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Risk-to-Price Commentary: Adobe Systems Inc. And Microsoft Corp. Jul 10

  • ID: 2054787
  • July 2010
  • Standard & Poors
1 of 3

FEATURED COMPANIES

  • Adobe Systems Inc.
  • CA Inc.
  • Fiserv Inc.
  • Leidos, Inc.
  • Oracle Corp.
  • Unisys Corp.
  • MORE

Abstract
On Thursday, Microsoft Corp. reported record revenues for the fiscal fourth quarter and a 50% increase in earnings per share, trumping analysts' expectations on both counts. Every one of Microsoft's businesses showed double-digit revenue growth; the company noted that its most recent operating system, Windows 7, runs on more than 15% of PCs. For the seven-day period ended July 22, Microsoft's credit default swap (CDS) spread tightened 6.5% to 28.3 basis points (bps), according to CMA DataVision, which may reflect the positive earnings outlook. We searched our Risk-to-Price (R2P) universe to see whether the R2P scores on Microsoft's debt reflected the positive momentum seen in the CDS spread. Microsoft issued two R2P-scored securities, both of which improved over the 30-day...

Companies mentioned in this report are:
- Computer Sciences Corp.
- Unisys Corp.
- CA Inc.
- SunGard Data Systems Inc.
- Oracle Corp.
- Microsoft Corp.
- Leidos, Inc.
- BMC Software Inc.
- Fiserv Inc.
- Western Union Co. (The)
- Intuit Inc.
- Adobe Systems Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures READ MORE >

Note: Product cover images may vary from those shown
2 of 3

- Computer Sciences Corp.
- Unisys Corp.
- CA Inc.
- SunGard Data Systems Inc.
- Oracle Corp.
- Microsoft Corp.
- Leidos, Inc.
- BMC Software Inc.
- Fiserv Inc.
- Western Union Co. (The)
- Intuit Inc.
- Adobe Systems Inc.

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown

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