That makes Microsoft a blue-chip stock, like GM or IBM. They are not a bubble rally pump and dump stock. The ultimate value of a company is not what a wall street casino game of money chicken assigns to it, and listening to the gamblers is hardly the course that will find improvement.
A stock is supposed to deliver value to its shareholders by either paying dividends or appreciating in price. If a company doesn't pay a dividend and doesn't appreciate in price (through growth in projected earnings), then they're essentially just dicking around with shareholder money.
Looking back at the past ten years, I would have to say that Microsoft has largely been dicking around with shareholder money. They've expanded into some new markets and failed to break into a number of others. They could have been paying a steady dividend instead. They've started paying a modest dividend now which may mean that they're starting to own up to the fact that they don't have any more huge growth prospects and admit that they might as well pay out some of the cash their earning.