The tech-heavy Nasdaq Composite Index logged in its worst week since October 2020, plunging 7.6% and is now more than 14% below its November record close.
Sony's (NYSE: SONY) stock recently tumbled to a three-month low after Microsoft (NASDAQ: MSFT) announced its planned takeover of Activision Blizzard (NASDAQ: ATVI) for $68.7 billion. Sony's stock dropped for two simple reasons -- investors assumed Microsoft would add Activision's games to its subscription-based Game Pass service and that it would turn Activision's future games into exclusives for Xbox consoles and Windows PCs.
The Sony Group (NYSE: SONY) media conglomerate has been crushing the market recently. The company is a leader and a driving force in several different industries, including music and movie production, audio recording technology, consumer electronics, video games and consoles, and digital media-focused semiconductors.