ATVI - Why Microsoft Stock Topped the Market Today
2023-04-27 17:58:00 ET
Although Microsoft (NASDAQ: MSFT) stands in front of a giant roadblock in its quest to acquire a top video game producer and developer, investors traded its stock up notably on Thursday. The tech-giant's share price increased by more than 3% on a day when the S&P 500 index only mustered a sub-2% gain. Investors were cheered by the latest pronouncements from the company and its target regarding the acquisition.
Both Microsoft officials and those from the company it's pursuing, video game mainstay Activision Blizzard (NASDAQ: ATVI) , expressed steely determination to get the deal done.
According to an article published Thursday morning by Bloomberg, in an all-hands company meeting, Microsoft's Gaming Chief Phil Spencer reaffirmed the tech-giant's intent to push it through. Citing an unnamed meeting attendant, the financial news agency said that a decision earlier this week by the U.K.'s Competition and Markets Authority (CMA) effectively quashing the purchase will ultimately only slow the approval process.
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Why Microsoft Stock Topped the Market Today