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Microsoft Tones Down Claim on Cloud Usage That Lifted Its Stock

(MSFT) stock rallied 7% on Monday after the company said it had seen a 775% increase in usage of cloud services “in regions that have enforced social distancing or shelter in place orders.” That gain—$10.53—accounted for 71 points on the Dow Jones Industrial Average, or about 10% of Monday’s 690-point rally. Microsoft has substantially amended its statement, made via a blog post. “We have seen a 775 percent increase of our cloud services in regions that have enforced social distancing or shelter in place orders.” Read More...

(MSFT) stock rallied 7% on Monday after the company said it had seen a 775% increase in usage of cloud services “in regions that have enforced social distancing or shelter in place orders.” That gain—$10.53—accounted for 71 points on the Dow Jones Industrial Average, or about 10% of Monday’s 690-point rally. Microsoft has substantially amended its statement, made via a blog post. “We have seen a 775 percent increase of our cloud services in regions that have enforced social distancing or shelter in place orders.”

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