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$FITB 2Q15 Q&A: Christopher of KBW asked about interest rate risk management. James explains that rates rallied in 1Q15 which drove the portfolio duration to shorten and then rates have sold off in the 2Q15. So we've not really changed the composition of the portfolio, it's merely a function of the rates that are impacting the disclosed duration.
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.
$VZ down more than 2% after a disappointing third quarter. A lot of uncertainty on the Yahoo deal too.