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John Glass of Morgan Stanley asks about certain brands facing certain hurdles in the first half. $YUM CFO Pat Grismer said that it's a combination of sales and spending. In terms of Pizza Hut in China, 1H16 expectations are more muted and expect sales recovery to improve in 2H16. $YUM also has spending in some of its global brand divisions in 1H16.
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.