Tech Sector Stocks Shoot Up, Led By Microsoft and Amazon
Friday, October 30th, 2009Author : Biz2Credit Advisor
Microsoft Corp.’s stock soared 10 percent on Friday, as the company’s earnings report defied analysts’ predictions. Amazon’s stock jumped 20 percent Friday, after the company reported a 69 percent profit surge the day before.
Strong sales of Amazon’s Kindle e-reader accounted for the growth, said CNNMoney.com. The company cut the price of the Kindle to $259 from $279 this week.
Microsoft saw its first-quarter net sales decline 18 percent to $3.6 billion, but Wall Street expected the decline to be much larger, said CNNMoney.com.
Cost-cutting measures helped drive profit gains in several of Microsoft’s divisions. The software giant also announced this week the launch of its new operating system, Windows 7, which the company predicts will be a hit, said CNNMoney.com.
This article was submitted by Katie Kapler, Director of Online Strategy for Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to katie.kapler@biz2credit.com
Tags: Amazon’s stock, Cost-cutting measures, earnings report, Kindle e-reader, Microsoft, Microsoft Corp.’s stock soared, profit surge, Wall Street, Windows 7
