Reuters Friday 19th July, 2013
Fri Jul 19, 2013 3:12pm EDT
* Biggest one-day drop since tech stock meltdown of 2000
* Loses $36 billion in market value
* Shares had been at five-year highs
* Analyst predicts shareholder activism this summer (Adds data on previous stock falls, historical background)
July 19 (Reuters) - Microsoft Corp shares fell more than 12 percent on Friday, their biggest plunge in 13 years, a day after the software company posted dismal quarterly results due to weak demand for its latest Windows system and poor sales of its Surface tablet.
The sell off comes after the stock was riding at five-year highs and is the biggest in percentage terms since April 2000, when the world's largest software company was locked in an antitrust dispute with the U.S. government and the internet stock bubble was deflating rapidly.
Friday's loss means about $36 billion has been wiped off Microsoft's market value in one day, exceeding the size of rival Yahoo Inc.
Microsoft's earnings were wrecked by a $900 million write down on the value of unsold Surface tablets after it cut prices in a bid to excite buyers.
The poor results shocked Wall Street, which had believed the company's strength with business customers would help it ride out a downturn in consumer PC sales.
Page 1 of 2 | Next
Read more
Source: http://www.caribbeanherald.com/index.php/sid/215940726/scat/d805653303cbbba8
Jennifer Lacy Honey Baked Ham hostess israel AMA BCS Standings 2012 American Music Awards 2012
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.