MFGP - Micro Focus International Stock Pops on Amazon Partnership
Shares of Micro Focus International (NYSE: MFGP) popped on Thursday after Amazon (NASDAQ: AMZN) gave the company its full vote of confidence for helping businesses migrate to the cloud. As of 3 p.m. EST, Micro Focus stock was up 17%, but had traded as much as 25% higher earlier in the session.
In an Amazon Web Services (AWS) blog post, Amazon notes that 70% of Fortune 500 companies still run their businesses on their own mainframes. The problem is it's expensive to maintain and upgrade your own equipment, providing incentive to migrate computing power to the cloud. This, of course, sounds easy. But when you're talking about a massive enterprise, cloud migration can be complicated.
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Micro Focus International Stock Pops on Amazon Partnership