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$PCL 2Q15 Call: We expect average 3Q15 Northern sawlog price will be stable vs. 2Q15. Our average pulpwood prices came in better than expected during 2Q15. They declined only $1 per ton vs. $3 per ton that we initially expected. 3Q15 harvest volumes are expected to seasonally rebound to about 950,000 tons with sawlog/pulpwood mix similar to 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.