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$WFC said that it grew its investment securities portfolio by $18.5Bil with $38Bil of gross purchases in 2Q16 vs. $5Bil in 1Q16. The company finished these purchases before the rate decline late in the quarter driven by the Brexit vote. Long-term debt rose $16Bil with $24Bil of issuances, including a $10.7Bil issued by the holding company.
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.