Diamonds and Dogs
Microsoft (MSFT) moves ahead of Apple (AAPL) as the largest market cap company in the US. After rallying 3% yesterday, Microsoft is up another half a percent today overtaking Apple for the first time since 2010. Microsoft first became the largest market cap company back in 1999 with a market cap of $618.9 billion. The recent resurgence is attributed to CEO, Satya Nadella reducing Microsoft's reliance on Windows software for PCs and becoming a major player in cloud computing, second only to Amazon.com.
United Technology (UTX) splitting into three companies. United Tech is down 5% today and down 16% in the last month on a major shake-up. After receiving approval for the Rockwell Collins acquisition, management is splitting the firm into three parts, a plan that closely mirrors one that activist investor Dan Loeb spelled out in Third Point's first-quarter 2018 letter. United Technologies expects to take up to two years to complete the spinoffs.