Microsoft Wins on Wall Street Virtually Flat

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Stock exchange trading on Wall Street started with very small results on Wednesday, after the price losses a day earlier. Investors in New York remain uncertain about the impact of the Delta variant of the coronavirus on the economic recovery from the crisis.

 

Microsoft was also in the spotlight because of the news that the software company wanted to buy 60 billion dollars in its own shares.

Shortly after opening, the Dow-Jones index recorded a minus of 0.1 percent at 34,541 points. The broad-based S&P 500 was virtually unchanged at 4443 points, and the Nasdaq tech exchange was flat at 15,039 points.

Shares of Microsoft rose 1.3 percent in early trading. It is the largest share buyback by the company ever. Microsoft is also going to increase its quarterly dividend.

The casino companies in New York were again hit by fears of stricter rules in the Chinese gambling paradise Macau. For example, Wynn Resorts and Las Vegas Sands that have casinos on the peninsula lost up to 10 percent in value. On Tuesday, there were also strong negatives for those companies.

Software manufacturer Citrix was up 4.7 percent. According to Bloomberg news agency, Citrix is considering putting itself up for sale. The market value is around $13.6 billion. It was recently reported that activist investor Elliott Management had taken a stake in the company for more than $1 billion. Elliott would like Citrix to increase its stock market value.

The maker of barbecues and grills, Weber could also count on attention. Weber, which went public in August, came with good quarterly figures because the share advanced 3.5 percent.

On the macroeconomic front, industrial activity around New York has shown much more substantial growth this month than in August and faster than economists had expected.

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