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$ADS 2Q15 Call: LoyaltyOne's revenue declined by 15% or $54MM to $302MM and adjusted EBITDA declined 24% or $21MM to $66MM. AIR MILES issuance increased an exceptional 235MM miles or 19% to 1,482MM vs. 2Q14, highest mile increase in history. AIR MILES redeemed increased 10% to 1,142MM vs. 2Q14.
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.