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$PAYX said that as of both Feb. 29, 2016 and May 31, 2015, the company had irrevocable standby LoC available totaling $43MM required to secure commitments for certain insurance policies. The LoC expire at various dates between April 2016 and Dec. 2016. No amounts were outstanding on these LoC as of or during the nine months ended Feb. 29, 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.