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Microsoft Corporation (NASDAQ:MSFT) spiked up almost 3% at one point on Monday before running into a group of sellers who knocked the stock down about 1% from the high-of-day.
Microsoft announced Sunday it had agreed to buy about a 4% equity stake in London Stock Exchange Group plc (OTC:LNSTY) through certain investment funds affiliated with a consortium comprising BlackRock Inc. and Thomson Reuters. If the deal receives customary antitrust and regulatory approvals, Microsoft expects it to close during the first quarter of next year.
The tech giant and LSE also entered a new 10-year strategic partnership to build the latter’s data infrastructure using Microsoft Cloud.
The news caused Microsoft to open higher on Monday, breaking up from a falling channel pattern, which the stock attempted to do on Friday but failed.
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The Microsoft Chart: Microsoft started to fall into a descending channel pattern on Dec. 2, after topping out at the $256.12 mark the day prior. On Friday, the stock attempted to break up from the pattern, to form a possible reversal into an uptrend, but rejected and wicked from the $250 area, which dropped Microsoft back down into the channel.
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