Microsoft Stock Goes Nuts At Close On Unfounded Rumor Of Balmer Departure
A quick look at the below chart of Microsoft trading into the close would lead one to believe that i) SkyNet is now fully self-aware, of ii) Muddy Waters came out with a strong buy on the world's most "underappreciated" value stock. Apparently, neither of these happened (well, at least not at the close: after all SkyNet has been aware since April 19), and instead the stock responded so violently only due to a completely unconfirmed so far rumor that Steve Balmer is stepping down. And while broken markets on no news is one thing, at least one can blame overheated vacuum tubes for crop circle trading formations, the kind of ridiculous trading, amounting to nearly 15 million shares, on what for now appears unvalidated rumors (which may have come after the move to justify it), in one of the world's most widely held stocks, indicates that there is way too much "other people's money" sloshing around, and should truly put the fear of god in anyone who still picks the S&P over the Encore Las Vegas (and especially the Beach Club).
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