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Office for iPad: What Wall Street Thinks

Updated from 11:44 a.m. to include tweet from Satya Nadella and updated share price.

NEW YORK (TheStreet) -- Yesterday, in a sign of the times in the technology world, Microsoft (MSFT - Get Report) CEO Satya Nadella made a historic announcement, bringing Microsoft Office to the Apple (AAPL - Get Report) iPad. Early reviews from Wall Street are in, and it's overwhelmingly seen as a positive for both companies.

At an event in San Francisco, where Nadella discussed the intersection of cloud and mobile, the new CEO announced Office would be coming to Apple's popular tablet, making it the first time Office has been on a tablet other than the Microsoft Surface. Already, it seems as if consumers are taking to the new apps from Microsoft. Though consumers will need an Office365 subscription to create documents, customers can read and present documents for free, and customers are taking to it in droves.

In a tweet, Nadella noted that it was a "productive Friday for iPad owners," with Word, Excel, PowerPoint and Microsoft OneNote the top 4 free apps.

Must Read: Amazon Has No Plans to Offer Free Streaming Video

looks like it's a productive Friday for #iPad owners!

- Satya Nadella (@satyanadella) March 28, 2014

With an Office365 subscription, which costs $9.99 per month or $99.99 per year (students can pay $80 a year), users can create as well. This is just the beginning of Office moving to other platforms, general manager of Microsoft Office Julie White said during the presentation.

"The real goal for us is to step up and provide applications for every user," Nadella said, during the presentation. "The job No. 1 is to be productive to do more across all devices. Users and developers want to build on what others have done, like tackling multiple platforms. IT professionals have been misled in some of these conversations, and Microsoft wants to make them a 'hero' in protecting the end user."

Shares of Microsoft were high in Friday trading, gaining 2.1% to $40.20, while shares of Apple were lower, falling 0.57% to $534.40.

Initial reviews from various publications have largely been positive, a plus for Microsoft and Nadella, who took over from former CEO Steve Ballmer earlier this year.

Following the announcement, Apple CEO Timothy D. Cook welcomed Microsoft Office and Nadella to the App Store on Twitter, a historic moment in technology between two companies that have long had a rivalry, going back to the days of former Apple CEO Steve Jobs and Microsoft CEO Bill Gates.

Nadella responded, thanking Cook for the opportunity to bring Microsoft's most enterprise software suite to the App Store.

In addition to announcing Office for the iPad, Nadella brought forth the vision for Microsoft, with the Enterprise Mobility Suite, which allows for identity management, access and device management across all devices and applications. Nadella noted this was like the Facebook for business. Included in the suite are Windows Intune, which lets users manage their mobile devices, and Azure Active Directory Premium and Azure AD Rights Management Services.

Analysts by and large were positive on the announcement, as well as Nadella's new direction for Microsoft, focusing on bringing cloud applications to any device and operating system, including iOS and potentially, Google's (GOOG) Android. Here's what analysts had to say following the announcement.

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