Microsoft’s Stock Plunge Wipes Out $30 Billion in Market Value

Tech giant’s stock price to blame for Dow’s decline

by Tomi Kilgore
Market Watch

Shares of Microsoft Corp. plunged in active trade Friday after disappointing quarterly earnings, wiping away about $30 billion in market capitalization and pushing the Dow Jones Industrial Average into the red.

As Microsoft is the third-biggest U.S. company by market value, the stock’s selloff was having an outsize effect on the broader market. It was the biggest percentage decliner in the Dow the S&P 500 index and the Nasdaq-100 Index.

The stock dropped $3.74, or 6.7%, in midday trade, putting it on course for its biggest one-day percentage loss since it tumbled 9.3% on Jan. 27, 2015, also following disappointing quarterly results. Volume reached 67 million shares within the first two hours after the opening bell, already more than double the full-day average of 26.4 million shares. Read more about Microsoft’s fiscal third-quarter results.

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