Microsoft is really going back to its roots here.

We expect some investors to look for clarity on what Microsoft's dividend plan looks like going forward.

You would be telling my neighbors they would have to load their horses in trailers, bring them around on Georgetown Pike, and into your parking lot to unload their horses.

What's clear is that the annual numbers are fine for the Xbox,

The miss on earnings is mostly because of margin compression and increased costs. They run this company really fat to begin with, and if they are getting even fatter, it's absurd.

I think that the fluctuations are going to be very hard for the individual investor to keep up with. But our feeling is that Microsoft is a compelling software story at these valuations, and we have an 'outperform' on the stock. Buy-and-hold is a good strategy here.