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$LM's 3Q16 results were impacted by a non-cash impairment charge of $371MM related to Permal, a cumulative tax benefit of $56MM and $9.4MM of real-estate write-offs. $LM had a credit of $26.4MM from fair value reduction of liabilities, a $6.6MM gain on Australian dollar hedge and tax benefits. These items along with others reduced EPS by $1.90.
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.