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The software giant's shares do not look extended and the price action appears balanced.
The bears hope their negative narrative about a slowing economy, high valuations and an impotent Fed will take hold, but this market has been loath to embrace the pessimism.
Nothing presents the contrast better than reports last night from U.S. Steel and Herman Miller.
A dividend hike and a big buyback authorization by Mr. Softee should produce value for shareholders.