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In 3Q15, $CMG's general and administrative expenses were 5.8% of revenue, down 80 BPs from the prior year. Lower stock-based compensation expense and lower bonus costs are benefiting G&A for the quarter and for the YTD. During 2016 $CMG expects its G&A including stock based comp to grow at slower rate than sales.
$RAI has received a $47 billion take over offer from British tobacco giant British American Tobacco! This is huge!
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.