Why Microsoft Stock Slumped Today
It apparently fell short in an attempt to lease cloud capacity from a peer.
Overview
Many stocks wilted during Wednesday's generally downbeat trading session. Among these was tech industry stalwart Microsoft (NASDAQ: MSFT), which fell harder than many peers on reports that a potentially beneficial deal to lease cloud capacity from a high-profile peer wasn't concluded. The company's shares declined by almost 4% as a result.
Near the end of Tuesday's trading session, Business Insider published an article stating that Microsoft's discussions with Oracle (NYSE: ORCL) about leasing some of the latter's cloud capacity had ended without agreement.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.