In other tech-related news, Microsoft (NasdaqGS: MSFT) wants in on the mobile phone business, acquiring Nokia (NYSE: NOK) for $7.2 billion, Reuters reports. The bid is seen as an attempt to help promote the Windows Phone platform.
“Microsoft cannot walk away from smartphones, and the hope that other vendors will support Windows Phone is fading fast. So buying Nokia comes at the right time,” Carolina Milanesi, an analyst at Gartner, said in the Reuters article. “In today’s market it is clear that a vertical integration is the way forward for a company to succeed. How else could Microsoft achieve this?”
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own QQQ, SPY, AAPL and MSFT.