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$UNFI's 4Q16 GM came in at 15.6%, up 25 BP over 4Q15, driven by acquisitions. Excluding acquisitions, GM would have been down for the quarter, as the company continues to face competitive pricing pressure, moderated supplier promotional activity and reduction in fuel surcharges. Total fuel cost fell 15 BP as a percent of net sales vs. 4Q15.
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.