Microsoft’s stock is often “a safe place” for investors to be between earnings reports, analysts at Guggenheim Partners said in a client note on Thursday. And after its June-quarter results, the analysts said “future estimates no longer look challenging,” therefore making the “‘safe period’” likely to extend longer.

In the last five years, Microsoft’s stock has displayed a slight inclination towards negative one-day returns following earnings announcements.

The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.