Microsoft Bond Sale
May 12, 2009
My thought upon reading “Microsoft to Sell First Corporate Bond in Three Parts” here was, “Routine stuff.” I did some thinking and asked myself some questions that I could not answer:
One: “Is this step an indication that the economy is not being kind to the Redmond powerhouse?”
Two: “Are the cost control challenges becoming sufficiently difficult that the company wants to be ahead of the curve when it comes to cash?”
Three: “Has Microsoft felt pressure from Google and other enterprise competitors so that there is concern that the cash flow from these important markets may be less robust?”
I pay closer attention to search than I do games or personal music players. My experience suggests that the cost of revamping Microsoft’s various search activities is going to demonstrate a growing appetite for investment.
Stephen Arnold, May 12, 2009
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