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$LM's total net client outflows for 2Q16 were $7.2Bil, as $26.6Bil of net client outflows from liquidity asset class were partially offset by $19.4Bil of net client inflows into long-term asset classes. Net long-term asset inflows were comprised of fixed income net inflows of $23.1Bil offset in part by equity net outflows of $3.7Bil.
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.