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a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. NA. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
PS above consensus to $4.00/$5.20, with an additional $0.15/$0.35 in EPS upside from share buybacks. Our detailed note begins on Page 2. • With the North America market tightening, HAL is starting to push pricing...will they put Tier 2 players in their place with new capacity? With only 10-12% excess industr
Price Objective Change
EO, Broker Dealer Services, BNY Mellon), Lee Betsill (Chief Risk Officer, CME Group), Michael C. Bodson (President & CEO, DTCC), John Horkan (Head of North America and Global COO, Rates & FX, LCH, LSE Group) and Marcus Denne (Director, Global Clearing, BofA Merrill Lynch). « With the start of the Uncleared Marg
Page: HOUSE_OVERSIGHT_014362 →Futures Bureau; DSP Merrill Lynch (India): DS by Otoritas Jasa Keuangan (O, Russian Federation; arkets Espana, S.ASV., h Africa): Merrill Lynch d the Prudential Regulation Authority | Lynch (Asia ry Authority of h Mexico, SA de errill Lynch he nch Limited, ): Merrill Lynch errill Lynch regulated by KSA Company, lated by the M
Page: HOUSE_OVERSIGHT_014394 →create near-term volatility in topline results; (2) Historically lumpy communications equipment spending trends; (3) Larger than expected slowdown in North America automotive unit production Company Description: Texas Instruments is a broad-based supplier of semiconductor components, ranging from digital signal
Page: HOUSE_OVERSIGHT_014635 →a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_014650 →Earnings Preview
ated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equiti
competitive saga), technical challenges with Android (from Memories), and seasonality entering the summer. We model ARPU at $1.01 (down 5% q/q), with North America ARPU at $2.03 (down 7% q/q). We won't be surprised to see upside in ARPU driven by ad load growth and higher user engagement, though competitive pric
Page: HOUSE_OVERSIGHT_014920 →Entities connected to both the Prudential Regulation Authority and North America

Jeffrey Epstein
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United States
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United Kingdom
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Marc Rich
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George W. Bush
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Deutsche Bank
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Frankfurt
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Bloomberg L.P.
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