Microsoft gave revenue guidance on the conference call of $20.6B - $21.4B. I though I heard it wrong at first because the market consensus is for somewhere around $23.4B - $23.8B. Management blames currency pressure (-4%) as well as softness in Japan. Downgrades and negative revisions to earnings estimates are coming. Microsoft is only down -4% AH. This is an under-reaction in my opinion.