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$TOL said that 3Q16 SG&A dropped to 10.6% of revenues from 11.3% in 3Q15. The company continues to execute its strategy to generate meaningful recurring income outside of its core homebuilding operations. $TOL's joint venture income was $5MM and other income was $15.1MM. This, when combined, resulted in $20.1MM vs. $20MM from 3Q15.
$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.