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$HD 2Q15 Call: Operating expense as a percent of sales decreased by 15BP to 19%, which also include $153MM of gross expenses incurred as part of our data breach. Our net breach-related expenses after insurance were $92MM. Excluding the net breach-related expenses, our expenses grew at 35% the rate of sales growth, better than our plan.
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.
$VZ down more than 2% after a disappointing third quarter. A lot of uncertainty on the Yahoo deal too.