These are billion dollar businesses that are just marginally profitable now. As profits continue to ramp up, they could contribute to Microsoft's bottom line in a meaningful way.

These are pretty decent numbers given where expectations were for the company.

Investors were thinking that these new products were going to return Microsoft to the same levels of growth and profitability as it had in its glory days.

It was shocking. They gave this guidance, but the stock didn't go down much right away because no one believed it could be that far off. The expenses are wildly higher than anyone had expected.

They may have strategies they don't want us to know about. Maybe they're right, but they've created uncertainty around these expenses.

SAP is clearly taking share in the applications market and that's hurting PeopleSoft and Oracle, ... This is exactly the time for investors to get involved in SAP.

We'd hoped to see a little more upside.

This news could be enough to move the stock higher. People have been looking for reasons to buy Microsoft. It's still undervalued.

We've had this lull before the new products come, so we're going to need to see those new products driving double-digit earnings growth again.

The database business is a huge business, quite mature. That's where we need to see the growth, even though we look to the see the applications asset of the business.