A competition regulator in the U.K. blocked
Microsoft’s
(MSFT) acquisition of
Activision Blizzard
(ATVI) over concerns the deal would limit competition in cloud gaming.
Shares of
Activision
tumbled 10% to $78.07 Wednesday, and were on pace for their largest percent decrease since November 2021. Activision was the third-worst performer in the
S&P 500
and second-worst performer in the
Nasdaq 100
Wednesday, according to Dow Jones Market Data.
Microsoft
stock was rising 7.3% to $295.55 following strong quarterly earnings Tuesday from the software giant.