[ad_1]
By Noel Randewich SAN FRANCISCO, Oct 26 (Reuters) - Microsoft Corp regains its place as America's second most valuable company Friday after a disappointing quarterly report from Amazon.com cleared $ 65 billion from the online retailers market capitalization. Apple Inc. tops the list with more than $ 1 trillion after to cross this threshold in September. The Microsoft market capitalization was the highest on Wall Street at the end of 1998 by early 2000 before the burst of the Internet bubble. Amazon shares fell 7 percent, most in almost three years after sales forecasts for the holiday season, stir up concerns that Wall Street's tech darlings are finally start to face stronger competition. Microsoft fell 2% in a broader technology sales were also motivated by a lower than expected ratio Google-parent Alphabet Inc, leaving the Nasdaq down 2.1% at noon. Microsoft shares remain up nearly 4% since Wednesday, when the software company four decades old beat quarterly profit forecasts, driven by its cloud computing company that rivals Amazon. Its market value Friday was $ 823 billion, on track to close over Amazon for the first time since April, when he gave way to second largest company by market capitalization. Amazon was worth $ 805 billion Friday after falling below Microsoft is in the extended business on Thursday. The gout was equivalent to the combined values of Target Corp and Corning Inc. The fall of Amazon has left around 40 percent of the year so far, while Microsoft gained about 25% in 2018. On Wednesday, shares of Amazon traded at the equivalent of 70 times expected profit, its lowest level since 2011. The average target price of analysts for Microsoft puts its market capitalization to $ 963 billion, while the average price target for Amazon values it at $ 1,068 billion. Apple will release its quarterly results on Thursday. (Reportage of Noel Randewich in San Francisco, edited by Richard Chang)
Our standards:The principles of Thomson Reuters Trust.
Source link