Well MSFT got smashed - shot themselves in the foot thanks to Ballmer talking up the gloom - down 11.7%.
Fundamentally they look like a screaming buy to me. Nominally on a P/E of 9 but sitting on $20 billion of cash so a P/EV of 7.7. Still dominating a lot of the segments they operate in (some would say monopolizing) and no shortage of growth options. Profit slightly down but revenue still rising so all they have to do is trim a bit of fat and they're off again. I would have thought they could come up with something more interesting than job cuts though. Pretty poor form for a company in that position.
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