Microsoft's stock is undervalued and looks like a great buy right now. First is cloud computing growth. I doubt that happens, and if Azure can report rapid growth, that will be the first catalyst Microsoft stock needs to start a rebound. However, Microsoft's spending has already been tempered compared to its peers, so I don't expect this to happen. If Azure's growth rate comes in ahead of expectations and capital exposure guidance is in line, I think Microsoft stock is primed to soar after July 29.