(MSFT) Portfolio Trades - Microsoft on sale 11% off.

 
Microsoft MSFT:
Bought July2006 25 strike Calls
Bought stock at 24.10
Bought stock at 24.15

If you believe the Microsoft then the stock was having an 11% off sale today.  Things that have not changed: China joining the rest of the world trading and copyright system is still good for the stock, weak dollar is still good, people still need to buy Excel and Word, the company still has loads of cash and a clean balance sheet, continues to buy back stock, and the company has gone through a pro-shareholder shift in the way it compensates employees and pays dividends.

If you are not a believer then the company still has delays of the new operating system Vista, the transition from growth company to large lumbering bureaucracy, a weak internet strategy, a money losing game unit, increasing expenses and an overhang of employees who need to sell shares and exercise old options.

I am a believer, I think this stock while it doesn't have huge upside looks cheap. I own it as a core holding and added today for a short term trade.