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$AVY said it now expects that currency translation will reduce net sales by approx. 2.5% and pre-tax earnings by roughly $18MM for an estimated $0.13 per share, $0.02 worse than April 2016 guidance. The company stated that it has reduced its estimate for severance and other restructuring-related costs included in reported EPS by approx. $0.05.
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.