Two Ways: Microsoft Spends Bling Promoting Bing
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Microsoft Announces Bing!
Microsoft (MSFT) is taking another swipe at Google (GOOG) with the announcement of its new search engine called Bing. According to the Wall Street Journal, Microsoft is spending approximately $80-$100 million on a new advertising campaign in print, Internet, and on television for the debut of Bing.com, set to launch on June 3.
The company is currently in third place in the Internet search market behind Google and Yahoo (YHOO) with 8% of market share. Microsoft CEO Steve Ballmer to expand that, "we don't have to capture the imagination of everybody, but we have to capture the imagination of some."
From the Bull Pen: One can look at Google which could be breaking out above $410 resistance. It could be following a similar path as Apple (AAPL). Those bullish both stocks can set 2% trailing sell stops.
From the Bear Cave: Microsoft's prospects may be dim, but this isn't the invitation to short the stock. In tech, have a look at VMWare (VMW). See the gapfill at $30.50. Those playing the downside might want to place a tight buy stop above that level.
Quick Check Around the World
Asian trading closed with the Hang Seng 1.60%, India 2.30%, Nikkei 0.75%, and Taiwan 3.18%. The rest of the Asian markets were closed for holiday.
Glancing towards Europe, we see the CAC 1.40%, DAX 1.32%, FTSE 1.33%
As of 8:20 AM EST, S&P Futures are trading +6 to 911.00, and Nasdaq futures are +8 to 1426.00.
A Look at Commodities
Over in commodities, crude oil is trading +1.01 to 66.09 while gold is +12.0 at 973.50 this morning. Silver is +0.350 to 15.51 and copper +4.75 to 218.45.
The dollar index is -0.8000 to 79.7000.
On the Radar
08:30 GDP Prelim. -5.5% cons
08:30 GDP Deflator 2.9% cons
09:45 Chicago PMI 42.0 cons
09:55 Michigan Sentiment 68.0 cons
Happy Friday! Hope you have a great day!
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