TECHNOLOGY & TELECOMMUNICATIONS
Times Staff and Wire Reports
Intuit Stock Plunges: In the aftermath of its failed merger with software giant Microsoft Corp., the company saw its stock price plunge $12.50 to close at $62 on the Nasdaq. A selloff had been anticipated in the wake of the news announced Saturday. Microsoft’s stock price gained $1.875 to close at $87.25 as part of a broad market rally. Microsoft called off its proposed acquisition of Intuit Inc., saying it wasn’t prepared to wage protracted legal battle with the Justice Department, which opposed the deal on the grounds that it would have given Microsoft a monopoly in the market for personal finance software.
