5:27 p.m. While I'm waiting on hold for the Microsoft earnings call to begin, I keep checking the stock price in after-hours tradiing. It's at $25.64 right now, down over 5% from the close and edging ever closer to a 52-week low. I'm just starting to review their third-quarter 10-Q and I'll include comments as I listen in.

5:32 p.m. We're still on hold (guess all the reporters didn't call in at least 10 minutes ahead of time, as requested) and I'm noticing that cost of sales was way up - 66% 49% higher - from 3rd quarter 2005 to 3rd quarter 2006. G&A is down about half this much. What happened with that $665 million?

5:35 p.m. After a very scripted introduction (sounded like it was recorded by a computer and not a person), we hear that Microsoft "choose the right places to focus" with their SQL server sales, for instance, and is "ramping up the supply of Xbox 360 consoles."

5:38 p.m. Expect an increasing set of opportunities and challenges with regards to product launches like Xbox 360 consoles, and home entertainment sales are up 85%.

5:46 p.m. Continue to see a shift in "premium edition" OEM sales of MS software. They can't say enough about SQL servers. She puts extra emphasis on every adjective when she talks SQL.

5:47 p.m. Pleased with the great response that Office Live has received.

5:49 p.m. MSN revenue down - but advertising revenue up slightly, especially in instant messaging properties. "Made good progress" in transitioning search advertising from the Yahoo! platform to proprietary ad platform - and lower-than-expected performance from partner-driven ad search volume. Doesn't look like it's working as planned although they say that they're sure it was the right decision. Hmm.