Feeds

MS stock price blitzed in NY, but Red Hat on the up

Investors fear wave of ambulance-chasing litigants

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Forty-two million shares of Microsoft changed hands in the first 45 minutes of nervous trading in New York this morning, as investors and speculators tried to make sense of Friday's unfavourable findings of fact in the company's antitrust suit. Under normal circumstances, something like 20 to 25 million shares of Microsoft might be traded in an entire day. Microsoft values fell by as much as 8.6 percent in early trading, but recovered gradually throughout the morning. At one point, however, a cool $30 billion had been wiped off its value. By mid-day, Microsoft's losses on 72 million shares traded were in the range of 3 to 4 per cent, still sufficient to help drag the Dow Jones Industrial Average, upon which the company made its debut last week, down by more than 25 points. But nothing could stop the tide of celebration on the NASDAQ Exchange, which rose 15 per cent by mid-day despite the fact that Microsoft accounts for 16 percent of its value. NASDAQ issues Oracle, Red Hat, Netscape and Apple all enjoyed smart gains adequate to compensate for MS losses, and then some. We can expect investor jitters to keep the stock in a volatile state at least until the judge delivers his ruling early next year. Market agitation today was due in part to an interview with Assistant US Attorney General Joel Klein, head of the DoJ's antitrust division, on the ABC Sunday news programme, "This Week", during which Klein stated for the first time that a breakup is a realistic possibility. Even if the verdict falls short of a breakup, the findings of fact are already negative enough to tempt Lilliputian legions of opportunistic lawyers to mount all manner of class-action suit against the Redmond giant. This could lead to persistently depressed share prices, as Wall Street has a real penchant for punishing the victims of opportunistic legal actions. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.