Why Accenture Stock Wilted on Wednesday
(NYSE: ACN) is on a shopping spree, and at least some investors are probably wishing it would put away its credit card. On Wednesday, the business consultancy and services company announced its third acquisition in as many days. The market reacted by trading Accenture's stock down by almost 3%, a steeper tumble than the S 500 index's sub-1% slide.
Wednesday's acquisition target for Accenture was U.K.-based customer-engagement agency Unlimited. The buyer did not disclose any details of the deal, including its price. It did say that the privately held business would become part of its rapidly expanding Accenture Song unit.
That's the latest in a trio of deals for overseas businesses the company has signed over the past few days. On Monday, Accenture said it is now the owner of management and tech consultancy Axis Corporate, which specializes in financial services. Axis' workforce will be integrated into Accenture's strategy and consulting practice.
Source Fool.com
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