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For the three months ended March 31, 2016, $SEE's cost of sales was impacted by favorable foreign currency translation of $74MM. On a constant dollar basis, cost of sales decreased 2%, primarily due to the divestiture of the North American foam trays and absorbent pads business and European food trays business of $53MM.
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.