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$CA 1Q16 Call: Our outlook for the Mainframe business remains unchanged, as we continue to expect Mainframe revenue to be down low-single digits over the medium term, which we believe is in line with the Mainframe market. Non-GAAP operating margin was 41% in the quarter as we remain focused on efficient execution and financial discipline.
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.