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$TROW's effective tax rate rose to 38.9% in 2015 from 38.6% in 2014. $TROW currently estimates its effective tax rate for 2016 to be about 38.7%. $TROW's effective income tax rate reflects the relative contribution of pretax income generated by its foreign subsidiaries that are subject to tax rates lower than its U.S. rates.
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.