What to know about the MSFT stock market crash
MSFT has plunged more than $3 billion since it closed last year.
The stock has fallen more than 20% in just three months.
Here are some of the key events that happened.
July 18: The company said it would be selling the company’s mortgage division.
It also said it was exiting its insurance business.
July 19: MSFT shares dropped 7% in one day.
July 20: The Dow Jones Industrial Average plunged 8%, while the S&P 500 index fell 10%.
July 21: The U.S. stock market plunged more as the company announced plans to shutter its mortgage division, a move that had been expected for several months.
MSFT is one of the world’s biggest mortgage servicers.
July 22: The bank reported a $1.8 billion loss for the year.
It blamed the loss on lower mortgage originations.
MSft had about $4.5 billion in total mortgage origination revenue at the end of the third quarter.
MSF said it is closing the division as part of a reorganization that will save $400 million in costs.
July 25: MSF told investors it would continue to sell its mortgage-backed securities until October 2020.
It had planned to sell mortgage securities until 2019, but said that was too late for some investors.
July 26: The S&s lost 1.4% as the stock fell 7.7%.
July 27: The Nasdaq fell 5.5%.
July 28: The DAX index lost 1%.
July 29: The FTSE 100 lost 4.3%.
July 30: The Shanghai Composite lost 2.8%.
July 31: The Hang Seng index lost 0.9%.