Microsoft Lost in Space

Shares of Microsoft(MSFT Quote) tumbled more than 11% Friday, the stock's biggest single-day loss in about five years, as investors gave a thumbs-down to the company's heavy spending plans.

In recent trading, shares were off $3 to $24.25 with more than 450 million shares trading hands, seven times average volume. Earlier, the shares set a fresh 52-week low of $24 apiece.

"This could take the wind out of the stock for several quarters, maybe a year," said Kyle Flynn, an analyst with TCW Asset Management, which has a position in Microsoft. "Everyone was focused on near-term upside." ...