Microsoft is a buy right here, says Jim Cramer

WHICH IS INCREDIBLY STICKY AND NOT LIKE THE FICKLE CONSUMER BUSINESS. MOST IMPORTANT, MICROSOFT IS STILL CASH FLOW POSITIVE AND INDICATED THAT IT WILL REMAIN THAT CASE FOR THE REST OF THE YEAR. THE DISCIPLINE THAT THIS COMPANY HAD WHEN SO MANY COMPANIES WERE BREAKING THE BANK, IS NOW BEING VIEWED WITH ENVY AND KUDOS. THE COMBINATION OF A SHREWD CEO AND SATYA NADELLA AND A TIGHT FISTED, CANNY CFO AND AMY HOOD RESULTED IN A QUARTER THAT WILL HAVE PUT MICROSOFT AWAY FROM THE CROWD IN FIRST PLACE. IN THE BIG COMPANIES IN THIS COUNTRY. ALPHABET. DISASTROUS. SEARCH SEEMS TO HAVE SUDDENLY LOST ITS LUSTER. ITS REVENUE GROWTH IS SLOWING SOMETHING THAT HASN'T HAPPENED IN AGES. YOUTUBE, WHICH HAD BEEN A CONSTANT EARNER, SAW ITS GROWTH RATE SLOW TO ONLY THE CLOUD BUSINESS RUN BY THE WHIZ OF THE JOINT. HE WAS ON THE SHOW THOMAS CURRY AND STAR. IT WASN'T ENOUGH, ESPECIALLY IN ALPHABET, WHEN CASH FLOW NEGATIVE FOR THE SECOND STRAIGHT QUARTER AND COULD SPEND EVEN MORE NEXT YEAR. PLUS, THEY DIDN'T FINISH THAT STUPID ATM PROGRAM. THE. AT THE MARKET, THERE'S STILL $27.6 BILLION MORE OF STOCK TO SELL. THAT'S JUST A LITTLE IN THE STOCK. THEY MAY NOT THINK SO, BUT I NEVER LIKED TO BUY COMPANIES THAT HAVE THESE KINDS OF ATM OFFERINGS GOING. THEY JUST WEIGH YOU DOWN BETTER JUST TO GET IT DONE. LET THE STOCK LIFT. I WISH THEY WOULD LET ME HANDLE THE SELLING. MY TRUST WOULD BE HURT. WOULDN'T HAVE BEEN HURT SO BADLY, AND I SURE KNOW HOW TO TRADE BETTER THAN THEY ARE. I THINK THE STOCK OF MICROSOFT, WITH ALL OF ITS DISCIPLINE, IS NOW SET TO SOAR, WHILE THE STOCK OF ALPHABET WON'T RALLY. THAT'S RIGHT. MICROSOFT IS GOING TO BE NUMBER ONE. TOO MUCH BAGGAGE FOR FOR ALPHABET. NO DISCIPLINE, NO SENSE OF WHAT IT'S SUPPOSED TO BE DOING. PLUS, THEY DON'T EVEN HAVE ENOUGH CHIPS. SO THEY'RE PAYING $920 MILLION PER MONTH TO ELON MUSK'S SPACEX FOR COMPUTE. MAYBE THEY SHOULD HAVE TAKEN DOWN MORE NVIDIA CHIPS I DON'T KNOW. I DON'T KNOW IF THEY DO. HOW DID THIS CHANGE IN FORTUNES HAPPEN. FIRST GIVE MICROSOFT ITS DUE. IT HAS SOFTWARE AND A CLOUD THAT ARE LOVED BY BUSINESS. IT'S STILL BUILDING DATA CENTERS, BUT IT IS AN ASSET LIGHT. IT NEEDS MORE COMPUTE. BUT BY SPENDING WITHIN ITS MEANS, IT KNOWS THAT THEY KNOW HOW TO RUN DATA CENTERS. THEY JUST SEEM A LOT BETTER, A LOT SAVVIER THAN EVERYBODY ELSE. THEY RUN IT LIKE A BUSINESS, NOT A SCIENCE PROJECT. NOW, TONIGHT, AFTER THE CLOSE, WE GOT NUMBERS FROM AMAZON, AND WITH THE STOCK TRADING SHARPLY LOWER, IT LOOKS LIKE THE RESULTS WERE MORE LIKE ALPHABET'S THAN MICROSOFT'S, ALTHOUGH I BEG TO DIFFER NOW. AMAZON REPORTED A TOP AND BOTTOM LINE MISS FOR THE PERIOD, WHICH, WITH MISSES FOR BOTH THE DOMESTIC AND INTERNATIONAL RETAIL UNITS, NEGATING ANOTHER STRONG QUARTER FOR THE AMAZON WEB SERVICES CLOUD BUSINESS. I KNOW THAT DOESN'T SOUND TOO POSITIVE. HEY, BUT LOOK, I GOT TO TELL YOU, I CARE MUCH MORE ABOUT AWS $180 BILLION RUN RATE BUSINESS, RECORDING AN ASTOUNDING 39% THAN I CARE ABOUT THE LOW MARGIN RETAIL BUSINESS AT THIS POINT. A TOP AND BOTTOM LINE FOR THEM WILL SIMPLY WON'T BE TOLERATED IN THIS ENVIRONMENT. AMAZON, FAMOUSLY CONSERVATIVE WITH ITS GUIDANCE, ALSO DISAPPOINTED WITH ITS FOURTH QUARTER OUTLOOK. AND THAT WAS ALL SHE WROTE. I WANT TO WAIT FOR THE EARNINGS CALL BEFORE I GIVE MY FINAL JUDGMENT, BUT I DO THINK THAT THIS AMAZON QUARTER WAS STRONGER THAN THE HEADLINE NUMBERS OR STRONGER THAN WHAT THE SELLERS ARE THINKING. WHILE EARNINGS PER SHARE WAS A FEW CENTS BELOW EXPECTATIONS, LARGELY BECAUSE OF ELEVATED INTEREST EXPENSE. AFTER AMAZON'S DEBT ISSUANCE BINGE THIS YEAR, THE COMPANY'S OPERATING INCOME WAS VERY STRONG, NEARLY $2 BILLION ABOVE THE CONSENSUS ESTIMATE. IN FACT, AMAZON'S 13.9% OPERATING MARGIN WAS THE HIGHEST IN THE COMPANY'S HISTORY. ITS WEB SERVICES AND RETAIL BUSINESSES ARE EXTRAORDINARY. AS CEO ANDY JASSY SAID, THERE HAS NEVER BEEN $1 TRILLION REVENUE BUSINESS, AND WE MAY HAVE TWO OF THEM IN THE NEXT 5 TO 10 YEARS. BUT THIS IS A MARKET THAT ISN'T INTERESTED IN THE LONGER TERM. FOR RIGHT NOW, A MRS. AND MISS. EVEN THOUGH I THINK THAT AMAZON'S A BUY. BOTTOM LINE, WE OWN ALPHABET, MICROSOFT AND AMAZON FOR THE CHARITABLE TRUST. I WRITE ABOUT THEM CONSTANTLY. I DON'T WANT TO BUY MORE ALPHABET. YES, YES, TODAY WAS THE WORST DAY THE STOCK EVER HAD. BUT I GOT TO WAIT A LITTLE BIT. LET THE ANALYSTS CUT THE DARN NUMBERS, SEE WHERE IT TRADES, SEE WHAT PRICE EARNINGS MULTIPLE HAVE. MICROSOFT