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Microsoft Corporation

5/19/2013, 6:24 PM ET

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Friday, May 17, 5:34 PM Though Google's rally and Apple's plunge have received more headlines, Microsoft (MSFT +2.3%) has rallied this month to levels last seen in '07, and in doing so has let Bill Gates pass Carlos Slim to become (once more) the world's richest man. Shares are up 32% YTD as value investors bet enterprise and cloud services strength will offset PC weakness and slow Windows 8 uptake. Microsoft currently trades at 8.6x FY14E EPS after backing out net cash/investments. 2 Comments [Tech]
Thursday, May 16, 2:55 PM Microsoft (MSFT +0.6%) will launch a 7.9" Surface tablet at the end of June (presumably at the BUILD conference), says Digitimes; the hit-and-miss site adds Samsung will supply the displays. Given Windows 8.1's support for smaller displays and past reports (I, II) about a smaller Surface tablet, the question seems to be one of "when," rather than "if." All signs suggest 2013 Surface sales have been weak, though the Intel-powered Surface Pro has carved out a niche. Comment! [Tech]
Wednesday, May 15, 1:23 AM IDC cuts its 2013 IT spending growth forecast to 4.9% from 5.5%, citing macro issues and weak PC demand; 2012 growth was 5.6%. Gartner, which includes a bigger array of products/services in its numbers, forecast 4.1% growth last month. IDC now sees U.S. software spending (MSFT, ORCL) growing 6%, down from a prior 7%. Storage hardware revenue (EMC, NTAP) is only expected to grow 2.4%, down from 2012's 6.1%, and carrier spending on networking gear (CSCO, JNPR, ALU, CIEN) is expected to grow just 1.1% vs. 5.8% in 2012. Recent earnings reports and warnings (I, II, III, IV) help explain the subdued outlook. 2 Comments [Tech]
Tuesday, May 14, 4:50 PM Windows 8.1 (Blue) will be a free update for existing Win. 8 users, says division CFO Tami Reller. Though an incremental update, Microsoft (MSFT) is counting on 8.1's UI tweaks to appease older Windows users unhappy with Win. 8's giant changes. A developer preview will arrive on June 26; the official release is expected sometime before the holiday season. ZDNet's Mary Jo Foley recently reported 8.1's updates will include "new built-in tutorials and in-context help" and possibly "adjustments to the Start Screen," to go with the previously-reported boot-to-desktop option and return of the Start button (but not the Start menu). (100M licenses) 7 Comments [Tech]
Monday, May 13, 1:52 PM "This deal was nothing more than a rumor ... [Microsoft] has no intention of acquiring the NOOK unit. NOOK is closely integrated with Android ... The acquisition is not happening in the foreseeable future as Microsoft Corporation is assessing its options at this time." Thus speaks a Microsoft (MSFT) source to Insider Monkey, strongly refuting a TechCrunch report about an offer to buy Nook Media's digital assets for $1B. Barnes & Noble (BKS -14.1%) shares have plunged, but for now are still up 13% from where they stood prior to the report. 3 Comments [Tech, M&A, On the Move, Consumer]
Thursday, May 9, 5:27 PM Backing up scoops from The Verge and Eurogamer, the WSJ reports Microsoft (MSFT) has developed prototypes for a cheap set-top "for streaming video and other entertainment options." Past reports have suggested Xbox Live and casual gaming support will be part of the package. Microsoft is keen to extend Xbox Live's living room clout, which has grown considerably in recent years - a large portion of Live's 46M+ user base already spend more time consuming music/video content than playing online games. (Xbox tablet rumor) (Xbox Live shows) 3 Comments [Tech]
Wednesday, May 8, 10:52 PM Microsoft (MSFT) is offering $1B for Nook Media's (BKS) e-reader, tablet, and e-book ops (but not its college bookstore arm), TechCrunch reports. If true, the valuation assigned to NM is well below the $1.7B given when Microsoft bought a 17.6% stake (diluted to 16.8% by Pearson's investment) in April '12. Documents indicate NM (exc. the college ops) is expected to post FY13 (ended in April) revenue of $1.09B (-10% Y/Y) and an EBITDA loss of $360M, plans to discontinue its tablet line (makes sense, given market share trends), and will focus on content sales. Is such a business worth $1B? Regardless, Barnes & Noble ($1.06B market cap) should see a pop on the report. (FY13 warning) (FQ3 results) 4 Comments [Tech, M&A, Consumer]
Wednesday, May 8, 4:19 PM That was fast: Microsoft (MSFT) announces Office division CFO Amy Hood will be the company's new CFO, replacing Peter Klein immediately. Klein will leave Microsoft at the end of June (the end of Microsoft's FY13). Microsoft might have decided to speed up its announcement in response to today's Bloomberg report. 3 Comments [Tech, Breaking News]
Wednesday, May 8, 4:00 PM Windows division CFO Tami Reller and Office division CFO Amy Hood are Microsoft's (MSFT -0.9%) top candidates to replace outgoing CFO Peter Klein, two sources tell Bloomberg. Online Services COO Rik van der Kooi is also said to be a candidate. One source says a replacement, who would be tasked with overseeing Microsoft's $74.5B cash/investment balance and dividend/buyback policies, could be named as soon as next week. Earlier this week, Reller affirmed Microsoft's commitment to Windows 8, while promising UI tweaks to make the OS more palatable to new users. 1 Comment [Tech]
Tuesday, May 7, 9:34 PM Yahoo (YHOO) wants to end its 10-year search deal with Microsoft (MSFT), but Redmond has no interest in playing ball, the WSJ reports. Google (GOOG), meanwhile, is reportedly interested in taking Microsoft's place, even though DOJ pressure led to the scuttling of an '08 agreement (regulators would almost certainly provide close scrutiny again). Though Microsoft just extended the revenue search guarantee it provides Yahoo (Stifel thinks it's worth $12M-$15M/quarter), Yahoo's revenue/search remains lower than it was before the Microsoft deal. Also, the extension is only good for the U.S. (where Yahoo's share is relatively strong). 4 Comments [Tech]
Tuesday, May 7, 2:48 PM 100M Windows 8 licenses have been sold, says Windows division exec Tami Reller, who (in-line with reports from ZDNet and The Verge) suggests Windows 8.1 (Blue) will feature UI changes that will allow ease the OS' learning curve, but otherwise reaffirms Microsoft's (MSFT) commitment to the OS. The license sale figure is up from the 60M reported in early January, and is said to be on par with the number of Win. 7 licenses sold at this point in its history. However, the number reflects OEM/channel license sales, not the number of purchased systems running the OS. (Net Applications data) 1 Comment [Tech]
Tuesday, May 7, 1:04 PM In addition to sharing Alibaba's Q4 performance, Yahoo (YHOO +3.5%) discloses in its Q1 10-Q Microsoft (MSFT -1.1%) has extended its revenue guarantee deal for Yahoo Search for a year. Yahoo sounded pessimistic about a renewal last month, and Marissa Mayer has been critical of the performance of the Microsoft deal, but Bing still needs Yahoo's traffic, a Yahoo/Google deal would raise antitrust concerns, and (as Mayer can vouch) building a home-grown search engine wouldn't be cheap. Also disclosed: Yahoo Japan (35% stake) posted Q4 revenue of $1.2B (+12% Y/Y), and net income of $343M. Comment! [Tech]
Tuesday, May 7, 5:30 AM "The learning curve is definitely real," Microsoft's (MSFT) head of marketing and finance tells the Financial Times, in a partial explanation of why the company will reportedly change "key aspects" of how Windows 8 works when a new version is released later this year. The company's apparent about-face is being likened to Coke's infamous New Coke debacle and it appears MSFT will attempt to appease those whose difficulties adjusting to the tablet-like interface have prompted calls for the return of a more familiar PC experience. 7 Comments [Tech]
Monday, May 6, 2:54 PM Microsoft (MSFT +1%) roundup: 1) Pac Crest reports 20% of workloads for Windows Azure, which Microsoft recently claimed is on a $1B+/year run rate, aren't Windows-based. The firm takes this as proof of Azure's growing popularity with open-source developers. On the other hand, GigaOm recently pointed out Microsoft's revenue figure includes Windows services running on rival platforms such as AWS. 2) In spite of rumors to the contrary, a Microsoft memo indicates the next Xbox won't need an Internet connection to work. Given the PS4 won't require one, this seems a smart move. 3) Much like Apple, Microsoft has big ambitions to grow its auto footprint. Ford, Fiat, and Kia are among the company's existing in-car software clients. 2 Comments [Tech]
Friday, May 3, 2:41 PM Microsoft (MSFT +0.7%) roundup: 1) An upcoming Surface tablet will feature a 7.5" high-res display, but mass-production won't start until Q1 '14, says NPD. 2) Acer is apparently set to launch an 8" Windows 8 Pro tablet that will sell for $380; the cheapest iPad Mini goes for $329. 3) R.I.P. Hotmail: Microsoft has migrated all 400M+ active Hotmail accounts to its Outlook.com platform. 4) Walmart will sell Nokia's (NOK) Lumia 521, a U.S. variant of the Lumia 520, for less than $150 unsubsidized. That gives Windows Phone, which has been at a price disadvantage relative to low-end Android gear, a chance to move downmarket. (Surface launch report) 13 Comments [Tech]
Thursday, May 2, 10:43 AM New Surface tablets are expected to be unveiled at Microsoft's (MSFT -0.1%) June 26-28 BUILD developer's conference, sometime-accurate Digitimes reports - if true, look for a model running on an Intel Haswell CPU. The WSJ has already reported 7" Surface tablets are in the works. IDC just estimated Q1 Surface shipments only totaled 900K, and Bloomberg reported in March 1.5M Surface units had been sold since the tablet line's Oct. launch. OEM hardware sales will probably play a bigger role in determining Windows 8's fate in the tablet market than the Surface line. 3 Comments [Tech]

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