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$COG 2Q15 10-Q: Effective tax rate for 2Q15 was 36.2% vs. 39.1% in and 2Q14. The decrease was primarily due to a change in effective state income tax rates based on updated state apportionment factors in states in which the Company operates. Effective tax rate for the first six months of 2015 and 2014 was 38.1% and 39.4%, respectively.
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.