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$CASY said its effective tax rate in 1Q17 was down 350 BPs from a year ago to 33.5%. This was mainly due to the adoption of a new accounting standard related to the tax treatment of share-based compensation. The impact of this was about $3MM benefit to income tax expense. The company now expects its effective tax rate to be 34.5-35.5% for FY17.
$MCD stock rose more than 2% after it posted better than expected 3Q16 results, driven by global same-store sales growth. Meanwhile, earnings and revenue were lower than last year, hurt by refranchising efforts.
$RAI has received a $47 billion take over offer from British tobacco giant British American Tobacco! This is huge!
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.