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$DAR recorded income tax expense of $8MM in 2Q16, which generates an effective tax rate of 19%. The company continues to expect its effective tax rate to be approx. 23% and cash taxes of around $30MM for 2016. Depreciation and amortization remains in the $69-70MM range on a quarterly basis for the remainder of 2016.
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.