Microsoft’s surprise deal to acquire Nokia’s phone business for more than $7 billion in cash appears to have left investors cold
Microsoft stock dropped by more than 5% in early trading following the acquisition announcement late Monday night. The stock opened on Tuesday below $32 a share, effectively erasing the remainder of the stock’s gains from after Steve Ballmer announced he would step down as CEO in the next year
Nokia investors, on the other hand, seemed to cheer the deal, sending the stock up by more than 40%
Benedict Evans, a mobile analyst, noted that the acquisition is likely part of Microsoft’s plan to become more relevant in mobile. However, he questioned how much owning Nokia’s phone business will help with that goal, other than ensuring that its best existing partner doesn’t go out of business Read more…
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Read more : Microsoft Stock Drops 5% After Nokia Deal
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