Epstein Secrets

Lynch Global Research policies relating to conflicts of interest are described at http://go.bofacom/coi. tofA Mertig Lynch' includes Merrill Lynch, Pierce, Fenner & Smith Incorporated ('MLPF&S') and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merril Lynch Global Wealth Management financial a

production growth will likely also slow. Chart 27: High yield issuers hedged 7596 of their production this year in the case of high yield issuers North America producers - %of gas production hedged 80% $7.00 1 ill _ 70% $6.00 I $5.00 50% 60% 20% - . III $4.00 $3.00 $2.00 10°/ $1.00 40°4 30

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

nch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. "BofA Merrill Lynch" includes Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial a

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

nch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. "BofA Merrill Lynch" includes Merrill Lynch, Pierce, Fenner & Smith Incorporated (‘MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial a