MICROSOFT SUES FOXCONN PARENT HON HAI; STOCK ABOVE MA5
Microsoft Corp. stocks are currently trading at 113.80-higher by 0.83% as compared to the previous closing price.
The tech giant is taking legal action against Foxconn parent Hon Hai, after the Taiwanese consumer-electronics manufacturer allegedly failed to abide by a 2013 patent-licensing agreement. The company filed the suit on Friday in the U.S. District Court for the Northern District of California, accusing Foxconn of failing to provide twice-yearly royalty reports concerning certain unspecified products and has not made royalty payments on time.
The tech giant is suing for royalty repayment with interest, a review of Hon Hai’s books and attorney fees. The filing also disclosed that Foxconn had agreed to be audited by Deloitte, in 2017, but has not given the company any documents that were requested
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 66.66% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 113.70 TAKE PROFIT AT 114.70 STOP LOSS AT 113.20