The details are still fuzzy, but apparently an appeals court has rejected the breakup of software giant Microsoft. The case has reportedly been sent back to the lower court for a new solution.
The software index has exploded, now up 4.49%, and Microsoft was up $3.82 before it was halted.
Microsoft Daily Chart
Microsoft had been trading in a range between $66 and $74, but today's decision has catapulted the stock out of that range. The Dow should also pick up once MSFT starts trading again, and software stocks far and wide are benefiting.
PeopleSoft Daily Chart
Peoplesoft (NASD:PSFT) has gained $5 over the past three days, and is currently battling with the 6/08/01 high. PeopleSoft took off just before the announcement, and broke above the 6/8/01 high of $47.24. Some of the euphoria has worn off, and PSFT is now back below that level. Numerous software stocks were facing some type of resistance and the news has helped to propel them to past those levels.