Box Inc. Rallies After Joining Forces With Microsoft

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Box Inc.

shares are trading higher by $0.66 at $17.78 in Tuesday's session. Earlier in the session, it rallied to $18.07 when it was announced deep integration with Microsoft Office that will transform ‘Collaboration" for joint customers. The issue has been volatile since the company reported a Q1 EPS and revenue beat and raised sales guidance for FY2016. However, the brief rally to $20.50 was short-lived as it retreated to end the day at $18.29. The decline has follow through as the issue slipped under $17, bottoming on Monday at $16.83 and $16.97 in today's session. It had already began its ascent when the related news hit the tape. The rally was halted just shy of Friday's high ($18.14), only reaching $18.07, before falling back under $18. The latest word from the Street on Box, came on June 11, when Melissa Gorham of Morgan Stanley maintained her Equal-Weight rating with a price target of $20.