Shares of Microsoft (NASDAQ: MSFT) were sliding today, despite an analyst raising his price target for the tech stock and news that the company may be poised to launch a new mobile gaming service. 

Investors may have ignored those two bits of news and instead exited the stock as part of a larger pullback on tech stocks today on news that Amazon is cutting more jobs. Microsoft's shares were down by 3.3% at 12:14 p.m. ET.

Evercore ISI analyst Kirk Materne raised his price target for Microsoft's stock from $280 to $295 today, and the Financial Times reported that Microsoft will launch a new mobile gaming app store as early as next year if the company's bid to acquire Activision Blizzard clears regulatory hurdles. 

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Source Fool.com