I'd like to know what all those sellers are thinking. Really! I mean, look at this chart. There we have it, down down and more down. MSFT is now at its 52-week low -- in fact, the stock hasn't been this low since October 4, 2002. I know! Today, the stock closed at $23.17, down 3.5%. It's now trading 15% below its high last week. Ouch. Guess everyone does believe Gartner's report about Vista delays.

Those who are selling right now? In my opinion, it's irrational depression. Why sell at the low? Panic, I suppose, but it seems highly, um, foolish. Tim Beyers, he who is Motley Foolish but not, you know, foolish, agrees. He argues that, even if you buy the idea that Microsoft might be taking second fiddle to Google (the Evil-Empire-come-lately), it's still a good company to own. After all, they are rife with cash-ola and they absolutely, totally dominate the average laptop. Come on now, look around you at the coffee shop. How many laptops don't have Windows-based software?

Unless you're tapping away at my favorite worker-owned coffee collective (where everyone either has an iBook or a built-from-scratch Linux geek-machine), the answer is: few. If I owned Mr. Softee right now, I'd be holding. And if I owned a pile full of cash right now, I'd be buying. There may be more down. But I'd bet at least some of my children's future on the long-term up.

As Microsoft shareholders let out a gigantic sigh that erased $2.8 billion in market cap, the company's stock flirted with its 52-week low of $24.00 during the afternoon. It finally closed just barely above that solid line, at $24.01.

Contributing to the terrible performance and two-and-a-half-times-average volume: the prediction by Gartner that Microsoft's latest and greatest (?) operating system, Vista, might be delayed another three months. According to one Microsoft employee, it's so not true, and Microsoft insists that it will still make the November 2006 (volume license customers) and January 2007 (everybody else) launch dates. Shareholders? Clearly are not drinking the Kool-aid.

Say it with me [long deep breath] ***SIGH***.

I just got off eBay's first quarter earnings call and no longer am I quite so surprised that the stock sold off in after-hours trading after the auction giant released its results. The stock fell 5% to $38.42 after today's 5 p.m. ET announcement. 

On the face of it, the results weren't bad. EBay met Wall Street's estimates and exceeded its own guidance -- although it did some weird monkeying around with "non-GAAP" results that used to be known as "pro-forma" and would have been higher if it weren't for stock option expensing and new accounting rules. (Just give us the straight scoop, next time, okay?).

The release's second subhead was a real grabber: "Q1 GAAP Diluted EPS of $0.17 and Non-GAAP (pro forma) Diluted EPS of $0.24." Catchy, right?

But that's not why the stock sold off.