Epstein Secrets

anization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico SA de CV, Casa de Bolsa, regulated by the Comisi6n Nacional Bancaria y de Valores; Merrill Lynch 'Argentina): Merrill Lynch Argentina SA, regulated by Conisien Nacional de Vetoes; Memll Lynch (japan): Merrill LynchJapan Securities Co, Ltd., regula

by the Financial Supervisory Service, Memll Lynch (Taiwan). Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; OSP Merrill Lynch (India): DSP Merrill Lynch limited, regulated by the Securities and Exchange Board of India; Merrill Lynch (Indonesia): PT Merrill Lynch Sekuritas I

rvice Board, MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA)and the Prudential Regulation Authority (PRA', Menill Lynch (Australia): Mernll Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Convnission; Merrill Lynch (Hang Kong)

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

s Vice Chairman of American International Group, Inc. and from 2000 to 2004 as Chairman of Merrill Lynch International Inc., as well as Chairman of Merrill Lynch's Sovereign Advisory and Global Financial Institutions Groups. Between 1987 and 1991, Dr. Frenkel was the Economic Counselor and Director of Research

a, Asia Pacific and Latin America. Prior to joining the Private Bank, Ms. Patterson served as the Investment Bank's senior global FX strategist for North America. She formerly held international posts as head of emerging Asian FX research and as a senior member of the FX and Precious Metals strategy team, bas

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

charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: AllianceBernstein, Amer Express, Ares Management

rill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch

ate and time of completion of the production of any recommendation in s of covered issuers. BofA Merri ly. Except as otherwise stated in securi | Lynch policies prohibit research analysts from accepting payment or reimbursement for travel expenses the report, for the purpose of any recommendation in

inancial Conduct Au Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merri Lynch (Singapor hority (FCA) an e) Pte Ltd, regu tion of Canada; a SA, regulated International Incorporated K); d by the Central Bank of the and eligi

ib India}; and is issued and distributed in Singapore to institutional investors and/or accredited investors (each as d Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901

602883D respectively}. MLIBLMB and Me errill Lynch Equities (Australia) the Corporations Act 2001. With the exception of BA errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Branch) regulated by Futures Bureau; DSP Merrill Lynch (India): DS by Otoritas Jasa Keuangan (O, Russian Federation;

nt, which is the most profitable airplane manufacturing company in the world. Consolidated Edison (ED) Brian Chin +1 646 855 5855 Research Analyst, MLPF&S Underperform, PO $59 1Q17 investment thesis Since the November elections, utility valuations have not adequately adjusted to the rapid shift towards

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

by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b

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

charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: Alphabet, Amazon.com, Bankrate, Care.com, eBay,

; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distribute

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b