Larry Wachtel Microsoft Quotations

The Microsoft delay has hurt the Nasdaq and will reverberate throughout all of technology. That will be today's big headline. We closed ragged yesterday, so we're going to have a tired market to start.

This is the first day of the month, you may have seen some end-of-the-month portfolio selling dissipating, ... And this is the day that Microsoft is distributing $33 billion in cash, so there is some anticipation of that finding its way back to the market.

The two biggies after the close (Tuesday) -- Microsoft and Intel -- were OK but certainly not a market turn-on,

A lot of the results yesterday have been a little disappointing. Microsoft had a decent quarter but was a little below expectations. It was the same with both Amazon and Coke.

Translated, the Microsoft ruling was a major event, but it was so predictable as to have little immediate impact.