Microsoft (MSFT) is having its biggest day in a long, long, long time – up $3.04, 9.50%, to $35.03 currently.
It is the most actively traded stock on either the New York or Nasdaq Stock Exchanges by far with more than 200 million shares trading hands – the first time that’s happened since April 2006.
This on the strength of its strong fiscal year 2008 first quarter, reported after the close yesterday, in which revenues were up 27% and net income 23% from the comparable period (1Q FY 2008 Earnings Release).
After pretty much going nowhere for 2003, 2004, 2005 and the first part of 2006, Microsoft’s shares have had some action the last year and a half (MSFT 5 Year Chart).
And today they’ve broken out to levels not seen since mid-2001.
Microsoft’s strong numbers have powered the market to a strong day.
Today looks a lot like April 28, 2006, when Microsoft sold off badly (down 11.3%, 591 million volume) in response to its 3Q FY 2006 Earnings Report (MSFT 2 Year Chart) – only the reverse.
That day was pretty close to marking a medium term bottom in the shares.