PNM Resources Inc
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Company profile

PNM Resources, Inc. (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR's electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other. The Company, through its Website provides information, including news releases, notices of Webcasts, and filings. PNM is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. TNMP is a regulated utility operating in Texas. TNMP provides transmission and distribution services in Texas under the provisions of Texas Electric Choice Act (TECA) and the Texas Public Utility Regulatory Act. The Corporate and Other segment includes PNMR holding company activities, related to corporate level debt and PNMR Services Company.

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-0.10 (-0.20%)
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UPDATE: This chart shows the deluge of corporate spending on technology since 1980

4:20 pm ET April 20, 2021 (MarketWatch)

By Joy Wiltermuth

Apple's cloud, digital and payment group is big business too

Think big tech stocks are too toppy?

Lately, it has been a near daily tug of war when it comes to whether the lofty share prices of highflying technology companies can be justified, particularly as benchmark bond yields rise from pandemic lows and a greater share of the U.S. population gets vaccinated against COVID-19 (, spurring hope for a robust economic recovery.

The technology-heavy Nasdaq Composite Index closed down 0.9% Tuesday (, while the S&P 500 index lost 0.7% and blue-chip Dow Jones Industrial Average slumped 0.8%.

Shares of Apple, Inc. (AAPL), the world's largest company when measured by market capitalization, fell 1.3%.

But as investors embrace an on-again, off-again love affair with tech stocks, it may be worthwhile to look at how much big companies, not just individuals, have been spending at tech giants like Apple, Inc. (AMZN), Google parent Alphabet Inc. (GOOGL), Microsoft Corp.(MSFT) and Inc. (CRM) in recent decades.

Consider this chart from Wells Fargo Investment Institute, which shows about half of all corporate capital expenditures flowed toward technology in 2020, up from only 24% in 1980.

As MarketWatch's Philip van Doorn points out, Apple's Services category, including cloud storage and backup, digital content and payment services, has growing rapidly to become its second-largest reported business category (

Analysts at the Wells Fargo Investment Institute pointed to the tumult sparked by the pandemic and the Federal Reserves's quick action in slashing benchmark interest rates to near zero as partial reasons for last year's record share of corporate cash flowing into technology.

"This allowed many firms to borrow low-cost capital and employ debt in an effort to accelerate growth," the team wrote in a Tuesday note.

Related: Get ready for stock buybacks to roar back (

But the team also pointed to a broader shift over the past four decades in how companies do their work and stay competitive.

"We believe capital expenditures are at an inflection point, with technology spending poised to eclipse hard machinery spending for the first time in history," the team wrote. "We remain favorable on the Information Technology sector."

Also see: Should you buy Apple stock? Here are the key numbers to look at now (

Read next: The FAANG stocks, in these uncertain times, are expected to rise as much as 35% over the next year (

-Joy Wiltermuth; 415-439-6400;


(END) Dow Jones Newswires

April 20, 2021 16:20 ET (20:20 GMT)

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