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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Trump calls U.S. leaders "stupid" 3:51pm EDT Judge says southern Illinois levee can be blown up 4:18pm EDT UK police make 55 arrests around royal wedding 4:41pm EDT Prince William pays tribute to Diana at wedding | 1:14pm EDT Factbox: The royal wedding reception 2:07pm EDT Discussed 145 Obama sees no magic bullet to push down gas prices 96 White House releases longer Obama birth certificate 44 Donald Trump calls U.S. leaders ”stupid” Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 Nokia announces layoffs, outsourcing Wed, Apr 27 2011 Alabama tornado damage Thu, Apr 28 2011 Microsoft stock in biggest one-day fall since 2009 Tweet Share this SEATTLE (Reuters) - Microsoft Corp shares fell their most in almost two years on Friday, a day after the software company reported a dip in its Windows operating system sales. The world's second-largest tech company behind Apple Inc met Wall... Email Print Related News Microsoft Windows sales slip, shares drift lower Thu, Apr 28 2011 Instant View: RIM slashes forecasts, Microsoft profit climbs Thu, Apr 28 2011 Microsoft profit expected to rise, stock may not Thu, Apr 28 2011 UPDATE 2-ARM beats Q1 forecasts on soaring smartphone demand Wed, Apr 27 2011 Microsoft wrestles slack PC sales and wilting stock Tue, Apr 26 2011 Analysis & Opinion Tech wrap: Microsoft earnings fail to excite The uncanny valley of advertising Related Topics Technology » Hot Stocks » Asian Markets » Personal Finance » Media » Stocks Sam McDermott plays a Fable III PC game at the Microsoft booth during the 2011 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 9, 2011. Credit: Reuters/Steve Marcus SEATTLE | Fri Apr 29, 2011 4:21pm EDT SEATTLE (Reuters) - Microsoft Corp shares fell their most in almost two years on Friday, a day after the software company reported a dip in its Windows operating system sales. The world's second-largest tech company behind Apple Inc met Wall Street's profit estimate and beat on overall sales in its earnings report on Thursday. But investors were concerned with lower personal computer sales nagging at Windows, Xbox sales bringing down profit margins and losses in its online business. Microsoft shares were down 4 percent at $25.63 in afternoon Nasdaq trading, the biggest one-day percentage fall since July 2009. The shares are back to the level they were at on Monday, before a run-up leading into quarterly earnings. The stock had risen sharply after chip maker Intel Corp forecast revenue above Wall Street estimates, feeding optimism that a dip in PC sales last quarter did not indicate a long-term trend. "Everyone, including myself, pounded the table on the Intel trade," said BGC Partners analyst Colin Gillis. "And it just didn't happen." PC sales fell 1 percent last quarter, according to research firm Gartner. Microsoft's results reflected that, although it said business demand was outpacing weak consumer demand for PCs. The stock is down 18 percent in the last 12 months, compared to a 16 percent gain in the Nasdaq. "There were two catalysts for the sharp decline in Microsoft," said Joe Cusick, senior market analyst at Chicago-based online brokerage firm optionsXpress. "One, the stock broke through the 200-day moving average of $26.08, and UBS lowered their price target for the stock." UBS analyst Brent Thill on Friday cut his price target on Microsoft to $32 from $35, citing the long-term threat posed by tablets to the traditional PC business. "Even though they had good earnings, the PC market is under scrutiny and there continues to be uncertainty on whether or not Microsoft can compete with the growing tablet and handheld devices from the likes of Samsung and Motorola," said Cusick. Options traders, many of whom placed bets on Microsoft shares jumping earlier in the week -- perhaps as a hedge to holding the stock in case of a decline -- moved into a more critical mode. "There is nothing too rosy in Microsoft options trading on Friday compared to some of the bullish trades we saw ahead of earnings," said Caitlin Duffy, equity options analyst at Interactive Brokers Group in Greenwich, Connecticut. "For the most part, we are seeing call selling in near-term options," she said, indicating traders are looking to get rid of their rights to buy the stock. Overall, Microsoft analysts kept their faith that Microsoft will survive a rough patch in PC sales. Twenty-five of 35 analysts polled by StarMine recommend buying the stock. Only one says sell. As a result of Microsoft's decline, it is close to being eclipsed by old foe IBM in terms of market value. Apple, which overtook Microsoft last year, is the most valuable U.S. tech company at $321 billion, Microsoft is second at $225 billion and IBM is third at $207 billion. (Reporting by Bill Rigby and Doris Frankel. Editing by Robert MacMillan) Technology Hot Stocks Asian Markets Personal Finance Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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