Microsoft shares slip in after-hours trading
LOS ANGELES (MarketWatch) -- Shares of
Microsoft shares (MSFT) were down 0.4% at $30.44 as the company said it would report a noncash, non-tax-deductible goodwill asset impairment charge of $6.2 billion in the fourth quarter, largely in connection with its 2007 acquisition of aQuantive.
The goodwill impairment charge will be reported in the company's online services division. Microsoft bought aQuantive in August 2007 for $6.3 billion in cash.
"While the aQuantive acquisition continues to provide tools for Microsoft's online advertising efforts, the acquisition did not accelerate growth to the degree anticipated, contributing to the write down," Microsoft said in a statement.
Men's Wearhouse shares (MW) were unchanged at $28.31 in low volume after the men's apparel retailer said Chief Financial Officer Neill Davis will leave on Aug. 2 to become president of Houston-based
Francesca's, which sells women's apparel and accessories, in a separate statement said the role of president is newly created, and that Davis has served on its board since 2007. Shares of Francesca's (FRAN) were also unchanged, at $27.45.
During the day, the Dow Jones Industrial Average (DJIA) lost ground after data showed that manufacturing activity in the U.S. shrank in June for the first time in three years. The blue-chips index fell 9 points, or 0.1%, to 12,871.39.