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In 2Q16, $MS said equity underwriting revenues were $266MM and debt underwriting revenues were $345MM. The company saw improvements in underwriting but activity remained below historical levels. $MS has a healthy pipeline of transactions to be executed. Total client assets were $2 trillion and fee-based assets were $820Bil.
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.