Microsoft Stock Dips Into Closing Bell, Intel Climbs Steadily on Apple Deal
As Apple keeps itself busy in the M&A game, Microsoft does some internal re-shifting and Urban Outfitters loses on its CEO departure. Here’s the scoop on these big market movers shaking up trading activity on Wednesday:
Microsoft Corporation (NASDAQ:MSFT): Bloomberg reports the company plans to restructure its marketing operations, and potentially cut hundreds of jobs in the process. The move is said to stem from a belief Microsoft isn’t obtaining a sufficient return on its billions in annual marketing spending, as rivals such as Apple, Google, and Amazon project a less stodgy image to consumers.
Intel Corporation (NASDAQ:INTC): Apple (NASDAQ:AAPL) confirms it has bought Israeli flash-storage company Anobit, which supplies chips for the iPad and other devices. Israeli media reported last month that Apple paid around $500M for Anobit, whose investors included Intel.
Urban Outfitters, Inc. (NASDAQ:URBN): In another case of horses and stable doors (see MS on WebMD), Citi cuts Urban Outfitters to sell from buy and slashes its price target to $20 from $34, citing “too much management flux” and “not enough merchandise traction.” Urban is tanking 16.35% to $24.60 following yesterday’s news that it’s replacing its CEO.
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