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During 2Q16, $TGNA said that its TEGNA Media core advertising revenue was down slightly. This was unfavorably affected by not having the Final Four game on CBS this year and due to a negative variance in insurance category as a result of ObamaCare spending last year. $TGNA's G/O Digital Marketing services continues to grow strong at 35%.
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.