Roundup: Stock market drops, Microsoft retreats, and more
Here’s the latest action:
Tech stocks lead market to new lows - The thing about a downturn is it can always get worse. The Dow and S&P both hit 11-year lows on Monday, with the tech-driven NASDAQ’s 3.7 percent decline outpacing 3.4 percent drops in the blue chip averages.
Microsoft retreats on severance repayment demands - The software giant had initially asked laid off workers to return money that was in excess of planned severance payments, but backed off after a wave of criticism.
Obama picks Jon Leibovitz to head the FTC - Leibovitz is a Democrat who was first appointed to the Federal Trade Commission in 2004; he has reportedly been critical of self-regulation by the makers of targeted online ads.
Messaging company Visto buys Good - Privately held, Silicon Valley-based Visto has acquired Good, a message service that competes against RIM and others services, from Motorola. Motorola is hemorrhaging losses, and sold Good only two years after it bought the company for more than $400 million. The question is, how will Visto make money from it?
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