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$CPB expects its gross margin percentage to improve slightly in FY17, with productivity gains exceeding inflation. The effective tax rate is expected to be approx. 32%, slightly below the 2016 adjusted rate of 32.6%. The company currently plans to significantly increase share repurchases unless needed for other uses, including M&A.
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.