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On Oct. 23, 2015, $FITB made an agreement with $VNTV under which a portion of its Tax Receivable Agreement (TRA) with $VNTV was terminated and settled in full for $48.9MM. $FITB sold certain TRA cash flows it was to receive from 2017-2030 of around $140MM. This sale did not impact the TRA payment in 4Q15 and will not impact the one in 4Q16.
$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.