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NEW YORK ( TheStreet) -- Microsoft (MSFT) reported earnings after the close on Thursday, and by now it is well known that the company missed earnings per share estimates, was light on revenue, hasn't quite gotten it right with the Windows 8 operating system and has to deal with what appears to be a deteriorating PC market.
The market reaction on Friday was to take the stock down 11%, which is a huge move relative to the company's recent history.
Microsoft is still mega-cap company, the third largest in the S&P 500, and so it has a large presence in just about every technology-focused ETF.
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