Diamonds and Dogs
Microsoft (MSFT) had a good day. The software giant rose 7% following strong earnings and strong showing by its cloud computing businesses. The company also guided higher for the current period showing demand is resilient for enterprise and cloud software.
First Republic Bank (FRC) drops nearly 30% following earnings and more deposit outflows that raises the concern of the San Francisco-based bank will not be able to complete a turnaround. On Monday, First Republic said deposits declined more than 40% in the first quarter and revealed plans to cut as much as 25% of its workforce.
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