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May 6, 2008
Market drops on Microsoft, Yahoo news
NEW YORK (AP) — Wall Street pulled back Monday following Microsoft Corp.'s decision to withdraw its bid for Yahoo Inc. and as oil prices rose to a new record of over $120 a barrel.
Microsoft had offered $47.5 billion to buy Yahoo Inc., but scrapped the bid late Saturday after the software maker and the Internet provider could not agree on a sale price. The failed deal came as a disappointment to Wall Street, as merger-and-acquisition activity tends to boost shareholder value, and also signals to the broader market that corporate America is optimistic about the future.
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