Microsoft Corp shares may get a boost when an appeals court hands down a ruling in the company's antitrust case, a decision that's likely to reverse an order to break up the company, investors said.
The US Court of Appeals for the District of Columbia in February heard Microsoft's appeal of a trial court judge's decision last year to split the company for violating US antitrust law.
The ruling, anticipated by July, may overturn the breakup and other parts of US District Judge Thomas Penfield Jackson's decision, legal experts say.
The shares, which dropped 63 percent last year, have jumped 63 percent so far in 2001 on optimism for a more favorable appeals court ruling. The stock, the best performer in the Dow Jones Industrial Average this year, will rise even higher if the court overturns Jackson's order, investors said.
"When reality hits, even if everybody thinks it's expected, there is another leg up for the stock," said Tim Ghriskey, manager of the Dreyfus Fund. Microsoft is one of the fund's top 10 holdings. Ghriskey said the stock may get a one-day pop of about 10 percent.
Microsoft shares rose US$2.22 to US$70.75 Friday.
The seven-judge appeals panel voiced skepticism about Jackson's breakup order during the Feb. 26 and 27 arguments. The appellate judges also signaled they would remove Jackson from the case because of remarks he made to reporters during and after the trial.
Several judges indicated that they might uphold Jackson's conclusion that Microsoft illegally defended its Windows personal-computer operating system monopoly. If the appeals court overturns the breakup order while upholding the monopoly ruling, the case would return to a lower court to impose restrictions on the company's business practices.
Microsoft spokesman Jim Cullinan declined to comment on the possibility of a more favorable ruling. Chairman Bill Gates and Chief Executive Steve Ballmer have both said they think the Redmond, Washington-based company has a strong case on appeal.
The court usually releases decisions on Tuesdays and Fridays at 10am Washington time.
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