** GlaxoSmithKline slips 1.4% as Morgan Stanleywarns margins likely to decline 260 bp when drugmaker reports Q2results on July 29
** Margins pressure reflects continuous decline in sales oflung drug Advair and revamp of portfolio after big Novartis asset swap
** Broker says GSK's plans for consumer health and vaccinesrecovery plus 5.5-6.0% dividend yield "not enough to offsetpharma headwinds and a softer recovery". Rates stock"equal-weight"
** Current consensus estimates point to Q2 core EPS of16.7p, down 13% from year ago, according to Thomson Reuters data (RM: ben.hirschler.thomsonreuters.com@reuters.net)