Microsoft On A Roller-Coaster After Last Two Earnings Reports

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.''Microsoft Corp (NASDAQ: MSFT) shares are trading sharply higher by $4.35 at $47.69 in Friday's session. The catalyst for one of its best days ever is Q1 beat for EPS ($$0.62 vs. Est. $0.52) with much better revenue ($21.729B vs. Est. $21.06B),.Interestingly, this is just opposite trading action the issue underwent when it matched estimates for EPS ($0.71) and posted better-than-expected revenues ($26.47B vs. $26.33B on January 26. The following day it cascaded from its closing price of $47.01 to $42.66. Since that day it traded in a well defined trading range between $40.12 and $44.13 until today's new instigated over $2 higher open (Thursday's close of $43.34 vs. Friday's open $45.66). When the higher open only pulled back one penny, shorts were sent scrambling for cover. So far, it has recouped all of its losses from January 26 and then some, reaching $47.96 so far in today's session, That marks the highest level for the issue since it peaked at $48.41 on December 26..It should be noted the rally is taking place on much higher than average daily volume. With less than one hour remaining in the session. 108M shares have changed hands compared with 20 day average of 35.7M.