Google (GOOG) Dips Early as Activist Fund Takes Large Stake in Rival Microsoft (MSFT)
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Google, Inc. (Nasdaq: GOOG) shares are slumping in early trading Monday following headlines earlier that hedge fund ValueAct is taking a $2 billion stake in peer Microsoft (Nasdaq: MSFT).
Google fell as much as 3.1 percent, or $24.87 per share, out of the gate. The stock has since pared some of the initial drop, now trading just 0.6 percent lower.
Microsoft has been looking to gain more market share for its Windows operating system in the mobile device market, though efforts have been largely unsuccessful. Some speculate that the hedge fund might be hankering to replace current CEO Steve Ballmer among other executives. New management might give Microsoft some life and position it well to draw in customers from Google.
Google fell as much as 3.1 percent, or $24.87 per share, out of the gate. The stock has since pared some of the initial drop, now trading just 0.6 percent lower.
Microsoft has been looking to gain more market share for its Windows operating system in the mobile device market, though efforts have been largely unsuccessful. Some speculate that the hedge fund might be hankering to replace current CEO Steve Ballmer among other executives. New management might give Microsoft some life and position it well to draw in customers from Google.
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