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$XRX is on track to complete its planned separation into 2 companies by end 2016 and expects to incur one-time cost of $200-250MM in 2016. Company is performing a 3-year transformation program by which it expects to realize about $700MM in savings in 2016. $XRX recorded $126MM restructuring cost in 1Q16 and expects costs of $300MM for 2016.
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.