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$R expects to resume anti-dilutive share repurchases in 2H16. A modest increase in share count will negatively impact earnings. $R expects an EPS headwind due to a higher tax rate resulting from increased earnings in higher tax jurisdictions. In Fleet Management, operating revenue is expected to increase by 4%, or 6% excluding FX in 2016.
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.