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$ACE 2Q15 Call: Operating cash flow was $816MM that benefited our net investment income. Investment income of $562MM, which was impacted negatively by $11MM FX vs. 2Q14 was better than expected due to higher private equity distributions and call activity in our corporate bond portfolio.
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.
$VZ down more than 2% after a disappointing third quarter. A lot of uncertainty on the Yahoo deal too.