Microsoft Corp. shares fell to their lowest level since November after UBS Group AG downgraded the stock, amplifying concern about the company’s cloud-computing business, for years a key driver of revenue.
The stock fell as much as 5.7% on Wednesday, its biggest intraday decline since October. The tumble follows a 29% slide in 2022, the steepest annual slump for the software giant since 2008, as the Federal Reserve ramped up borrowing costs to combat soaring inflation.
