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3Q15 underlying tax rate was 27.2% vs. $27.8% in 3Q14. $HAS expects full-year 2015 underlying tax rate to be 26.5-27.5% reflecting continued higher anticipated earnings in the US. Inventories decreased $52MM and when excluding the impact of the sale of manufacturing operations and FX impact, inventories were up approx. $34MM.
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.