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Similar to the past two quarters, $CERN delivered operating margins basically in line earnings on lower revenue in 3Q15. Operating margin before share-based compensation expenses, voluntary separation expense & acquisition-related adjustments is 24.5% in Q3, down 90BPs YoverY due mostly to the very low tech resale in 3Q14 & up 30BPs from 2Q15.
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.