Microsoft is said to be exploring ways to move forward with the $69 billion acquisition of Activision Blizzard, despite the deal being vetoed by UK regulators.
This course of action is likely to result in legal action from the UK Competition and Markets Authority (CMA). Possible options being considered include Activision withdrawing from the UK or Microsoft pursuing the acquisition and challenging the CMA in court.
Damn the torpedoes (or the UK regulators). Full speed ahead.
Microsoft shares are trading up $2.55, or 0.77%, at $330.90. Microsoft reached $335.94 earlier this week which is the highest level dating back to January 2022. The all-time high for Microsoft is $349.67. Today’s low price reached $324.72
Meanwhile, Activision Blizzard shares are trading up $0.41, or 0.51%, at $80.61. Shares reached a high of $87.01 on April 25th.
Looking at Microsoft’s hourly chart, back on March 24th, the corrective lows held out against the 100-HMA rally (the blue line in the chart below), and found willing buyers. This moving average is currently coming in at $319.07 and it is rising. It would take a move below that MA to tilt the short term bias to the downside with the 200 hourly MA the next target at $310.01 (and a move higher as well).
Microsoft shares have crossed the 100 hourly moving average high