Microsoft shareholders know how Sisyphus feels

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Oh, the pain for Microsoft Corp. shareholders who are trying to keep the faith.

The company’s disappointing earnings report late Thursday has pushed the stock back below $30 this morning. It was off $2.05 to $29.75 at about 10:15 a.m. PDT.

That puts it back where it was in September 2003. And where it was in November 2004. And where it was in December 2006.

There have been short-term rallies to play in Microsoft shares since the end of 2002, but for a buy-and-hold investor the stock has basically just flat-lined since then. And although you can say that about a lot of big tech stocks since the crash of 2000-02, Microsoft’s total return since the end of ’02 -- that is, stock appreciation plus dividends paid -- has been particularly dismal, at just 35%.

The total return numbers for some other tech giants in the same period: Cisco Systems Inc., 92%; Oracle Corp., 98%; Intel Corp., 53%; Qualcomm Inc., 147%; and the superstar of the bunch, Apple Inc., 2,256%.

The last two years had looked better for Microsoft investors. The stock was up 14% in 2006 and 19% in 2007. This year? Off 16%, so far.

Posted April 25, 2008