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Seeking Alpha

Friday, October 26, 2007

Morning Report: Microsoft & Technology's Resurgence (Nasdaq: MSFT)


(Stocks in this article: Nasdaq: MSFT, NYSE: BAC, NYSE: MER, Nasdaq: AAPL, NYSE: WEN, NYSE: AIG, Nasdaq: ORCL, Nasdaq: BEAS, Nasdaq: BIDU, NYSE: CFC, NYSE: WMI, Nasdaq: AMZN, Nasdaq: YHOO, Nasdaq: INTC, NYSE: WB, Nasdaq: CSCO)

Nasdaq and S&P 500 Index futures indicate a positive open today, as the giants of technology continue their resurgence. Microsoft and Apple take the baton today from the quarter's earlier lead of Yahoo! (Nasdaq: YHOO), Intel (Nasdaq: INTC) and Amazon.com (Nasdaq: AMZN). Last night, Microsoft loudly announced its plans to remain a staple of American innovation.

Microsoft (Nasdaq: MSFT) reported fiscal first quarter EPS of $0.45, representing 29% growth, and exceeding analysts' consensus by $0.06. MSFT shares are already up about 13% in pre-market trading, representing nearly $40 billion of value creation (market capitalization). The company attributed its performance to sales of its newest operating system, Windows Vista, and its Halo 3 video game. Meanwhile, Apple (Nasdaq: AAPL) launches its own operating system, Leopard, today.

The strength of the technology sector has been undeniable this year, especially that tied to the Internet and computer, handheld and mobile usage. With most of the largest participants already reported, we note that Cisco Systems (Nasdaq: CSCO), a name we expect will continue to benefit from global networking growth and increasing video content on the net, is set to report on November 7th.

Front-month Brent and WTI crude futures on ICE and NYMEX surpassed $89 and $92, respectively, in Asian trading earlier today. Yesterday's announcement by the Bush Administration that harsher sanctions were in store for Iran's Republican Guard, an organization believed to contribute approximately a third of the country's GDP, have been met by further Iranian contempt. At the same time, Turkey and Iraq are holding critical talks, as Turkey grows frustrated with Kurdish rebels on its border. All this comes on the heels of a bullish inventory report this past Wednesday. The play here may be within the refiners, as gasoline prices adjust higher and allow refinery profit margins to improve.

At 10:00 AM, the University of Michigan Consumer Sentiment Index for October is expected to measure 82.0, marking a new low point for the critical consumer indicator. September's reading was 83.4.

Pressure is mounting on Merrill Lynch's (NYSE: MER) Chairman and CEO, E. Stanley O'Neil. The NY Times reported he discussed a merger with Wachovia (NYSE: WB) without prior discussion with his own Board of Directors. This reportedly has caused a further rift between him and the Board.



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