All the latest economic and financial news, as tech stocks rally in New York and a UK supermarket merger is blockedLatest: Microsoft hits record highFacebook also rallyingEarlier:Latest: Sainsbury’s shares hit by merger woeIntroduction: CMA blocks deal to create UK’s biggest supermarketCMA feared rising prices and lower qualitySainsbury’s CEO Coupe under pressure (and not in the money) 2.50pm BST Microsoft has overtaken Apple to become the most valuable tech company in the world.Apple (which hit the $1tn mark last summer) is currently worth around $976bn. Amazon is close behind, at $940bn. 2.43pm BST Boom! Microsoft is officially worth $1 trillion dollars, after impressing Wall Street with its latest financial results.Shares in the software, cloud computing and games console firm have jumped almost 4.5% to $130.66 at the start of trading in New York. “We continue to believe the shift to the cloud will be additive to Microsoft given a broader portfolio of products with deeper functionality as well as Microsoft’s ability to enter new categories where it did not compete previously.”Cloud is clearly the way forward for Microsoft and demand for these services is expected to remain strong. Continue reading…
Via: Microsoft hits tn valuation after strong results – business live
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