Is the TMT Rally Losing Steam?

A handful of the stocks that have been driving hedge fund gains this year slumped on Wednesday. Is this a harbinger of things to come?

Wednesday was a great day for the kinds of tech and media momentum stocks that have been leading the stock market’s huge rally this year and that have been heavily favored by hedge funds. Or so it seemed at first blush.

At least four of these stocks were either talked up by the smart money set or had their price targets boosted by sell-side analysts early in the trading day.

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