Apparently, in the world of the Internet, what's new becomes old very quickly. Just ask Microsoft Corp. (NASDAQ:MSFT). The software giant apparently wants to dump its interactive advertising agency Razorfish Inc., which it only acquired two years ago. Meanwhile, Vodafone Group plc (NYSE:VOD) reportedly is interested in Deutsche Telekom AG's T-Mobile U.K. operations, leading to rumors that it may sell its Verizon Wireless stake to fund the deal. However, both deal stories were overshadowed by Bernard Madoff's sentencing to 150 years in prison for his multibillion-dollar fraud. Overall, the Dow jumped 90.99, or 1.08%, to 8,529.38 while the Nasdaq increased 5.84, or .32%, to 1,844.06.
Microsoft acquired Razorfish, which came as part of a package with the acquisition of aQuantive Inc., for $6 billion. The giant software company is likely willing to do a deal in August when more favorable tax implications will allow it to sell an asset that some see as a conflict of interest with Microsoft Advertising, reports the FT. Shares of Microsoft jumped 51 cents, or 2.18%, to $23.86.
Vodafone holds a 45% stake in the Bedminster, N.J., wireless joint
venture. Verizon Communications Inc. (NYSE:VZ) holds the remaining stake and has in the past said it
would be happy to buy out its partner. The news pushed Verizon shares up 37 cents, or 1.19%, to $31.36.
Lastly, investors of Madoff's hedge fund received some retrobution as the disgraced swindler was handed a sentence of 150 years. Madoff's wife Ruth broke her silence saying she too felt betrayed by her husband and in the end is "devastated for the many whom my husband has destroyed. ... But if it matters to them at all, please know that not a day goes by when I don't ache over the stories that I have heard and read." - Gerald Magpily
Continue reading below
