Activision Blizzard Stock Surges 11% After Judge Allows Microsoft Merger

Activision Blizzard’s stock price jumped more than 11% on Tuesday, after a federal judge paved the way for Microsoft to acquire the video game giant despite a federal lawsuit alleging the merger would stifle competition. At just over $92 per share, Activision Blizzard is still trading below the $95 per share that Microsoft offered to acquire the company—suggesting some investors are uncertain about whether the deal will go through. The FTC could appeal the judge’s ruling or continue its court fight, and Microsoft is still negotiating with U.K. regulators, which...