Microsoft seems to be a victim of Cisco. Both are in the cheap large cap tech category, but with some secular issues. There is little read through from one's business to the other, but Cisco is a reminder that secular issues have a nasty way of not going away.
That said, I believe any further decline in Microsoft's stock would probably be an opportunity. The revenue stream that has the highest risk is Windows revenue as tablets come into the market. However, that revenue only makes up 25% of Microsoft's overall revenue and is unlikely to disappear, although it might see some pressure. At nine times earnings net of cash these issues seem priced in to me. Cisco is also getting interesting but I would be more comfortable with it closer to the mid-teens.