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$PG 4Q15 Call: Delivered strong double-digit constant currency core EPS growth and good free cash flow on modest topline organic growth. FY15 organic sales grew 1%. All-in sales were down 5%, including 6 point headwind from FX. Core operating margin was 19.3%. Core GM, including FX grew 30 BP. Core EPS for FY15 $4.02, down 2% YoverY.
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.