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Kathryn Thompson of Thompson Research Group asks about the percentage of raw materials in cost of goods sold. $MLHR said direct materials tend to run about 40% of revenue. Steel is an important input cost of total materials. Steel runs about 7% or 8% of total cost of goods sold in the North American business.
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.