a=e[2];i.apply(o,a)}}))}},2177:(e,t,n)=>{n.d(t,{ee:()=>d});var r=n(8632),i=n(2210),o=n(1284),a=n(5763),s=”nr@context”;let c=(0,r.fP)();var d;function u(){}function l(){return new u}function f(){d.aborted=!0,d.backlog={}}c.ee?d=c.ee:(d=function e(t,n){var r={},c={},g={},p=!1;try{p=16===n.length&&(0,a.OP)(n).isolatedBacklog}catch(e){}var h={on:b,addEventListener:b,removeEventListener:y,emit:m,get:A,listeners:w,context:v,buffer:x,abort:f,aborted:!1,isBuffering:D,debugId:n,backlog:p?{}:t&&”object”==typeof t.backlog?t.backlog:{}};return h;function v(e){return e&&e instanceof u?e:e?(0,i.X)(e,s,l):l()}function m(e,n,r,i,o){if(!1!==o&&(o=!0),!d.aborted||i){t&&o&&t.emit(e,n,r);for(var a=v(r),s=w(e),u=s.length,l=0;lr,p:()=>i});var r=n(2177).ee.get(“handle”);function i(e,t,n,i,o){o?(o.buffer([e],i),o.emit(e,t,n)):(r.buffer([e],i),r.emit(e,t,n))}},4322:(e,t,n)=>{n.d(t,{X:()=>o});var r=n(5546);o.on=a;var i=o.handlers={};function o(e,t,n,o){a(o||r.E,i,e,t,n)}function a(e,t,n,i,o){o||(o=”feature”),e||(e=r.E);var a=t[o]=t[o]||{};(a[n]=a[n]||[]).push([e,i])}},3239:(e,t,n)=>{n.d(t,{bP:()=>s,iz:()=>c,m$:()=>a});var r=n(385);let i=!1,o=!1;try{const e={get passive(){return i=!0,!1},get signal(){return o=!0,!1}};r._A.addEventListener(“test”,null,e),r._A.removeEventListener(“test”,null,e)}catch(e){}function a(e,t){return i||o?{capture:!!e,passive:i,signal:t}:!!e}function s(e,t){let n=arguments.length>2&&void 0!==arguments[2]&&arguments[2],r=arguments.length>3?arguments[3]:void 0;window.addEventListener(e,t,a(n,r))}function c(e,t){let n=arguments.length>2&&void 0!==arguments[2]&&arguments[2],r=arguments.length>3?arguments[3]:void 0;document.addEventListener(e,t,a(n,r))}},4402:(e,t,n)=>{n.d(t,{Rl:()=>a,ky:()=>s});var r=n(385);const i=”xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx”;function o(e,t){return e?15&e[t]:16*Math.random()|0}function a(){const e=r._A?.crypto||r._A?.msCrypto;let t,n=0;return e&&e.getRandomValues&&(t=e.getRandomValues(new Uint8Array(31))),i.split(“”).map((e=>”x”===e?o(t,++n).toString(16):”y”===e?(3&o()|8).toString(16):e)).join(“”)}function s(e){const t=r._A?.crypto||r._A?.msCrypto;let n,i=0;t&&t.getRandomValues&&(n=t.getRandomValues(new Uint8Array(31)));const a=[];for(var s=0;s{n.d(t,{Bq:()=>r,Hb:()=>o,oD:()=>i});const r=”NRBA”,i=144e5,o=18e5},7894:(e,t,n)=>{function r(){return Math.round(performance.now())}n.d(t,{z:()=>r})},50:(e,t,n)=>{function r(e,t){“function”==typeof console.warn&&(console.warn(“New Relic: “.concat(e)),t&&console.warn(t))}n.d(t,{Z:()=>r})},2587:(e,t,n)=>{n.d(t,{N:()=>c,T:()=>d});var r=n(2177),i=n(5546),o=n(8e3),a=n(3325);const s={stn:[a.D.sessionTrace],err:[a.D.jserrors,a.D.metrics],ins:[a.D.pageAction],spa:[a.D.spa],sr:[a.D.sessionReplay,a.D.sessionTrace]};function c(e,t){const n=r.ee.get(t);e&&”object”==typeof e&&(Object.entries(e).forEach((e=>{let[t,r]=e;void 0===d[t]&&(s[t]?s[t].forEach((e=>{r?(0,i.p)(“feat-“+t,[],void 0,e,n):(0,i.p)(“block-“+t,[],void 0,e,n),(0,i.p)(“rumresp-“+t,[Boolean(r)],void 0,e,n)})):r&&(0,i.p)(“feat-“+t,[],void 0,void 0,n),d[t]=Boolean(r))})),Object.keys(s).forEach((e=>{void 0===d[e]&&(s[e]?.forEach((t=>(0,i.p)(“rumresp-“+e,[!1],void 0,t,n))),d[e]=!1)})),(0,o.L)(t,a.D.pageViewEvent))}const d={}},2210:(e,t,n)=>{n.d(t,{X:()=>i});var r=Object.prototype.hasOwnProperty;function i(e,t,n){if(r.call(e,t))return e[t];var i=n();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(e,t,{value:i,writable:!0,enumerable:!1}),i}catch(e){}return e[t]=i,i}},1284:(e,t,n)=>{n.d(t,{D:()=>r});const r=(e,t)=>Object.entries(e||{}).map((e=>{let[n,r]=e;return t(n,r)}))},4351:(e,t,n)=>{n.d(t,{P:()=>o});var r=n(2177);const i=()=>{const e=new WeakSet;return(t,n)=>{if(“object”==typeof n&&null!==n){if(e.has(n))return;e.add(n)}return n}};function o(e){try{return JSON.stringify(e,i())}catch(e){try{r.ee.emit(“internal-error”,[e])}catch(e){}}}},3960:(e,t,n)=>{n.d(t,{K:()=>a,b:()=>o});var r=n(3239);function i(){return”undefined”==typeof document||”complete”===document.readyState}function o(e,t){if(i())return e();(0,r.bP)(“load”,e,t)}function a(e){if(i())return e();(0,r.iz)(“DOMContentLoaded”,e)}},8632:(e,t,n)=>{n.d(t,{EZ:()=>d,Qy:()=>c,ce:()=>o,fP:()=>a,gG:()=>u,mF:()=>s});var r=n(7894),i=n(385);const o={beacon:”bam.nr-data.net”,errorBeacon:”bam.nr-data.net”};function a(){return i._A.NREUM||(i._A.NREUM={}),void 0===i._A.newrelic&&(i._A.newrelic=i._A.NREUM),i._A.NREUM}function s(){let e=a();return e.o||(e.o={ST:i._A.setTimeout,SI:i._A.setImmediate,CT:i._A.clearTimeout,XHR:i._A.XMLHttpRequest,REQ:i._A.Request,EV:i._A.Event,PR:i._A.Promise,MO:i._A.MutationObserver,FETCH:i._A.fetch}),e}function c(e,t,n){let i=a();const o=i.initializedAgents||{},s=o[e]||{};return Object.keys(s).length||(s.initializedAt={ms:(0,r.z)(),date:new Date}),i.initializedAgents={…o,[e]:{…s,[n]:t}},i}function d(e,t){a()[e]=t}function u(){return function(){let e=a();const t=e.info||{};e.info={beacon:o.beacon,errorBeacon:o.errorBeacon,…t}}(),function(){let e=a();const t=e.init||{};e.init={…t}}(),s(),function(){let e=a();const t=e.loader_config||{};e.loader_config={…t}}(),a()}},7956:(e,t,n)=>{n.d(t,{N:()=>i});var r=n(3239);function i(e){let t=arguments.length>1&&void 0!==arguments[1]&&arguments[1],n=arguments.length>2?arguments[2]:void 0,i=arguments.length>3?arguments[3]:void 0;return void(0,r.iz)(“visibilitychange”,(function(){if(t)return void(“hidden”==document.visibilityState&&e());e(document.visibilityState)}),n,i)}},3081:(e,t,n)=>{n.d(t,{gF:()=>o,mY:()=>i,t9:()=>r,vz:()=>s,xS:()=>a});const r=n(3325).D.metrics,i=”sm”,o=”cm”,a=”storeSupportabilityMetrics”,s=”storeEventMetrics”},7633:(e,t,n)=>{n.d(t,{Dz:()=>i,OJ:()=>a,qw:()=>o,t9:()=>r});const r=n(3325).D.pageViewEvent,i=”firstbyte”,o=”domcontent”,a=”windowload”},9251:(e,t,n)=>{n.d(t,{t:()=>r});const r=n(3325).D.pageViewTiming},5938:(e,t,n)=>{n.d(t,{W:()=>o});var r=n(5763),i=n(2177);class o{constructor(e,t,n){this.agentIdentifier=e,this.aggregator=t,this.ee=i.ee.get(e,(0,r.OP)(this.agentIdentifier).isolatedBacklog),this.featureName=n,this.blocked=!1}}},9144:(e,t,n)=>{n.d(t,{j:()=>v});var r=n(3325),i=n(5763),o=n(5546),a=n(2177),s=n(7894),c=n(8e3),d=n(3960),u=n(385),l=n(50),f=n(3081),g=n(8632);function p(){const e=(0,g.gG)();[“setErrorHandler”,”finished”,”addToTrace”,”inlineHit”,”addRelease”,”addPageAction”,”setCurrentRouteName”,”setPageViewName”,”setCustomAttribute”,”interaction”,”noticeError”,”setUserId”].forEach((t=>{e[t]=function(){for(var n=arguments.length,r=new Array(n),i=0;i1?n-1:0),i=1;i{e.exposed&&e.api[t]&&o.push(e.api[t](…r))})),o.length>1?o:o[0]}(t,…r)}}))}var h=n(2587);function v(e){let t=arguments.length>1&&void 0!==arguments[1]?arguments[1]:{},v=arguments.length>2?arguments[2]:void 0,m=arguments.length>3?arguments[3]:void 0,{init:b,info:y,loader_config:w,runtime:A={loaderType:v},exposed:x=!0}=t;const D=(0,g.gG)();y||(b=D.init,y=D.info,w=D.loader_config),(0,i.Dg)(e,b||{}),(0,i.GE)(e,w||{}),(0,i.sU)(e,A),y.jsAttributes??={},u.v6&&(y.jsAttributes.isWorker=!0),(0,i.CX)(e,y),p();const _=function(e,t){t||(0,c.R)(e,”api”);const g={};var p=a.ee.get(e),h=p.get(“tracer”),v=”api-“,m=v+”ixn-“;function b(t,n,r,o){const a=(0,i.C5)(e);return null===n?delete a.jsAttributes[t]:(0,i.CX)(e,{…a,jsAttributes:{…a.jsAttributes,[t]:n}}),A(v,r,!0,o||null===n?”session”:void 0)(t,n)}function y(){}[“setErrorHandler”,”finished”,”addToTrace”,”inlineHit”,”addRelease”].forEach((e=>g[e]=A(v,e,!0,”api”))),g.addPageAction=A(v,”addPageAction”,!0,r.D.pageAction),g.setCurrentRouteName=A(v,”routeName”,!0,r.D.spa),g.setPageViewName=function(t,n){if(“string”==typeof t)return”/”!==t.charAt(0)&&(t=”/”+t),(0,i.OP)(e).customTransaction=(n||”http://custom.transaction”)+t,A(v,”setPageViewName”,!0)()},g.setCustomAttribute=function(e,t){let n=arguments.length>2&&void 0!==arguments[2]&&arguments[2];if(“string”==typeof e){if([“string”,”number”].includes(typeof t)||null===t)return b(e,t,”setCustomAttribute”,n);(0,l.Z)(“Failed to execute setCustomAttribute.nNon-null value must be a string or number type, but a type of was provided.”))}else(0,l.Z)(“Failed to execute setCustomAttribute.nName must be a string type, but a type of was provided.”))},g.setUserId=function(e){if(“string”==typeof e||null===e)return b(“enduser.id”,e,”setUserId”,!0);(0,l.Z)(“Failed to execute setUserId.nNon-null value must be a string type, but a type of was provided.”))},g.interaction=function(){return(new y).get()};var w=y.prototype={createTracer:function(e,t){var n={},i=this,a=”function”==typeof t;return(0,o.p)(m+”tracer”,[(0,s.z)(),e,n],i,r.D.spa,p),function(){if(h.emit((a?””:”no-“)+”fn-start”,[(0,s.z)(),i,a],n),a)try{return t.apply(this,arguments)}catch(e){throw h.emit(“fn-err”,[arguments,this,”string”==typeof e?new Error(e):e],n),e}finally{h.emit(“fn-end”,[(0,s.z)()],n)}}}};function A(e,t,n,i){return function(){return(0,o.p)(f.xS,[“API/”+t+”/called”],void 0,r.D.metrics,p),i&&(0,o.p)(e+t,[(0,s.z)(),…arguments],n?null:this,i,p),n?void 0:this}}function x(){n.e(439).then(n.bind(n,7438)).then((t=>{let{setAPI:n}=t;n(e),(0,c.L)(e,”api”)})).catch((()=>(0,l.Z)(“Downloading runtime APIs failed…”)))}return[“actionText”,”setName”,”setAttribute”,”save”,”ignore”,”onEnd”,”getContext”,”end”,”get”].forEach((e=>{w[e]=A(m,e,void 0,r.D.spa)})),g.noticeError=function(e,t){“string”==typeof e&&(e=new Error(e)),(0,o.p)(f.xS,[“API/noticeError/called”],void 0,r.D.metrics,p),(0,o.p)(“err”,[e,(0,s.z)(),!1,t],void 0,r.D.jserrors,p)},u.il?(0,d.b)((()=>x()),!0):x(),g}(e,m);return(0,g.Qy)(e,_,”api”),(0,g.Qy)(e,x,”exposed”),(0,g.EZ)(“activatedFeatures”,h.T),_}},3325:(e,t,n)=>{n.d(t,{D:()=>r,p:()=>i});const r={ajax:”ajax”,jserrors:”jserrors”,metrics:”metrics”,pageAction:”page_action”,pageViewEvent:”page_view_event”,pageViewTiming:”page_view_timing”,sessionReplay:”session_replay”,sessionTrace:”session_trace”,spa:”spa”},i={[r.pageViewEvent]:1,[r.pageViewTiming]:2,[r.metrics]:3,[r.jserrors]:4,[r.ajax]:5,[r.sessionTrace]:6,[r.pageAction]:7,[r.spa]:8,[r.sessionReplay]:9}}},r={};function i(e){var t=r[e];if(void 0!==t)return t.exports;var o=r[e]={exports:{}};return n[e](o,o.exports,i),o.exports}i.m=n,i.d=(e,t)=>{for(var n in t)i.o(t,n)&&!i.o(e,n)&&Object.defineProperty(e,n,{enumerable:!0,get:t[n]})},i.f={},i.e=e=>Promise.all(Object.keys(i.f).reduce(((t,n)=>(i.f[n](e,t),t)),[])),i.u=e=>(({78:”page_action-aggregate”,147:”metrics-aggregate”,242:”session-manager”,317:”jserrors-aggregate”,348:”page_view_timing-aggregate”,412:”lazy-feature-loader”,439:”async-api”,538:”recorder”,590:”session_replay-aggregate”,675:”compressor”,733:”session_trace-aggregate”,786:”page_view_event-aggregate”,873:”spa-aggregate”,898:”ajax-aggregate”}[e]||e)+”.”+{78:”ac76d497″,147:”3dc53903″,148:”1a20d5fe”,242:”2a64278a”,317:”49e41428″,348:”bd6de33a”,412:”2f55ce66″,439:”30bd804e”,538:”1b18459f”,590:”cf0efb30″,675:”ae9f91a8″,733:”83105561″,786:”06482edd”,860:”03a8b7a5″,873:”e6b09d52″,898:”998ef92b”}[e]+”-1.236.0.min.js”),i.o=(e,t)=>Object.prototype.hasOwnProperty.call(e,t),e={},t=”NRBA:”,i.l=(n,r,o,a)=>{if(e[n])e[n].push(r);else{var s,c;if(void 0!==o)for(var d=document.getElementsByTagName(“script”),u=0;u{s.onerror=s.onload=null,clearTimeout(g);var i=e[n];if(delete e[n],s.parentNode&&s.parentNode.removeChild(s),i&&i.forEach((e=>e(r))),t)return t(r)},g=setTimeout(f.bind(null,void 0,{type:”timeout”,target:s}),12e4);s.onerror=f.bind(null,s.onerror),s.onload=f.bind(null,s.onload),c&&document.head.appendChild(s)}},i.r=e=>{“undefined”!=typeof Symbol&&Symbol.toStringTag&&Object.defineProperty(e,Symbol.toStringTag,{value:”Module”}),Object.defineProperty(e,”__esModule”,{value:!0})},i.j=6,i.p=”https://js-agent.newrelic.com/”,(()=>{var e={6:0,352:0};i.f.j=(t,n)=>{var r=i.o(e,t)?e[t]:void 0;if(0!==r)if(r)n.push(r[2]);else{var o=new Promise(((n,i)=>r=e[t]=[n,i]));n.push(r[2]=o);var a=i.p+i.u(t),s=new Error;i.l(a,(n=>{if(i.o(e,t)&&(0!==(r=e[t])&&(e[t]=void 0),r)){var o=n&&(“load”===n.type?”missing”:n.type),a=n&&n.target&&n.target.src;s.message=”Loading chunk “+t+” failed.n(“+o+”: “+a+”)”,s.name=”ChunkLoadError”,s.type=o,s.request=a,r[1](s)}}),”chunk-“+t,t)}};var t=(t,n)=>{var r,o,[a,s,c]=n,d=0;if(a.some((t=>0!==e[t]))){for(r in s)i.o(s,r)&&(i.m[r]=s[r]);if(c)c(i)}for(t&&t(n);d{i.r(o);var e=i(3325),t=i(5763);const n=Object.values(e.D);function r(e){const r={};return n.forEach((n=>{r[n]=function(e,n){return!1!==(0,t.Mt)(n,””.concat(e,”.enabled”))}(n,e)})),r}var a=i(9144);var s=i(5546),c=i(385),d=i(8e3),u=i(5938),l=i(3960),f=i(50);class g extends u.W{constructor(e,t,n){let r=!(arguments.length>3&&void 0!==arguments[3])||arguments[3];super(e,t,n),this.auto=r,this.abortHandler,this.featAggregate,this.onAggregateImported,r&&(0,d.R)(e,n)}importAggregator(){let e=arguments.length>0&&void 0!==arguments[0]?arguments[0]:{};if(this.featAggregate||!this.auto)return;const n=c.il&&!0===(0,t.Mt)(this.agentIdentifier,”privacy.cookies_enabled”);let r;this.onAggregateImported=new Promise((e=>{r=e}));const o=async()=>{let t;try{if(n){const{setupAgentSession:e}=await Promise.all([i.e(860),i.e(242)]).then(i.bind(i,3228));t=e(this.agentIdentifier)}}catch(e){(0,f.Z)(“A problem occurred when starting up session manager. This page will not start or extend any session.”,e)}try{if(!this.shouldImportAgg(this.featureName,t))return void(0,d.L)(this.agentIdentifier,this.featureName);const{lazyFeatureLoader:n}=await i.e(412).then(i.bind(i,8582)),{Aggregate:o}=await n(this.featureName,”aggregate”);this.featAggregate=new o(this.agentIdentifier,this.aggregator,e),r(!0)}catch(e){(0,f.Z)(“Downloading and initializing “.concat(this.featureName,” failed…”),e),this.abortHandler?.(),r(!1)}};c.il?(0,l.b)((()=>o()),!0):o()}shouldImportAgg(n,r){return n!==e.D.sessionReplay||!1!==(0,t.Mt)(this.agentIdentifier,”session_trace.enabled”)&&(!!r?.isNew||!!r?.state.sessionReplay)}}var p=i(7633),h=i(7894);class v extends g{static featureName=p.t9;constructor(n,r){let i=!(arguments.length>2&&void 0!==arguments[2])||arguments[2];if(super(n,r,p.t9,i),(“undefined”==typeof PerformanceNavigationTiming||c.Tt)&&”undefined”!=typeof PerformanceTiming){const r=(0,t.OP)(n);r[p.Dz]=Math.max(Date.now()-r.offset,0),(0,l.K)((()=>r[p.qw]=Math.max((0,h.z)()-r[p.Dz],0))),(0,l.b)((()=>{const t=(0,h.z)();r[p.OJ]=Math.max(t-r[p.Dz],0),(0,s.p)(“timing”,[“load”,t],void 0,e.D.pageViewTiming,this.ee)}))}this.importAggregator()}}var m=i(1117),b=i(1284);class y extends m.w{constructor(e){super(e),this.aggregatedData={}}store(e,t,n,r,i){var o=this.getBucket(e,t,n,i);return o.metrics=function(e,t){t||(t={count:0});return t.count+=1,(0,b.D)(e,(function(e,n){t[e]=w(n,t[e])})),t}(r,o.metrics),o}merge(e,t,n,r,i){var o=this.getBucket(e,t,r,i);if(o.metrics){var a=o.metrics;a.count+=n.count,(0,b.D)(n,(function(e,t){if(“count”!==e){var r=a[e],i=n[e];i&&!i.c?a[e]=w(i.t,r):a[e]=function(e,t){if(!t)return e;t.c||(t=A(t.t));return t.min=Math.min(e.min,t.min),t.max=Math.max(e.max,t.max),t.t+=e.t,t.sos+=e.sos,t.c+=e.c,t}(i,a[e])}}))}else o.metrics=n}storeMetric(e,t,n,r){var i=this.getBucket(e,t,n);return i.stats=w(r,i.stats),i}getBucket(e,t,n,r){this.aggregatedData[e]||(this.aggregatedData[e]={});var i=this.aggregatedData[e][t];return i||(i=this.aggregatedData[e][t]={params:n||{}},r&&(i.custom=r)),i}get(e,t){return t?this.aggregatedData[e]&&this.aggregatedData[e][t]:this.aggregatedData[e]}take(e){for(var t={},n=””,r=!1,i=0;it.max&&(t.max=e),e2&&void 0!==arguments[2])||arguments[2];super(e,n,I.t,r),c.il&&((0,t.OP)(e).initHidden=Boolean(“hidden”===document.visibilityState),(0,k.N)((()=>(0,s.p)(“docHidden”,[(0,h.z)()],void 0,I.t,this.ee)),!0),(0,T.bP)(“pagehide”,(()=>(0,s.p)(“winPagehide”,[(0,h.z)()],void 0,I.t,this.ee))),this.importAggregator())}}var P=i(3081);class S extends g{static featureName=P.t9;constructor(e,t){let n=!(arguments.length>2&&void 0!==arguments[2])||arguments[2];super(e,t,P.t9,n),this.importAggregator()}}new class{constructor(e){let t=arguments.length>1&&void 0!==arguments[1]?arguments[1]:(0,j.ky)(16);c._A?(this.agentIdentifier=t,this.sharedAggregator=new y({agentIdentifier:this.agentIdentifier}),this.features={},this.desiredFeatures=new Set(e.features||[]),this.desiredFeatures.add(v),Object.assign(this,(0,a.j)(this.agentIdentifier,e,e.loaderType||”agent”)),this.start()):(0,f.Z)(“Failed to initial the agent. Could not determine the runtime environment.”)}get config(){return{info:(0,t.C5)(this.agentIdentifier),init:(0,t.P_)(this.agentIdentifier),loader_config:(0,t.DL)(this.agentIdentifier),runtime:(0,t.OP)(this.agentIdentifier)}}start(){const t=”features”;try{const n=r(this.agentIdentifier),i=[…this.desiredFeatures];i.sort(((t,n)=>e.p[t.featureName]-e.p[n.featureName])),i.forEach((t=>{if(n[t.featureName]||t.featureName===e.D.pageViewEvent){const r=function(t){switch(t){case e.D.ajax:return[e.D.jserrors];case e.D.sessionTrace:return[e.D.ajax,e.D.pageViewEvent];case e.D.sessionReplay:return[e.D.sessionTrace];case e.D.pageViewTiming:return[e.D.pageViewEvent];default:return[]}}(t.featureName);r.every((e=>n[e]))||(0,f.Z)(“”.concat(t.featureName,” is enabled but one or more dependent features has been disabled (“).concat((0,E.P)(r),”). This may cause unintended consequences or missing data…”)),this.features[t.featureName]=new t(this.agentIdentifier,this.sharedAggregator)}})),(0,_.Qy)(this.agentIdentifier,this.features,t)}catch(e){(0,f.Z)(“Failed to initialize all enabled instrument classes (agent aborted) -“,e);for(const e in this.features)this.features[e].abortHandler?.();const n=(0,_.fP)();return delete n.initializedAgents[this.agentIdentifier]?.api,delete n.initializedAgents[this.agentIdentifier]?.[t],delete this.sharedAggregator,n.ee?.abort(),delete n.ee?.get(this.agentIdentifier),!1}}}({features:[v,N,S],loaderType:”lite”})})(),window.NRBA=o})();]]]]]]]]>]]]]]]>]]]]>]]> [] { if ([‘subscriber’, ‘prosubscriber’].includes(window.utag_data.user_type)) { return; } const delayParam = parseInt(window.localStorage.getItem(‘swg-call-delay’), 10); if (delayParam && (delayParam > Date.now())) { return; } // If GaaMetering is initiated, it would initiate the subscriptions behind the scene // https://github.com/subscriptions-project/swg-js/blob/main/src/utils/gaa.js if (!this.hasInitGaaMetering) { subscriptions.init(productID); this.getEntitlements(subscriptions, productID); } }); }, getEntitlements(subscriptions, productId) { subscriptions.getEntitlements() .then(window.__googleEA?.handleSwGEntitlement(productId)) .catch((err) => { console.error(`[SWG Entitlements Failed]: ${err}`); }); }, getHandleLoginPromise() { return new Promise(() => { window.GaaMetering?.getLoginPromise() .then(() => { const LOGIN_URL = { WSJ: ‘www.wsj.com/client/login’, BOL: ‘www.barrons.com/client/login’, FN: ‘www.dowjones.com/client/login’, MW: ‘www.marketwatch.com/client/login’, MG: ‘www.dowjones.com/client/login’ }; const prefix = envGoogleEA === ‘prod’ ? ” : ‘int.’; const baseUrl = LOGIN_URL[window.utag_data.page_site_product]; const loginUrl = `https://${prefix}${baseUrl}`; const targetUrl = new URL(window.location.href); targetUrl.searchParams.set(‘isGaa’, true); window.location.href = `${loginUrl}?target=${encodeURIComponent(targetUrl)}`; }); }); }, getRegisterUserPromise() { return new Promise(() => { window.GaaMetering?.getGaaUserPromise() .then((credential) => { window.__googleEA?._registerUser(credential); }); }); }, showPaywall() { const SHOP_URL = { prod: { WSJ: ‘https://subscribe.wsj.com?target=’, BOL: ‘https://subscribe.barrons.com?target=’, FN: ‘https://partner.fnlondon.com/p/1140300052/eligibility?mod=subscribe-google-ea&targetURL=’, MW: ‘https://subscribe.marketwatch.com?target=’ }, dev: { WSJ: ‘https://subscribe.wsj.com?target=’, BOL: ‘https://subscribe.barrons.com?target=’, FN: ‘https://partner.s.dev.fnlondon.com/p/p_fnlondon/eligibility/?mod=subscribe-google-ea&targetURL=’, MW: ‘https://subscribe.marketwatch.com?target=’ } }; const product = window.utag_data.page_site_product; const targetUrl = new URL(window.location.href); targetUrl.searchParams.set(‘isGaa’, true); window.location.href = `${(SHOP_URL[envGoogleEA] || SHOP_URL.dev)[product]}${encodeURIComponent(targetUrl)}`; }, handleSwGEntitlement(productId) { return (entitlements) => { if (!entitlements || !Array.isArray(entitlements.entitlements) || !entitlements.entitlements.length) { window.localStorage.setItem(‘swg-call-delay’, Date.now() + (60 * 60 * 1000)); return; } let subscriptionToken; for (const entitlement of entitlements.entitlements) { if ((entitlement.source === ‘google’) && (entitlement.products.includes(productId))) { subscriptionToken = entitlement.subscriptionToken; } } if (!subscriptionToken) { return; } const isCxdjExist = window.setInterval(() => { if (window.cxdj?.meta?.topDomain && window.cxdj?.displaySwgScrim) { window.cxdj.displaySwgScrim(); clearInterval(isCxdjExist); } }, 100); }; }, getAllowedReferrers() { const PRODUCT_DOMAIN = { WSJ: ‘wsj.com’, BOL: ‘barrons.com’, FN: ‘fnlondon.com’, MW: ‘marketwatch.com’, MG: ‘mansionglobal.com’ }; const LOGIN_URL = { WSJ: ‘accounts.wsj.com’, BOL: ‘accounts.barrons.com’, FN: ‘accounts.dowjones.com’, MW: ‘accounts.marketwatch.com’, MG: ‘accounts.dowjones.com’ }; const SHOP_URL = { prod: { WSJ: ‘subscribe.wsj.com’, BOL: ‘subscribe.barrons.com’, FN: ‘partner.fnlondon.com’, MW: ‘subscribe.marketwatch.com’ }, dev: { WSJ: ‘subscribe.wsj.com’, BOL: ‘subscribe.barrons.com’, FN: ‘partner.s.dev.fnlondon.com’, MW: ‘subscribe.marketwatch.com’ } }; const product = window.utag_data.page_site_product; const productHostNamePrefix = envGoogleEA === ‘prod’ ? ” : ‘s.dev.’; const productHostName = `www.${productHostNamePrefix}${PRODUCT_DOMAIN[product]}`; return [productHostName, LOGIN_URL[product], `${(SHOP_URL[envGoogleEA] || SHOP_URL.dev)[product]}`]; }, _registerUser(credential) { const PRODUCT_DOMAIN = { WSJ: ‘wsj’, BOL: ‘barrons’, FN: ‘fnlondon’, MW: ‘marketwatch’, MG: ‘mansionglobal’ }; const EDITION_ID = { WSJ: ‘WSJ-EN_US’, BOL: ‘BARRONS-EN_US’, FN: ‘EFN-EN_US’, MW: ‘MARKETWATCH-EN_US’, MG: ‘MG-EN_US’ }; const REGISTRATION_SOURCE = { WSJ: ‘WSJ’, BOL: ‘BARRONS’, FN: ‘EFN’, MW: ‘MARKETWATCH’, MG: ‘MG’ }; const LOGIN_URL = { WSJ: ‘accounts.wsj.com/auth’, BOL: ‘accounts.barrons.com/auth’, FN: ‘accounts.dowjones.com/auth/fn’, MW: ‘accounts.marketwatch.com/auth’ }; const pageSiteProduct = window.utag_data.page_site_product; const registerUrlPrefix = envGoogleEA === ‘prod’ ? ” : ‘s.dev.’; const registerBasedUrl = `https://register.${registerUrlPrefix}${PRODUCT_DOMAIN[pageSiteProduct]}.com`; const registerEndpoint = `${registerBasedUrl}/api/createSocialConnectUser`; const loginUrlPrefix = envGoogleEA === ‘prod’ ? ” : ‘int.’; const loginBaseUrl = LOGIN_URL[pageSiteProduct]; const loginUrl = `https://${loginUrlPrefix}${loginBaseUrl}/google-login`; const targetUrl = new URL(window.location.href); targetUrl.searchParams.set(‘isGaa’, true); fetch(registerEndpoint, { method: ‘POST’, body: JSON.stringify({ id_token: credential?.credential, displayContextId: ‘SOCIAL_CONNECT’, returnUrl: window.location.href.split(‘?’)[0], editionId: `${EDITION_ID[pageSiteProduct]}`, registrationSource: `${REGISTRATION_SOURCE[pageSiteProduct]}` }), headers: { ‘content-type’: ‘application/json’, } }) .then((response) => { if (!response.ok) { console.error(‘GoogleEA: Social Connect Invalid Status Code’); return; } return response.json(); }) .then((userState) => { if (!userState) { console.error(‘GoogleEA: Social Connect No Data’); return; } window.location.href = `${loginUrl}?target=${encodeURIComponent(targetUrl)}`; }) .catch((err) => { console.error(`GoogleEA: Social Connect Err: ${err}`); }); } }; })() ]]]]]]]]>]]]]]]>]]]]>]]>

Skip to main content

Earnings Results

Last Updated: July 21, 2023 at 2:42 p.m. ET First Published: July 21, 2023 at 12:13 p.m. ET

Disappointing earnings reports from two S&P 500 ad agencies prompt Wells Fargo’s Steven Cahall to say, ‘It doesn’t feel like a soft landing’

The technology sector remains “under a lot of stress,” with still no sign that pressure is abating, according to Interpublic Group CEO Philippe Krakowsky.

Getty Images

[]Contrary to what Wall Street is saying, another advertising and marketing agency confirmed that the technology sector appears to be having a lot of trouble when it comes to discretionary spending on advertising and marketing.

[]Shares of Interpublic Group of Companies Inc. IPG, -13.32% plunged 12.0% in midday trading Friday, enough to lead the S&P 500 index’s SPX, +0.03% losers, after the company missed second-quarter revenue expectations and cut its full-year growth outlook in half, citing weakness in the technology sector. The stock was headed for the biggest one-day selloff since it tumbled 15.3% on March 12, 2020.

[]That comes just two days after fellow ad agency Omnicom Group Inc.’s stock OMC, -4.94% tumbled 10.4% to pace the S&P 500’s decliners, after also missing on revenue and providing a somewhat downbeat outlook, amid a “pause” in tech-sector spending as clients have become “more cautious.”

[]And the companies also saw softness from its tech-sector clients in their first-quarter reports.

[]That might seem counterintuitive to investors, given that the technology sector has been the S&P 500’s strongest this year. The Technology Select Sector SPDR exchange-traded fund XLK, -0.05% has soared 42.3% year to date, while the S&P 500 index SPX, +0.03% has advanced 18.5%.

[]Interpublic Chief Executive Philippe Krakowsky said Friday on a post-earnings call with analysts that the tech sector is moving through a “challenging period” that has included significant cost and workforce cuts.

[]“[W]hat we have seen is that the sector is under a lot of stress,” Krakowsky said, according to an AlphaSense transcript.

[]He said the pressure the Interpublic has seen in sector isn’t from smaller tech companies, or those backed by venture capitalists, but a “relatively small group of large companies.”

[]And given a “modestly more uncertain” macroeconomic environment, Krakowsky said there is no clearly no sign that pressure on the tech sector “is not abating.”

[]“[I] don’t think that we’re going to be able to call the turn,” Krakowsky said. While he’s confident the tech sector will eventually bottom, “it’s just they’re clearly going through something that is more protracted than any of us thought.”

[]Interpublic reported before Friday’s open second-quarter net income that rose to $265.5 million, or 68 cents a share, from $229.6 million, or 58 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of 74 cents beat the FactSet consensus of 61 cents.

[]Revenue fell 2.5% to $2.67 billion, below the FactSet consensus of $2.39 billion.

[]For 2023, the company cut its organic growth guidance range to 1% to 2% from 2% to 4%.

[]Wells Fargo analyst Steven Cahall said that the disappointing earnings reports from the two companies this week are a worrying sign of “gathering clouds” for ad agencies, with risks of a “derating” of the stocks on the horizon.

[]“It doesn’t feel like a soft landing,” Cahall wrote in a note to clients.

[]Interpublic’s stock has edged up 0.1% year to date and Omnicom shares have tacked on 2.9%, while the S&P 500 has gained 18.5%.

Barron’s: American Express, Sirius XM, Interpublic, AutoNation, Carvana, and More Stock Market Movers

[]American Express declines after second-quarter revenue comes up short, AutoNation slides even after posting an earnings beat, and Carvana stock receives another downgrade.

[]Tomi Kilgore is MarketWatch’s deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

--> More stuff could go in this aside column

No Recent Tickers

[]Visit a quote page and your recently viewed tickers will be displayed here.

[]

[] No results found

{ // If Dianomi is disabled by user, add ‘generic’ style hiding anything // with a j-dianomi-content class. Allows for cleanup of things like headers // on bottom of home/section pages and borders on MoreHeadlines of quote page const css = ‘.j-dianomi-content { display: none !important; }’; const styleEl = document.createElement(‘style’); styleEl.type = ‘text/css’; styleEl.appendChild(document.createTextNode(css)); document.head.appendChild(styleEl); } const checkDianomiVendor = () => { if (typeof __ace !== ‘undefined’) { // To get Dianomi Vendor Id (or any vendor Id) do following from Console of Marketwatch.com // console.table(__ace(‘djcmp’, ‘getAllVendors’, [])) __ace(‘djcmp’, ‘customVendorIsEnabled’, [‘5fdc7a2fa2286360b24ef388’, (isVendorEnabled) => { if (isVendorEnabled) { loadDianomiScript(); } else { addDianomiDisabledStyles(); } }]); } } // Wait for CMP to finish loading before checking if Dianomi is disabled if (typeof __ace !== ‘undefined’) { __ace(‘djcmp’, ‘executeOnCmpReady’, [{ cb: checkDianomiVendor }]); } }()); ]]]]]]]]>]]]]]]>]]]]>]]>


Source

Leave a Reply

Your email address will not be published. Required fields are marked *