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San Francisco, California-based $WFC said its investment securities fell by $12.7Bil or 4% sequentially, primarily due to securities sales and runoff, partially offset by modest securities purchases due to volatility in the bond market. The company also said it had $5Bil of gross purchases during 1Q16, compared with 1Q15 avg. of $26Bil per quarter.
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.