Microsoft Defies Market Slump on Jobs Data
The Dow Jones Industrial Average had shed 56 points as of 11:38 a.m. EST Friday. Investors may have been selling following a disappointing employment report, which showed the U.S. economy adding only 74,000 jobs last month -- far short of the 197,000 economists had anticipated. Still, the unemployment rate fell to 6.7% from 7%, which may have limited the market's loss.
Microsoft was up more than 1% following some data from Gartner. The research firm reported yesterday that personal computer shipments were down 6.9% in the fourth quarter, as Hewlett-Packard lost ground to rival Lenovo in global PC sales. Gartner said the market in developed economies for traditional PCs was showing some signs of bottoming, suggesting that Microsoft's Windows business might be in better shape than investors thought.
Gogo shares tumbled 6%, although there wasn't much news to explain the sell-off. Investors in Gogo should be used to the volatility at this point, and Friday's move lower was largely in line with what we've seen over the last few months.
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