What Steve Ballmer gives, Steve Ballmer takes away.
News that the Microsoft chief would step down within a year triggered a rally in the software giant's shares last month.
Then, the stock went into reverse, as Microsoft on Monday inked a deal to snap up the ailing devices unit of Finland's Nokia.
True, Microsoft isn't paying a lot -- just $7.2 billion in overseas cash that Microsoft wasn't likely to return to the U.S. anytime soon.
But that's another 32,000 employees Microsoft is absorbing, as well a company that has basically lost its way, for a firm that isn't exactly hitting on all its cylinders to begin with.
Talk about burning up goodwill -- and market cap.
However lackluster the Windows Mobile architecture may be, it's got nothing on the architecture of a London skyscraper, that's been burning up Jaguars, carpets and more.
And one can always bring up the tired (but accurate) cliche that the Middle East is on fire.
For the week, stocks weren't on fire, but at least a four-week losing streak for the Dow industrials was snapped. The Dow (DJI) rose 0.8%, the S&P 500 (SPX) rose 1.4% and the Nasdaq Composite (RIXF) tallied a 2% advance. Read Market Snapshot.
Treasurys fell hard for the week. The 10-year yield touched 3% and gained 17 basis points for the week, which was shortened by Monday's Labor Market holiday.
-- Steve Goldstein
Microsoft to buy Nokia
In 2007, Nokia (NOK) was worth close to $120 billion. On Friday, it was worth a bit more than $20 billion. So, uh, oops. Now the guy that's presided over that descent, Stephen Elop, is considered a contender to run Microsoft (MSFT) . Read some of our analysis and commentary:
Microsoft aims to pull off high-stakes hat trick
Steve Ballmer gets his $7 billion man
Microsoft-Nokia deal is Ballmer's last stand
Verizon buying out Vodafone's Verizon Wireless stake
You know M&A action is a bit on the dull side when the biggest deal of the year is Verizon buying Verizon. Specifically, Verizon Communications (VZ) is buying the 45% stake in Verizon Wireless held by Vodafone Group (VOD) of Britain for $130 billion of cash and stock. It's only been rumored about for a good decade or so, but this week, the numbers finally worked for both companies.
Verizon, Vodafone seal wireless-sale deal.
Modest job creation in August
In August, the U.S. created 169,000 jobs, according to the latest Labor Department data. That was a bit softer than expectations, and the employment gains of prior months were revised lower. And the labor-force participation rate was the lowest since 1978. But at least part-time work fell.
Syrian conflict moves markets
President Obama struggled to win allies in Congress and overseas to hit Syria for the alleged use of chemical weapons.
Obama-Putin Syria rift deepens
Click here for continuing news on Syria
Samsung, Qualcomm introduce smartwatches
Bring on the smartwatch -- Samsung and Qualcomm each introduced a wearable device.
Read story on smartwatches.
Read: The wristwatch's time isn't up
10 ways to wipe out your retirement savings.
Dana Anspach explains the ways your savings can go up in smoke.
You're a sucker to believe Wall Street
So says Mark Hulbert, who points out that no one on the Street predicted the first Lehman Brothers collapse. Read: You're a sucker to believe Wall Street
You're getting a 2.9% raise next year
Jonelle Marte explains what you're getting next year and how to make the most of it.
How $50,000 could turn into $27 million
A bet on a volatility indicator could yield a big payoff, according to The Tell blog.
The most embarrassing car accessories
Don't embarrass your car -- click on this slideshow.
-MarketWatch; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-06-13 1709ETCopyright (c) 2013 Dow Jones & Company, Inc.
|UPDATE: A week of burning, of Microsoft stock and more (2013/9/6)|
|UPDATE: Microsoft may look more outside for CEO - Citi ()|
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|UPDATE: Your U.S. stocks are more foreign than you know (2013/9/3)|
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|UPDATE: Microsoft helps lift stocks to six-week highs (2013/9/17)|
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|UPDATE: Stock futures rise ahead of ISM; Microsoft slips (2013/9/3)|
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