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Good thing Wall Street wasn’t expecting much from Microsoft. Because it didn’t get it.

After market close Thursday, the Redmond, Wash-based tech giant reported that fiscal fourth-quarter net income fell to $3.05 billion, or 34 cents a share, from $4.3 billion, or 46 cents a share, in the same period a year earlier. Revenue for the period ended in June fell 17 percent to $13.1 billion.

Microsoft missed Wall Street revenue estimates by $1 billion. Gruesome.

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If Intel’s latest earnings are truly an indication of how the tech industry is holding up in the econalypse, then the tech industry isn’t doing too badly (though, obviously, it has seen better days). After market close Tuesday, the chip behemoth posted second-quarter results far in excess of expectations.

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Looks like Sun’s last quarterly report as an independent company will be among the company’s ugliest. Sun, which is to be acquired by Oracle in a $7.4 billion deal, said Tuesday morning that its fiscal fourth-quarter loss will be far steeper than the one Wall Street has been expecting.

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Things are starting to look up for Dell–well, as much as they can for a company so beaten into submission by the econalypse. The company said Monday that demand for its products appears to have stabilized and that it expects to report “a slight sequential revenue increase” for its second fiscal quarter, which ends July 31.

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Too bad Palm launched the Pre a week after the close of its fiscal fourth quarter. If it had brought the device to market earlier, the quarterly results it posted Thursday afternoon might have been even better. After market close, Palm posted a narrower-than-expected loss despite a steep revenue decline, sending its shares up more than 10 percent.

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Jon Rubinstein’s appointment as Palm CEO was well received by investors. Clearly, the Pre father’s background at Apple and his recent efforts to rebuild Palm around a new and competitive operating system–the OS the company should have had two years ago–have convinced Wall Street that he’s the guy to bring back the company’s long-lost edge.

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Time was, there was a Silicon Graphics workstation on every desk in computationally-intense industries like chemistry and film production. No longer. This morning, SGI, which recently endured a brace of layoffs, filed for bankruptcy protection for a second time and sold itself to Rackable Systems, which makes server and storage products for midsize and large data centers, for $25 million in cash.

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With the Dow near its lowest point in a decade and global PC shipments down for the first time since 2002, according to market research firm IDC, Hewlett-Packard reported fiscal first-quarter earnings today, and though they met Wall Street’s expectations, they were clearly not what the market had been hoping for.

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Palm’s long-suffering investors have apparently drunk themselves silly on Palm Pre Kool-Aid. Shares of the much diminished handset maker climbed almost seven percent to $4.45 Thursday after the company uncrated the device and Web OS, the new platform it will run on. Wall Street seems convinced that the Pre is not a postscipt for Palm, but the beginnings of its rebirth. A historic turning point worthy of a trading bacchanal.

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Andy Bechtolsheim has given his notice again. The Sun co-founder is leaving the company he helped establish in 1982, just four years after returning to it and reinvigorating its aging product line. His new gig: chairman and chief development officer of Arista Networks.

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The deepening recession is playing havoc with EBay’s now nine-month old turnaround strategy. While the company beat Wall Street’s lowered expectations for its third quarter Wednesday, it also updated it’s guidance to better reflect “current business trends.” And “current business trends” being what they are, that guidance falls somewhere between lousy and repellent.

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