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$LM 1Q16 Call: Despite industry headwinds, the Company reported continued long-term inflows along with earnings of $95MM or $0.84 per share for the quarter. Revenues increased primarily due to an additional day in the quarter and 1% increase in average long-term AUM, which more than offset lower performance fees.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.