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Microsoft shares rallied 7.2% following upbeat quarterly earnings and sales, including of robust artificial intelligence products. The Dow Jones Industrial Average (.DJI) fell 228.96 points, or 0.68%, to 33,301.87; and the S&P 500 (.SPX) lost 15.64 points, or 0.38%, at 4,055.99. The S&P 500 technology index (.SPLRCT) was the sole gainer among the benchmark's 11 major industry sectors, adding 1.7%. Of the 163 S&P 500 companies that reported first-quarter profit through Wednesday morning, 79.8% topped analysts' expectations, as per Refinitiv IBES data. It helped push the S&P 500 bank index (.SPXBK) down 1.4% on the day.

☆ Microsoft Has Game With or Without Activision
▼ + stars: | 2023-04-26 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Microsoft’s $75 billion deal to buy Activision was rejected by the U.K.’s antitrust watchdog. Photo: pau barrena/Agence France-Presse/Getty ImagesMicrosoft will be just fine without Activision Blizzard , though its cloud gaming ambitions might not be. The U.K.’s Competition and Markets Authority rejected Microsoft’s $75 billion deal to buy Activision on Wednesday morning. The agency, which is the country’s main antitrust watchdog, ruled that the deal would ultimately harm the nascent market for cloud-based videogame services by giving the owner of the Xbox platform control over Activision’s popular game franchises such as “Call of Duty.” In its statement, the CMA said Microsoft “would find it commercially beneficial to make Activision’s games exclusive to its own cloud gaming service,” thus stifling future competition.

☆ Cloud, not consoles, blocks Microsoft's Activision view in UK
▼ + stars: | 2023-04-26 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

LONDON, April 26 (Reuters) - For all the thunder about Xbox versus PlayStation, it was the nascent cloud market that led to Britain's surprise decision to block Microsoft's record Activision Blizzard (ATVI.O) takeover. That only answered the CMA's console concerns, leaving cloud gaming as the only remaining - and apparently lower - hurdle. Defining cloud gaming is not simple. The CMA disagreed, saying that cloud was the most rapidly growing sector in gaming, while consoles were a mature market. It said Microsoft already accounted for 60-70% of global cloud gaming services and had other trump cards: Xbox, the leading PC operating system Windows and cloud provider Azure.

☆ UK blocks Microsoft's $69 bln Activision deal over cloud gaming concerns
▼ + stars: | 2023-04-26 | by ( Paul Sandle | ) www.reuters.com time to read: +4 min

The country's antitrust regulator said on Wednesday that Microsoft's commitment to offer access to Activision's multi-billion dollar "Call of Duty" franchise to leading cloud gaming platforms would not effectively remedy its concerns. The gaming company also reported quarterly results on Wednesday, a day earlier than scheduled, beating quarterly bookings estimates although that seemed to do little to allay investor concerns about Britain's move. Europe will decide on the Activision deal by May 22. The CMA said the cloud gaming market was forecast to be worth 11 billion pounds ($13.7 billion) globally by 2026. The CMA said Microsoft had an estimated 60%-70% of global cloud gaming services as well as competitive advantages including owning Xbox, PC operating system Windows and cloud provider Azure.

SummarySummary Companies Microsoft up as quarterly results top estimatesAlphabet gains on buyback plans, ad sales beatActivision Blizzard down as UK blocks Microsoft dealIndexes: Dow slips 0.01%, S&P up 0.30%, Nasdaq climbs 1.23%April 26 (Reuters) - The tech-heavy Nasdaq advanced on Wednesday as strong results from Microsoft and Alphabet offset concerns over rising interest rates and their effect on the U.S. economy. Earnings forecasts have improved, with analysts expecting a 3.2% contraction in first-quarter profit for S&P 500 companies compared with a 5.2% decline estimated at the start of the earnings season. Of the 163 S&P 500 companies that reported first-quarter profit through Wednesday, 79.8% topped analysts' expectations, as per Refinitiv IBES data. PacWest Bancorp (PACW.O) gained 14.2% as the regional lender beat estimates for first-quarter profit and managed to stabilize deposit outflows. The S&P index recorded five new 52-week highs and seven new lows, while the Nasdaq recorded 42 new highs and 300 new lows.

☆ Activision Blizzard reports quarterly bookings above estimates
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - Videogame publisher Activision Blizzard (ATVI.O) on Wednesday reported first-quarter bookings of $1.86 billion, compared with analysts' average estimate of $1.79 billion, according to Refinitiv. Earlier in the day, Britain said it would block Microsoft's $69 billion acquisition of the "Call of Duty" maker over its concerns it would hinder competition in cloud gaming, dealing an unexpected blow to the biggest-ever deal in gaming. Microsoft has announced its decision to appeal the CMA’s ruling, and Activision Blizzard intends to fully support Microsoft's efforts on this appeal, the videogame publisher said. Activision's shares fell about 10% in early trading. Reporting by Akash Sriram in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft’s $75 Billion Deal for Activision Blizzard Rejected By U.K.
▼ + stars: | 2023-04-26 | by ( Kim Mackrael | Sarah E. Needleman | ) www.wsj.com time to read: 1 min

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Microsoft Corp (MSFT.O) climbed 8.2% in premarket trading after it beat estimates for quarterly results, and said that artificial intelligence products were stimulating sales. Earnings forecasts have improved, with analysts expecting a 3.9% contraction in first-quarter profit for S&P 500 companies compared with a 5.2% decline estimated at the beginning of the earnings season. Of the 124 S&P 500 companies that reported first-quarter profit through Tuesday, 79% topped analysts' expectations, as per Refinitiv IBES data. Meta Platforms Inc (META.O) is scheduled to report results after market close on Wednesday. ET, Dow e-minis were up 62 points, or 0.18%, S&P 500 e-minis were up 11.5 points, or 0.28%, and Nasdaq 100 e-minis were up 139.75 points, or 1.09%.

☆ UK blocks Microsoft $69 bln Activision deal over cloud gaming concerns
▼ + stars: | 2023-04-26 | by ( Paul Sandle | ) www.reuters.com time to read: +4 min

The country's antitrust regulator said on Wednesday that Microsoft's commitment to offer access to Activision's multi-billion dollar "Call of Duty" franchise to leading cloud gaming platforms would not effectively remedy its concerns. Microsoft announced its Activision bid in January 2022 to boost its firepower in a video gaming market led by Tencent (0700.HK) and Sony (6758.T). Europe will decide on the Activision deal by May 22. The CMA said the cloud gaming market was forecast to be worth 11 billion pounds ($13.7 billion) globally by 2026. The CMA said Microsoft had an estimated 60%-70% of global cloud gaming services as well as competitive advantages including owning Xbox, PC operating system Windows and cloud provider Azure.

☆ Microsoft’s $75 Billion Deal for Activision Blizzard in Peril
▼ + stars: | 2023-04-26 | by ( Kim Mackrael | Sarah E. Needleman | ) www.wsj.com time to read: 1 min

Photo: Jae C. Hong/Associated PressThe U.K.’s antitrust watchdog rejected Microsoft Corp.’s $75 billion deal to buy game maker Activision Blizzard Inc., raising a high hurdle in the software giant’s attempt to win global approval of the deal. The Competition and Markets Authority’s ruling, issued Wednesday, said Microsoft had failed to convince it that undertakings it had proposed since announcing the deal would sufficiently ease the regulator’s competition worries. The CMA has said the deal poses a competition threat to the U.K.’s gaming industry and has been reviewing it for months.

☆ Microsoft’s $75 Billion Deal for Activision Blizzard Rejected by U.K.
▼ + stars: | 2023-04-26 | by ( Kim Mackrael | Sarah E. Needleman | ) www.wsj.com time to read: 1 min

An image released by Activision Blizzard shows a scene from the ‘Call of Duty: Modern Warfare 2’ videogame. Photo: ActivisionThe U.K.’s antitrust watchdog rejected Microsoft Corp.’s $75 billion deal to buy game maker Activision Blizzard Inc., raising a high hurdle in the software giant’s attempt to win global approval of the deal. The Competition and Markets Authority’s ruling, issued Wednesday, said Microsoft had failed to convince it that undertakings it had proposed since announcing the deal would sufficiently ease the regulator’s competition worries. The CMA has said the deal poses a competition threat to the U.K.’s gaming industry and has been reviewing it for months.

☆ Microsoft’s $75 Billion Deal for Activision Blizzard Is in Peril
▼ + stars: | 2023-04-26 | by ( Kim Mackrael | Sarah E. Needleman | ) www.wsj.com time to read: 1 min

Photo: Jae C. Hong/Associated PressThe U.K.’s antitrust watchdog rejected Microsoft Corp.’s $75 billion deal to buy game maker Activision Blizzard Inc., raising big questions about whether the combination will ever get done and disrupting both companies’ short-term strategies. The Competition and Markets Authority’s ruling, issued Wednesday, said Microsoft had failed to convince the agency that actions the companies had proposed since announcing the deal would sufficiently ease the regulator’s competition worries. The CMA has said the deal poses a competition threat to the U.K.’s videogame industry and has been reviewing the transaction for months.

☆ Microsoft's $68.7 billion Activision takeover blocked by UK competition regulator
▼ + stars: | 2023-04-26 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Microsoft's $68.7 billion takeover of Activision has been blocked by UK regulators. The UK's CMA blocked the deal on Wednesday over concerns antitrust concerns. Microsoft's $68.7 billion takeover of "Call of Duty" developer Activision has been blocked by the UK's competition regulator, marking a devastating blow to the blockbuster deal. According to the CMA, Microsoft already accounts for around 60-70% of global cloud gaming services through its Xbox platform and Azure. Microsoft and Activision did not immediately respond to Insider's request for comment.

☆ Stock Market Today: Dow Futures Waver; First Republic Stock Tumbles
▼ + stars: | 2023-04-26 | by ( ) www.wsj.com time to read: 1 min

Activision shares are sinking ahead of the bell as investors digest a U.K. rejection of Microsoft's planned takeover of the game maker. The wild ride in First Republic stock continues, with the lender's shares down sharply. Stock futures are rising ahead of results from companies including Meta Platforms after the close. ET: the Journal's Nick Timiraos and Gunjan Banerji will join finance editor Charles Forelle for a discussion about the Fed and markets ahead of the central bank's meeting next week. Watch here.

☆ UK regulator blocks Microsoft’s $69 billion acquisition of Activision Blizzard
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK regulator blocks Microsoft’s $69 billion acquisition of Activision BlizzardCNBC's Steve Kovach joins 'Squawk Box' to report on the latest news.

☆ Microsoft's blockbuster Activision deal may be doomed. But the tech giant's future is still bright
▼ + stars: | 2023-04-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Microsoft 's (MSFT) proposed blockbuster acquisition of video-game publisher Activision Blizzard (ATVI) may be doomed thanks to British regulators. The U.K.'s top antitrust body — the Competition and Markets Authority — said Wednesday that it opposes Microsoft's $69 billion bid because of competition concerns in the budding cloud gaming market. Microsoft's multipart gaming business includes Xbox consoles, cloud-based Xbox Game Pass service and in-house titles, such as the long-running "Halo" series. The CMA's opposition centered on competition concerns in the burgeoning world of cloud gaming, which Jefferies analysts estimate is less than 2% of the overall gaming market. Cloud gaming enables players to, essentially, stream video games without having to buy a physical console.

☆ Microsoft’s blockbuster deal to buy Activision is in jeopardy. Here’s what could happen next
▼ + stars: | 2023-04-26 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

UK officials said Wednesday they will block the company’s $69 billion deal to acquire video game giant Activision-Blizzard. It could also complicate Microsoft’s future in the gaming industry and severely upend Activision, which was in the throes of an internal crisis in the months leading up to the deal. By buying Activision, Microsoft would become the third-largest video game publisher in the world after Tencent and Sony. (The UK dropped its concerns about the console market in March, while the European Union reportedly does not oppose the deal.) In a memo Wednesday to employees, Kotick attempted to strike an optimistic note, whatever the outcome of the deal may be.

An Activision Blizzard's Call of Duty: Modern Warfare video game is inserted into the Microsoft's Xbox One video game console arranged in Denver, Colorado, on Wednesday, Jan. 19, 2022. LONDON — Britain's top competition regulator on Wednesday moved to block Microsoft 's acquisition of video game publisher Activision Blizzard . Microsoft announced its intention to acquire Activision Blizzard in January 2022 for $69 billion, in one of the biggest deals the video game industry has seen to date. Sony , in particular, has voiced concern with Microsoft's Activision purchase. The Japanese gaming giant fears that Microsoft could make Call of Duty exclusive to its Xbox consoles in the long run.

☆ Microsoft shares jump on strong results. Here’s what could be in store for the tech giant
▼ + stars: | 2023-04-26 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions from investors and analysts on Microsoft 's latest earnings results. The experts, including Jim Cramer , discussed the megacap tech giant as shares of the stock jumped to a new 52-week high Wednesday, closing more than 7% higher. Microsoft posted fiscal third-quarter earnings that beat expectations after the bell Tuesday. Additionally, Britain's top competition regulator blocked Microsoft's $69 billion acquisition of Activision Blizzard . Microsoft is currently held in Cramer's Charitable Trust portfolio.

Microsoft’s video-game bet suffers a huge blowBritain’s mergers regulator on Wednesday blocked Microsoft’s $69 billion takeover bid for Activision Blizzard, ruling that buying the maker of “Call of Duty” would give the tech giant too much control of the thriving market for cloud-based video games. Shares in Activision tumbled 12 percent in premarket trading, while Microsoft’s stock was up almost 8 percent after a solid earnings report. The deal risks “undermining the innovation” happening in cloud gaming, the C.M.A. said, by giving control of popular game titles to Microsoft, which owns the Xbox platform. (Cloud gaming isn’t reliant on users owning expensive consoles.)

☆ Stocks making the biggest moves premarket: Activision Blizzard, Chipotle, First Republic Bank & more
▼ + stars: | 2023-04-26 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

The company said Tuesday its upcoming quarterly revenue will range from $700 million to $750 million, compared to the expected $765.2 million from analysts surveyed by StreetAccount. The company reported an adjusted loss of $1.27 per share and $17.92 billion in revenue. Activision Blizzard — Activision Blizzard shares dropped about 10.4% in the premarket after a UK regulator blocked Microsoft's purchase of the video game publisher. ServiceNow will be announcing its quarterly earnings Wednesday after the bell. The gain came after fellow tech-related giant Microsoft reported quarterly earnings that exceeded expectations, boosting sentiment for Amazon.

☆ U.K. Blocks Microsoft’s Bid for Activision, a Blow to the Tech Giant
▼ + stars: | 2023-04-26 | by ( David Mccabe | Kellen Browning | ) www.nytimes.com time to read: +1 min

British antitrust regulators on Wednesday blocked Microsoft’s plans to acquire the video game giant Activision Blizzard for $69 billion, a significant hurdle for what would be the largest consumer tech acquisition since AOL bought Time Warner two decades ago. The Competition and Markets Authority in Britain said in a statement that Microsoft’s proposal “failed to effectively address the concerns in the cloud gaming sector.”The decision bolsters an effort by the Federal Trade Commission to block the acquisition and is a red flag for big technology companies trying to make large deals despite increasing government scrutiny over whether they abuse their power to hurt rivals and consumers. “Microsoft already enjoys a powerful position and head start over other competitors in cloud gaming and this deal would strengthen that advantage giving it the ability to undermine new and innovative competitors,” Martin Coleman, the chair of a panel that conducted an investigation for the C.M.A., said in a statement.

☆ Microsoft can earn higher return on cash in bank than in Activision deal, says Oppenheimer's Horan
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicrosoft can earn higher return on cash in bank than in Activision deal, says Oppenheimer's HoranTim Horan, Oppenheimer, and CNBC's Steve Kovach join 'Power Lunch' to discuss if the UK's competition authority actually helped Microsoft, why Microsoft's shares are up today and what this ruling means for other companies considering acquisition.

☆ Watch CNBC's full interview with Chris Grisanti on investing in slowing economy
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Chris Grisanti on investing in slowing economyChris Grisanti, chief equity strategist and senior portfolio manager at MAI Capital Management, and CNBC's Mike Santoli join 'The Exchange' to discuss the home builder trade, Microsoft's decision to squash its Activision deal, and investment opportunities in the healthcare sector.

☆ Watch CNBC's full interview with LightShed Partners' Rich Greenfield
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with LightShed Partners' Rich GreenfieldRich Greenfield, LightShed Partners co-founder, joins 'Squawk Box' to discuss the news of UK regulators blocking the Microsoft-Activision deal, YouTube ad revenue decline, the state of streaming, and more.

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