Summary
NEW YORK -- Wall Street has again succumbed to bad news, closing sharply lower Thursday as more negativity about earnings and worries about the banking industry wiped out any attempts at a rally. Bad news from Microsoft Corp. set the tone for the day. The company surprised investors Thursday morning by reporting its fiscal second- quarter earnings early -- and the news was not good. The software giant posted an 11 percent drop in profit and said it will slash 5,000 jobs over the next 18 months.
Microsoft said deteriorating global economic conditions and lower revenue from PC software forced it to cut back. The company also said it is unable to provide any profit and revenue forecasts for the rest of the year because of the market volatility.See the full content of this document
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Microsoft's Bad News Sets Mood On Wall St.
Bank of America Corp. said fo...
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