Microsoft (MSFT - Get Report) announced Tuesday that it would begin offering a new cloud-based Office product, called Office 365. Microsoft said the product would "bring together Microsoft Office, SharePoint Online, Exchange Online and Lync Online" into a single product available online. Microsoft also announced the departure of chief software architect Ray Ozzie on Monday. Microsoft shares were down 0.4% in premarket trading to $25.21.
Intel (INTC - Get Report) plans to spend $6 billion to $8 billion to upgrade its existing manufacturing plans in the U.S., the company announced Wednesday. Intel will hire up to 1,000 new employees as part of the efforts. Intel stock was up 0.42% in premarket trading to $19.29.
Online daily deal company LivingSocial announced yesterday that it acquired social adventure company Urban Escapes in an attempt to overtake popular competitor Groupon. The acquisition will allow LivingSocial, which allows users to find discounts on restaurants, shops and services, to tap into Urban Escapes' database of lifestyle activities such as yoga hikes and brewery tours. LivingSocial expects to generate $100 million in revenue this year, the company said.
UK-based iPhone developer Chillingo, the creator of the Angry Birds games, could be acquired soon by a larger gaming company, AllThingsDigital reported Wednesday morning. Potential acquirers include Microsoft's game unit, French video game developer Gameloft, Japanese game company DeNA and Activision Blizzard. The purchase price could range from $80 million to $200 million, the story said. Rumors about Chillingo come on the heels of DeNA's acquisition of mobile gaming company ngmoco last week. --Written by Olivia Oran in New York. >To follow the writer on Twitter, go to http://twitter.com/Ozoran. >To submit a news tip, send an email to: firstname.lastname@example.org.