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Information Technology : Software | Large Cap Growth
Company profile

Microsoft Corporation is a technology company. The Company develops and supports software, services, devices, and solutions. Its segments include Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment consists of products and services in its portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. This segment includes Office Consumer, LinkedIn, dynamics business solutions, and Office Commercial. The Intelligent Cloud segment consists of public, private, and hybrid server products and cloud services that can power modern businesses and developers. This segment includes server products and cloud services, and enterprise services. The More Personal Computing segment consists of products and services that put customers at the centre of the experience with its technology. This segment includes Windows, devices, gaming, and search and news advertising.

Premarket

Last Trade
Delayed
$292.76
-0.71 (-0.24%)
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Market Hours

Closing Price
$293.47
Day's Change
0.00 (0.00%)
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Volume
(Light)
Volume:
6,866

10-day average volume:
20,933,269
6,866

China stocks enjoy big, broad rally as Shanghai moves toward lifting COVID-lockdown measures

11:48 am ET May 31, 2022 (MarketWatch)
Print

By Tomi Kilgore

NIO, Alibaba stocks jump toward 4-week highs, Pinduoduo's stock on track for 3-month high

The U.S.-listed shares of China-based companies traded broadly higher Tuesday, as investors were emboldened by the major steps to be taken to lift COVID-19-lockdown measures in Shanghai.

The Invesco Golden Dragon China exchange-traded fund (PGJ) charged up 4.6% in morning trading, with more than three-quarters of its active components enjoying gains, to buck the weakness in the broader stock market. That put the ETF (PGJ), which is comprised of U.S.-listed shares of companies based in the People's Republic of China, on track for the highest close since May 4.

Meanwhile, the S&P 500 index shed 0.9% and the Nasdaq Composite Index lost 0.8%.

The PGJ's most active component was electric vehicle-maker NIO Inc.'s stock (NIO), which ran up 4.3%. It has soared 18.1% amid a four-day win streak, and has rocketed 36.0% since closing at a 22-month low of $12.71 on May 11.

Also seeing heavy trading, shares of KE Holdings Inc. (BEKE) shot up 10.9% after the housing transactions platform reported a wider-than-expected first-quarter loss but revenue that beat forecasts, while ecommerce giant Alibaba Group Holding Ltd.'s stock (9988.HK) rallied 3.2%.

Shanghai authorities said they will take measures on Wednesday to reopen Shanghai, China's largest city, as the Associated Press reported. That fueled investor optimism for a quick rebound in country's economy, which is the world's second largest.

Among some other more-active American depositary shares (ADS) of China-based companies, Pinduoduo Inc. (PDD) ran up 5.9% toward a three-month high, and have soared 38.4% amid a four-day win streak. Benchmark analyst Fawne Jiang reiterated the buy rating and $85 stock price target, which implied about 66% upside from current levels, after the mobile marketplace had reported on Friday big profit and revenue beats for its first-quarter.

Elsewhere, the ADS of iQIYI Inc. (IQ) rose 1.8%, JD.com Inc. (JD) climbed 5.7%, DiDi Global Inc. (DIDI) tacked on 0.5%, Tencent Music Entertainment Group (TME) advanced 2.3% and Bilibili Inc. (BILI) jumped 8.6%.

The Golden Dragon China ETF has dropped 21.9% year to date, while the S&P 500 has lost 13.6% and the Nasdaq has tumbled 23.1%.

-Tomi Kilgore

	

(END) Dow Jones Newswires

May 31, 2022 11:48 ET (15:48 GMT)

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