Microsoft (NASDAQ: MSFT) opened at $27.25. So far today, the stock has hit a low of $26.81 and a high of $27.34. MSFT is now trading at $26.83, down $.30 (-1.11%). Over the last 52 weeks the stock has ranged from a low of $23.65 to a high of $29.46. The stock is lower today ahead of the company’s earnings report after market close this afternoon. Analysts expect EPS of 0.68 on revenue of 17.25 billion. Microsoft is also in the news today for reportedly working with private equity firm Silver Lake Partners on a deal to acquire Yahoo (YHOO). Technical indicators for the stock are bullish and S&P gives MSFT a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on MSFT the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 30 range.