Microsoft's stock plunge wipes away $38 billion in market cap, cuts Dow's gain in half
Microsoft Corp.'s stock plunged 8.5% in active morning trade, wiping away about $38 billion in market value and cutting the Dow Jones Industrial Average's gain in half, in the wake of disappointing quarterly results. Volume topped 35 million shares within the first 45 minutes after the opening bell, compared with the full-day average of of 26.4 million shares. The stock on course to suffer the biggest percentage decline since it tumbled 9.3% on Jan. 27, 2015, which also followed disappointing quarterly results. With about 7.91 billion shares outstanding, according to FactSet, the price decline of $4.75 was erasing $37.57 billion from its market cap. The decline was also shaving off about 33 points from the Dow, which was recently up 22 points.
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