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Shares in Microsoft fell 2% at the beginning of US trading, after Goldman Sachs cut its rating of the computer giant. The investment bank cut its rating of Microsoft shares from "buy" to "neutral".
It said Microsoft was being threatened by the rise of tablet computers such as Apple's iPad, which do not run Windows software. It also expressed concern over the slow recovery in PC sales.
Shares in Microsoft have already fallen 23% since April this year, with analysts concerned that the computer giant is failing to assert itself in the growing smart phone and tablet computer markets.