“Technology stocks headed into the red Wednesday, with Microsoft Corp. leading the retreat after the European Commission fined the No. 1 software maker for failing to adhere to an antitrust ruling,” Rex Crum reports for MarketWatch.
“Microsoft (MSFT : 22.66, -0.44, -1.9% ) fell after the EC fined the company $357 million, saying it didn’t obey the stipulations of a 2004 antitrust order,” Crum reports.
“The EC said Microsoft hasn’t lived up to an agreement to provide its rivals with technical information that would enable their software products to work more easily with Microsoft’s Windows operating system,” Crum reports. “The EC said it would begin fining Microsoft $3.82 million a day beginning July 31 if the company doesn’t comply with the agreement’s terms.”
Losses also came from Adobe Systems Inc., (ADBE : 28.55, -1.00, -3.4% ) Apple Computer Inc., (AAPL : 53.23, -2.42, -4.3% ) International Business Machines Corp., (IBM : 75.08, -1.39, -1.8% ) Hewlett-Packard Co., (HPQ : 31.73, -0.81, -2.5% ) Intel Corp. (INTC : 18.11, -0.56, -3.0% ) and Oracle Corp. (ORCL : 14.24, -0.30, -2.0% ).”
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Source: EU to raise future Microsoft fines to $3.8 million per day – July 10, 2006