The Dow Jones fell as Microsoft warned. The market rally retreated Wednesday as Fed rate hike odds rose and Jamie Dimon saw an economic "hurricane." Read More...
Reuters
Microsoft warns of forex hit, cuts forecast
A hawkish Federal Reserve and heightened geopolitical tensions have driven a 14% gain in the dollar against a basket of currencies over the last year, forcing companies such as Coca-Cola Co and Procter & Gamble to temper expectations for the rest of the year. “Software companies including Microsoft have significant operations outside the U.S. and I think Microsoft is being prudent here to get ahead of (market) expectations and be transparent around currency impacts,” said Steve Koenig, managing director at SMBC Nikko Securities. Microsoft, which gets about half its revenue from outside the United States, lowered its revenue forecast for all three segments, including Windows products, cloud and personal computing.
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