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Sorry folks, but Microsoft ( MSFT) ain't what it once was. The software giant is losing its edge, as we saw with yesterday's earnings report.

CFO Chris Liddell whined about the "difficult" business period and tried to sound optimistic about the company's ability to "reset."

The market didn't buy it, and the shares tanked, leading to concern that the stock rally would lose steam because of Microsoft. Get over it!

We've had plenty of encouraging news from other players in the tech sector.

Intel ( INTC)and IBM ( IBM) topped estimates this month and there are many other stars in the tech galaxy. Amazon's ( AMZN) earnings were a little weak, but the online retailer showed some gumption with its plan to buy Zappos.

The bottom line is that Microsoft is no longer a bellwether for the tech sector. It's just another software company that screwed up and is trying to get its act together after the debacle known as Vista.

It doesn't surprise me that about 60% of companies in a recent ScriptLogic survey said they have no plans to deploy Windows 7.

And despite Liddell's effort to pre-blame expected weakness at Microsoft for the rest of the year by saying conditions will "remain difficult," a corporate IT survey by ChangeWave shows a "dramatically improved outlook" for the third quarter.

Meanwhile, overseas stock markets pretty much ignored Microsoft and kept on gaining today. So there's no reason Microsoft should put a damper on U.S. markets today.

After all, who cares about Microsoft anymore?

Glenn Hall is the editor of TheStreet.com. Previously, he served as deputy editor and chief innovation officer at The Orange County Register and as a news manager at Bloomberg News in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at The Journal-Gazette in Fort Wayne, Ind. His work also has been published in a variety of newspapers including The Wall Street Journal, The New York Times and International Herald Tribune. Hall received a bachelor's degree in journalism and political science from The Ohio State University and a certificate in project and program management from Boston University.

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