Karen Finerman, president of Metropolitan Capital, is also bullish - at least relatively. "This company has a rock solid balance sheet," she said. "I can't help but wonder if there will be a floor because of its valuation."
Trader Keith McCullough, CEO of Hedgeye Risk Management, isn't so sure. He said that the market is trading in a way that isn't terribly intuitive. Although Microsoft is cheap, he's not sure that will buoy shares in the near term.
"Cheap stocks are getting cheaper and expensive stocks are getting more expensive – people are willing to pay up for momentum stocks. It may not feel right but that's how it is right now," he said.
Looking at the numbers a little more closely, Microsoft posted fiscal second-quarter earnings excluding items of 76 cents per share, down from 78 cents a share in the year-earlier period.
Revenue increased 3 percent to $21.46 billion from $20.89 billion a year ago.
Analysts had expected the company to report earnings excluding items of 75 cents a share on $21.53 billion in revenue, according to a consensus estimate from Thomson Reuters.