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Microsoft (MSFT) rose by 3.0% on April 16 as the company lands a deal with the NBA to tap on the Azure public cloud and to use its Surface device.
Microsoft Corporation (NASDAQ: MSFT) stock rose by 3% on Thursday, April 16, to trade slightly above $177.04. Today, in the pre-market, it is up another 2%. The stock is almost fully recovering from the coronavirus market shock that saw it shed all the gains made since November 2019. The company has been evolving in a positive way to adapt fast with the new changes caused by the ongoing coronavirus outbreak. One of the news about Microsoft is its deal with the NBA.
From the technical point of view, the bulls have ensured consecutive full candlesticks on the daily chart, indicating a new all-time high is imminent. On the four hour chart, the price has been forming higher highs and higher lows, a characteristic of a rising trend.
The rise has also been supported by several fundamentals that are favoring its businesses amid the coronavirus crisis. As the number of infected people surpasses 2 million mark and counting, it only indicates a further crisis ahead, and the companies which are benefiting from the virus will continue to reap hugely.
With most of Microsoft businesses involved in cloud computing, which most people require to operate their work remotely, it sets it in a position to win a lot from the crisis.
The company services have experienced a surge in customers as more and more people adhere to social distancing rules, set to control the spread of the coronavirus. This includes Microsoft Office and also Xbox Games, which has resulted in canceling some of its live services to keep up with the huge number of traffic.
Its nature of business has allowed its employees to work remotely from home, and hence keep its operations running without a hitch and at the same time no layoffs on employees.
Microsoft Deal with NBA
In an announcement made on Thursday, it was revealed that the National Basketball Association will use the Microsoft Azure cloud network to enhance the online experience. NBA will also adopt Microsoft Surface tablets starting in the upcoming league season.
The announcement comes at a time when the NBA games were halted on March 11 to support the social distancing amid the coronavirus outbreak. “Time is of the essence here,” NBA Commissioner Adam Silver said.
“I think the fact we are announcing it in the middle of this pandemic is a testament to how important it is that we move forward with this deal.”
According to him, fans mostly prefer courtside seats over anything else to witness games, however, he promised that with the new digital capabilities, the fans would feel as close as to the game as to the courtside seats.
Microsoft CEO Satya Nadella noted that the company has partnered with the NBA in the past. “It’s a pretty unique partnership for us”, he concluded.