MORNING NEWS CALL

TOP NEWS
• Comcast adds more internet subscribers, beats profit forecasts
Comcast Corp's CMCSA.O quarterly profit and revenue topped Wall Street estimates as it attracted more customers to its high-speed
internet connections, offsetting a drop in cable TV subscribers that was also less severe than expected.
• Twitter monthly usage drops, company warns it will fall again
Twitter reported a larger-than-expected decline in monthly users in the third quarter, its second straight quarterly drop, and predicted
the figure will fall again in the current period.
• UBS targets American wealth for growth as investment bank shines
UBS said it is targeting ultra-rich Americans for growth, as it reported a strong investment banking performance which offset sluggish-
ness in its wealth management business.
• WPP shares plunge as ad group falls behind in post-Sorrell era
WPP lost a fifth of its market value after downturns at its New York and London creative agencies forced it to cut sales and profit fore-
casts, showing the scale of the task facing its new boss after founder Martin Sorrell's acrimonious exit.
• ECB to stick to exit plans despite darker outlook
The European Central Bank seems certain to keep policy unchanged on Thursday but it is likely to acknowledge the growth outlook is
deteriorating, even if not yet by enough to derail a carefully crafted retreat from stimulus.

BEFORE THE BELL

U.S. stock futures rose, a day after Wall Street suffered worst fall since 2011, with European shares attempting a rebound, follow-
ing heavy losses in Asia. The dollar was marginally lower against a basket of currencies. Oil prices steadied, recovering from an
early sell-off. Gold prices were little changed. Data on durable goods, pending home sales and weekly jobless claims will be on the
tap for the day. Alphabet, Amazon and Intel will report after market.

STOCKS TO WATCH
Results
• Advanced Micro Devices Inc (AMD). The company on Wednesday forecast fourth-quarter revenue below estimates as the chip-
maker faces dwindling demand from cryptocurrency miners for its high-margin graphic processors and excess inventory, sending its
shares down 22 percent. Revenue rose to $1.65 billion, but missed estimates of $1.7 billion. AMD said net income climbed to $102
million, or 9 cents per share, in the third quarter ended Sept. 29 from $61 million, or 6 cents per share, a year earlier. AMD said it now
expects revenue of about $1.45 billion, plus or minus $50 million, below analysts' estimates of $1.6 billion, according to Refinitiv data.
• Anheuser-Busch InBev (BUD). The Belgium based brewer cut its proposed dividend by half as beer sales dropped in the world's
largest brewer's largest markets, the United States and Brazil, and overall earnings fell short of forecasts, knocking its shares. Third-
quarter core profit rose 7.5 percent on a like-for-like basis to $5.36 billion, well below the average forecast in a Reuters poll of $5.71
billion. Earnings per share, at $0.82 was also below the average expectation of $1.03.
• CME Group Inc (CME). The exchange operator reported a 33.4 percent rise in quarterly profit as it earned more from providing
market data services to clients and reaped the benefits of a tax cut. Net income rose to $411.8 million, or $1.21 per share, in the third
quarter ended Sept. 30, from $308.6 million, or $0.91 per share, a year earlier.
• ConcoPhillips (COP). The U.S. oil and gas producer reported a more than fourfold jump in quarterly profit, benefiting from a recov-
ery in oil prices and a gain of $345 million related to a settlement agreement with Venezuela's PDVSA. Net income rose to $1.9 bil-
lion, or $1.59 per share, in the third-quarter ended Sept. 30, from $420 million, or 34 cents per share, a year earlier.
• Dunkin' Brands Group Inc (DNKN). The company beat estimates for profit and sales, selling more breakfast sandwiches and bev-
erages in the third quarter as it prepares to rebrand its flagship chain to underscore its focus on coffee. Comparable sales at estab-
lished Dunkin' outlets in the United States rose 1.3 percent, but missed the average analyst estimate due to a fall in traffic. Analysts
MORNING NEWS CALL October 25

on average had expected a 1.5 percent rise, according to Refinitiv data. Net income in the third quarter ended Sept. 29 rose to
$66.07 million, or 79 cents per share, from $41.2 million, or 45 cents per share, a year earlier.
• Hershey Co (HSY). The confectioner reported lower-than-expected quarterly revenue, as growth in the Kisses and Reese peanut
buttercups maker's recently bought snack brands failed to offset a drop in sales of sugary chocolates. Net income attributable to Her-
shey fell to $263.71 million, or $1.25 per share, in the third quarter ended Sept. 30, from $273.30 million, or $1.28 per share, a year
earlier. Sales rose 2.3 percent to $2.08 billion.
• Equinor ASA (EQNR). Equinor will reduce its capital expenditure as a result of significant cost cuts in recent years, the company
said as it reported a slightly smaller than expected increase in third-quarter profit. Adjusted earnings before interest and taxes rose to
$4.8 billion in the quarter, a four-year high, from $2.35 billion during the same quarter in 2017, and compared with $4.9 billion in a
Reuters poll of analysts. The company maintained its guidance for exploration spending in 2018 at $1.5 billion and annual production
growth at 1-2 percent, and has decided to keep a dividend of $0.23 per share as expected.
• Comcast Corp (CMCSA). The company's quarterly profit and revenue topped Wall Street estimates as it attracted more customers
to its high-speed internet connections, offsetting a drop in cable TV subscribers that was also less severe than expected. Net income
attributable to Comcast rose 9.2 percent to $2.89 billion, or 62 cents per share, from $2.64 billion, or 55 cents per share, a year earli-
er. Excluding items, the company earned 65 cents.
• Ford Motor Co (F). The carmaker on Wednesday reported slightly higher than expected third-quarter profit and stuck to its targets
for the year, raising investor hopes for a strong fourth quarter and sending its shares up as much as 7 percent after-hours. Revenue
for the quarter rose to $37.7 billion from $36.5 billion a year earlier. Profit was down as high commodity costs and a China sales
slump partially offset strong demand for high-margin pickup trucks and sport-utility vehicles in North America. The company said it still
expects full-year earnings per share in a range of $1.30 to $1.50, indicating it sees a fourth-quarter profit in the range of 31 to 51
cents a share. Analysts expect a fourth-quarter profit of 31 cents.
• Merck & Co Inc (MRK). The U.S. drugmaker posted a third-quarter profit, compared with a loss a year earlier, helped by strong
demand for its blockbuster immunotherapy Keytruda and the drug's dominance as an initial treatment for advanced lung cancer.The
company reported net income of $1.95 billion, or 73 cents per share, in the third quarter, compared with a loss of $56 million, or 2
cents per share, a year earlier. Revenue rose 4.5 percent to $10.79 billion.
• Microsoft Corp (MSFT). The company beat Wall Street estimates for revenue and profit in its first quarter on Wednesday, as more
businesses signed up for its Azure cloud computing services and Office 365 software. Revenue from Microsoft's personal computing
division, its largest by revenue, rose 14.6 percent to $10.75 billion. Microsoft forecast strong revenue for that division in the holiday
quarter, of $12.8 billion to $13.2 billion. Net income rose to $8.82 billion, or $1.14 per share, in the quarter ended Sept. 30 from $6.58
billion, or 84 cents per share, a year earlier.
• Nokia Oyj (NOK). The Telecom network equipment maker kicked off a new cost-cutting programme and repeated an ambitious
profit forecast, saying operators' demand for next-generation 5G networks would pick up pace in the remainder of the year.The Finn-
ish firm, which also reported a drop in quarterly profit, said it was targeting annual cost savings of 700 million euros by the end of
2020, without elaborating on the scale of expected job reductions. Nokia's operating profit in the third quarter fell 27 percent from a
year ago to 487 million euros broadly in line with analysts' mean forecast in a Reuters poll of 492 million euros.
• Southwest Airlines Co (LUV). The company reported a 16.5 percent increase in third-quarter profit as robust travel demand and
lower U.S. federal taxes helped the airline offset rising fuel costs. The fourth-largest U.S. airline by passenger traffic said it expects
fourth-quarter unit revenue - a closely watched performance measure that compares sales to flight capacity - to rise 1 to 2 per-
cent.The Dallas, Texas-based airline said net income rose to $615 million, or $1.08 per share, in the third quarter ended Sept. 30,
compared with $528 million, or 88 cents per share, a year earlier.
• Shopify Inc (SHOP). The company reported a 58 percent jump in revenue as it benefited from growth in its subscription and mer-
chant segments. Revenue rose to $270.1 million from $171.5 million. The company, which helps e-commerce companies build their
online stores, said net loss widened to $23.2 million, or 22 cents per share, in the third quarter ended Sept. 30, from $9.4 million, or 9
cents per share, a year earlier.
• Tesla Inc (TSLA). The company reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter on
Wednesday, delivering on Chief Executive Elon Musk's promise to turn the electric carmaker profitable as higher production volumes
of its new Model 3 began to pay off. Total revenue more than doubled to $6.82 billion, beating analysts' average estimate of $6.33
billion, according to Refinitiv data. Tesla reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30,
compared with a loss of $619.4 million, or $3.70 per share, a year earlier. Separately, Chief Executive Officer Elon Musk said the
electric carmaker's new Model 3 will be available in Australia and the UK around the middle of next year.
• Teck Resources Ltd (TCK). The diversified miner reported a near 23 percent drop in third-quarter adjusted earnings as prices for

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MORNING NEWS CALL October 25

the Canadian company's main products fell in the quarter. Teck said adjusted profit fell to C$466 million, or C$0.81 per share, during
July-September, from C$605 million, or C$1.05 per share, a year earlier. Revenue rose 4.4 percent to C$3.21 billion from a year earli-
er, the company said.
• Twitter Inc (TWTR). The company reported a larger-than-expected decline in monthly users in the third quarter, its second straight
quarterly drop, and predicted the figure will fall again in the current period. Quarterly advertising revenue jumped 29 percent from a
year earlier to $650 million. That helped push revenue up 29 percent from a year earlier to $758 million, handily beating the average
analyst estimate $702.6 million. The company reported adjusted profit of 21 cents per share, beating the average forecast of 14
cents.
• Valero Energy Corp (VLO). The Independent U.S. refiner reported a small rise in its third-quarter profit, as its expenses dropped
and it processed more crude. Net income attributable to the company's shareholders rose to $856 million, or $2.01 per share, in the
third quarter, from $841 million, or $1.91 per share, a year earlier. Total revenue rose to $30.85 billion from $23.56 billion.
• Visa Inc (V). The company topped Wall Street estimates for quarterly profit on Wednesday, as the world's largest payments network
benefited from higher credit- and debit-card spending in a strengthening U.S. economy. Visa's net income rose to $2.85 billion in the
fourth quarter ended Sept. 30, from $2.14 billion a year earlier. The company’s total payments volume jumped 11 percent in the quar-
ter ended September, while the number of processed transactions rose 12 percent.
• Whirlpool Corp (WHR). The home appliances maker was able to counter costs arising from trade tariffs by raising prices, helping it
beat Wall Street estimates for quarterly profit and driving its shares 7 percent higher on Wednesday. Whirlpool lifted the lower end of
its 2018 adjusted earnings forecast range to $14.50 per share from $14.20. It kept the higher end unchanged at $14.80. Net earnings
available to Whirlpool fell to $210 million from $276 million a year earlier. In the third quarter ended September, Whirlpool sold more
of those higher-priced products, thanks to rising consumer spending on durable goods in a strengthening U.S. economy, helping out-
weigh the impact of tariffs to its costs.

IPO
• StoneCo Ltd (STNE). The Brazilian credit card processor priced its initial public offering above its initially suggested price range,
raising $1.5 billion, one person with knowledge of the matter said. Strong demand allowed the company to sell its shares at $24,
above the range of $21-$23, and raise the total amount of shares, the person added, asking for anonymity to discuss the deal details.
StoneCo and its shareholders had initially expected to raise up to $1.1 billion.

Moves
• BT Group Plc (BT). The company appointed Worldpay co-CEO Philip Jansen as its new chief executive, ending months of specula-
tion about who would be chosen to tackle a host of problems at Britain's biggest broadband and mobile provider. Jansen will be ap-
pointed to the board as an executive director on Jan. 1 before taking over from Patterson at the start of February. Jansen will be paid
1.1 million pounds a year along with a cash allowance in lieu of pension of 15 percent of salary and an annual bonus of up to 240
percent of salary subject to performance.

In Other News
• American Airlines Group Inc (AAL). The company on Wednesday said flight 257 bound for Mexico City from Miami has been
cleared after a security concern and "will be reboarding momentarily".
• Amgen Inc (AMGN). The company looking to boost use of its potent cholesterol drug Repatha, has cut the medication's U.S. list
price by 60 percent to $5,850, the biotechnology company said on Wednesday. The new $5,850 price is in line with the current net
price Amgen gets after discounts and rebates to pharmacy benefit managers (PBMs) and health insurers, said Amgen spokeswoman
Kristen Davis.
• Bank of America Corp (BAC). Top executives at the company, including Chief Executive Officer Brian Moynihan, made a surprise
appearance at a gathering of the bank's senior dealmakers on Tuesday in an effort to boost morale, two people familiar with the mat-
ter told Reuters. Moynihan, Chief Financial Officer Paul Donofrio and Chief Operating Officer Tom Montag assured those attending a
gathering for managing directors in Bank of America's investment bank that they had the full support of senior leadership and the
broader organization, said the sources, who spoke on condition of anonymity.
• Broadcom Inc (AVGO). The company is facing antitrust scrutiny from the European Union over the possible use of its market domi-
nance to pressure customers to buy its semiconductors, Bloomberg reported on Wednesday. The preliminary inquiry by the EU fo-
cuses on Broadcom's sales of chips in set-top box hardware used by the cable and satellite industry, Bloomberg reported, citing peo-
ple familiar with the matter and a questionnaire issued by the European Commission.

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MORNING NEWS CALL October 25

• Chevron Corp (CVX).N The company will spend about $163 million to settle claims by the U.S. government and the state of Missis-
sippi that it violated provisions of the Clean Air Act when its refineries accidentally released hazardous chemicals, the U.S. Justice
Department said on Wednesday.
• Facebook Inc (FB). The UK chiefs of Microsoft, Facebook and Google met with British government ministers in London on
Wednesday to seek assurances over the impact of a no-deal Brexit on jobs and investment, the Telegraph reported on Wednesday.
The executives used the meeting to express concern over the potential impact on staff visas, rules on data sharing and UK research
and education, the report said. Separately, Britain's information regulator upheld a small but symbolic 500,000 pound ($645,000) fine
for Facebook for breaches of data protection law related to the harvesting of data by consultancy Cambridge Analytica.
• Hilton Worldwide Holdings Inc (HLT). Activist investor William Ackman's Pershing Square Capital Management has acquired a
3.7 percent stake in Hilton, the fund said. The activist fund said that the 10.9 million Hilton shares purchased represent about 13.9
percent of the net asset value of Pershing Square.
• Pioneer Natural Resources Co (PXD). The company on Wednesday warned investors that it expected a $135 million hit to earn-
ings during the third quarter due to losses on oil hedges, according to a filing with the U.S. Securities and Exchange Commission.
• Verizon Communications Inc (VZ).N The company said on Wednesday it will spend $25 million to update its network in Florida's
Panhandle, an area hard-hit by service outages after Hurricane Michael. Verizon said the $25 million network technology upgrade
would be largely spent in 2019.
• Wells Fargo & Co (WFC). The company said on Wednesday it put two executives on leave in connection with ongoing regulatory
reviews into the bank’s retail sales practices.Chief Administration Officer Hope Hardison and Chief Auditor David Julian have begun
leaves of absence and will no longer be members of the bank’s operating committee, the bank said.
• WPP PLC (WPP). The company lost a fifth of its market value after a major downturn at its creative agencies in New York and Lon-
don forced it to cut its sales and profit forecasts, ramping up the pressure on new boss Mark Read. The share fall wiped 2.8 billion
pounds ($3.6 billion) off WPP's market capitalisation, taking the stock to a six-year low. WPP also said that Finance Director Paul
Richardson would step down after 22 years in the role.

COLUMN
Iran's crude oil customers turn away, more cargoes being stored: Russell
The crude oil market is still uncertain over the likely impact of the renewed U.S. sanctions against Iran, but two things seem to be
becoming clearer: Iran is struggling to keep buyers, and much of the crude it is shipping is being stored.

ANALYSTS' RECOMMENDATION
• Boeing Co (BA). Canaccord Genuity raises target price to $360 from $350 following the company’s better than expected third-
quarter results driven by higher operating margins in the Commercial Airplane business.
• Hilton Worldwide Holdings Inc (HLT). Hilton Worldwide Holdings Inc (HLT).Jefferies cuts price target to $74 from $91 citing lower
than expected revenue per available room (RevPAR) growth, after the company’s released its third-quarter results.
• Microsoft Corp (MSFT). Barclays raises target price to $121 from $120 to reflect the company’s double-digit growth in revenue in
the quarter and improved margins from its cloud business.
• Northrop Grumman Corp (NOC). JP Morgan cuts price target to $350 from $360 citing headwinds to prior 2019-20 GAAP earnings
estimates from non-cash pension income and purchase accounting adjustments.
• UPS Inc (UPS). Raymond James cuts price target to $140 from $150 after the company’s third-quarter earnings were impacted by
softer international profits.

ECONOMIC EVENTS (All timings in U.S. Eastern Time)

0830 Durable goods for Sep: Expected -1.0 pct; Prior 4.4 pct
0830 Durables ex-transport for Sep: Expected 0.5 pct; Prior 0.0 pct
0830 Durables ex-defense mm for Sep: Expected 0.1 pct; Prior 2.5 pct
0830 Nondefense cap ex-air for Sep: Expected 0.5 pct; Prior -0.9 pct
0830 Advance goods trade balance for Sep: Prior -$75.46 bln
0830 Wholesale inventories advance for Sep: Prior 1.0 pct

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MORNING NEWS CALL October 25

0830 Retail inventories ex-auto advance for Sep: Prior 0.0 pct
0830 Initial jobless claims: Expected 214,000; Prior 210,000
0830 Jobless claims 4-week average: Prior 211,750
0830 Continued jobless claims: Expected 1.653 mln; Prior 1.640 mln
1000 Pending Homes Index for Sep: Prior 104.2
1000 Pending sales change mm for Sep: Expected -0.1 pct; Prior -1.8 pct
1100 KC Fed Manufacturing for Oct: Prior 10
1100 KC Fed Composite Index for Oct: Prior 13

COMPANIES REPORTING RESULTS

Alaska Air Group Inc (ALK). Expected Q3 earnings of $1.81 per share
Alphabet Inc (GOOGL). Expected Q3 earnings of $10.42 per share
Altria Group Inc (MO). Expected Q3 earnings of $1.07 per share
Amazon.com Inc (AMZN). Expected Q3 earnings of $3.14 per share
American Airlines Group Inc (AAL). Expected Q3 earnings of $1.13 per share
Arthur J Gallagher & Co (AJG). Expected Q3 earnings of 77 cents per share
BorgWarner Inc (BWA). Expected Q3 earnings of 99 cents per share
Celgene Corp (CELG). Expected Q3 earnings of $2.22 per share
Cerner Corp (CERN). Expected Q3 earnings of 63 cents per share
Chipotle Mexican Grill Inc (CMG). Expected Q3 earnings of $2.00 per share
Cincinnati Financial Corp (CINF). Expected Q3 earnings of 76 cents per share
CMS Energy Corp (CMS). Expected Q3 earnings of 58 cents per share
Digital Realty Trust Inc (DLR). Expected Q3 earnings of 27 cents per share
Discover Financial Services (DFS). Expected Q3 earnings of $2.05 per share
Eastman Chemical Co (EMN). Expected Q3 earnings of $2.29 per share
EQT Corp (EQT). Expected Q3 earnings of 42 cents per share
Expedia Group Inc (EXPE). Expected Q3 earnings of $3.12 per share
FirstEnergy Corp (FE). Expected Q3 earnings of 71 cents per share
Fortive Corp (FTV). Expected Q3 earnings of 87 cents per share
Fortune Brands Home & Security Inc (FBHS). Expected Q3 earnings of $1.05 per share
Franklin Resources Inc (BEN). Expected Q4 earnings of 74 cents per share
Gilead Sciences Inc (GILD). Expected Q3 earnings of $1.63 per share
Hartford Financial Services Group Inc (HIG). Expected Q3 earnings of $1.06 per share
Intel Corp (INTC). Expected Q3 earnings of $1.15 per share
International Paper Co (IP). Expected Q3 earnings of $1.48 per share
Jefferies Financial Group Inc (JEF). Expected Q3 earnings of 57 cents per share
Kimco Realty Corp (KIM). Expected Q3 earnings of 13 cents per share
Leggett & Platt Inc (LEG). Expected Q3 earnings of 71 cents per share
LKQ Corp (LKQ). Expected Q3 earnings of 56 cents per share
Marsh & McLennan Companies Inc (MMC). Expected Q3 earnings of 75 cents per share
Mattel Inc (MAT). Expected Q3 earnings of 20 cents per share
McKesson Corp (MCK). Expected Q2 earnings of $3.28 per share
Mohawk Industries Inc (MHK). Expected Q3 earnings of $3.58 per share
National Oilwell Varco Inc (NOV). Expected Q3 earnings of 12 cents per share
Nielsen Holdings PLC (NLSN). Expected Q3 earnings of 25 cents per share
Principal Financial Group Inc (PFG). Expected Q3 earnings of $1.67 per share
Regency Centers Corp (REG). Expected Q3 earnings of 38 cents per share
Republic Services Inc (RSG). Expected Q3 earnings of 81 cents per share
Resmed Inc (RMD). Expected Q1 earnings of 79 cents per share
Royal Caribbean Cruises Ltd (RCL). Expected Q3 earnings of $3.97 per share

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MORNING NEWS CALL October 25

S&P Global Inc (SPGI). Expected Q3 earnings of $2.04 per share

SCANA Corp (SCG). Expected Q3 earnings of 72 cents per share
Sherwin-Williams Co (SHW). Expected Q3 earnings of $5.74 per share
Southwest Airlines Co (LUV). Expected Q3 earnings of $1.06 per share
Stanley Black & Decker Inc (SWK). Expected Q3 earnings of $2.03 per share
Stryker Corp (SYK). Expected Q3 earnings of $1.68 per share
SVB Financial Group (SIVB). Expected Q3 earnings of $4.49 per share
T. Rowe Price Group Inc (TROW). Expected Q3 earnings of $1.93 per share
Tractor Supply Co (TSCO). Expected Q3 earnings of 87 cents per share
Union Pacific Corp (UNP). Expected Q3 earnings of $2.10 per share
Universal Health Services Inc (UHS). Expected Q3 earnings of $2.01 per share
Verisign Inc (VRSN). Expected Q3 earnings of $1.19 per share
Waste Management Inc (WM). Expected Q3 earnings of $1.11 per share
Western Digital Corp (WDC). Expected Q1 earnings of $3.04 per share
Xcel Energy Inc (XEL). Expected Q3 earnings of 98 cents per share

CORPORATE EVENTS (All timings in U.S. Eastern Time)

0800 Axalta Coating Systems Ltd (AXTA). Q3 earnings conference call
0800 Comcast Corp (CMCSA). Q3 earnings conference call
0800 Dunkin' Brands Group Inc (DNKN). Q3 earnings conference call
0800 Leidos Holdings Inc (LDOS). Q3 earnings conference call
0800 Lear Corp (LEA). Q3 earnings conference call
0800 LKQ Corp (LKQ). Q3 earnings conference call
0800 McKesson Corp (MCK). Q2 earnings conference call
0800 Merck & Co Inc (MRK). Q3 earnings conference call
0800 Nielsen Holdings PLC (NLSN). Q3 earnings conference call
0800 New Residential Investment Corp (NRZ). Q3 earnings conference call
0800 Twitter Inc (TWTR). Q3 earnings conference call
0800 Unum Group (UNM). Q3 earnings conference call
0800 Whirlpool Corp (WHR). Q3 earnings conference call
0815 Raymond James Financial Inc (RJF). Q4 earnings conference call
0830 American Airlines Group Inc (AAL). Q3 earnings conference call
0830 AGNC Investment Corp (AGNC). Q3 earnings conference call
0830 CME Group Inc (CME). Q3 earnings conference call
0830 CMS Energy Corp (CMS). Q3 earnings conference call
0830 Carter's Inc (CRI). Q3 earnings conference call
0830 Equifax Inc (EFX). Q3 earnings conference call
0830 Hershey Co (HSY). Q3 earnings conference call
0830 Iron Mountain Inc (IRM). Q3 earnings conference call
0830 Marsh & McLennan Companies Inc (MMC). Q3 earnings conference call
0830 Simon Property Group Inc (SPG). Q3 earnings conference call
0830 S&P Global Inc (SPGI). Q3 earnings conference call
0830 Stanley Black & Decker Inc (SWK). Q3 earnings conference call
0845 Union Pacific Corp (UNP). Q3 earnings conference call
0900 American Electric Power Company Inc (AEP). Q3 earnings conference call
0900 Aflac Inc (AFL). Q3 earnings conference call
0900 Ally Financial Inc (ALLY). Q3 earnings conference call
0900 Celgene Corp (CELG). Q3 earnings conference call
0900 Altria Group Inc (MO). Q3 earnings conference call
0900 Packaging Corp of America (PKG). Q3 earnings conference call

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MORNING NEWS CALL October 25

0900 Raytheon Co (RTN). Q3 earnings conference call

0900 West Pharmaceutical Services Inc (WST). Q3 earnings conference call
0930 BorgWarner Inc (BWA). Q3 earnings conference call
0930 Markel Corp (MKL). Q3 earnings conference call
1000 BGC Partners Inc (BGCP). Q3 earnings conference call
1000 GrubHub Inc (GRUB). Q3 earnings conference call
1000 International Paper Co (IP). Q3 earnings conference call
1000 Kimco Realty Corp (KIM). Q3 earnings conference call
1000 KKR & Co Inc (KKR). Q3 earnings conference call
1000 Lincoln Electric Holdings Inc (LECO). Q3 earnings conference call
1000 Newmont Mining Corp (NEM). Q3 earnings conference call
1000 Old Dominion Freight Line Inc (ODFL). Q3 earnings conference call
1000 Royal Caribbean Cruises Ltd (RCL). Q3 earnings conference call
1000 Tractor Supply Co (TSCO). Q3 earnings conference call
1000 Valero Energy Corp (VLO). Q3 earnings conference call
1000 Waste Management Inc (WM). Q3 earnings conference call
1000 Watsco Inc (WSO). Q3 earnings conference call
1000 Xcel Energy Inc (XEL). Q3 earnings conference call
1030 Bristol-Myers Squibb Co (BMY). Q3 earnings conference call
1030 EQT Corp (EQT). Q3 earnings conference call
1100 Brunswick Corp (BC). Q3 earnings conference call
1100 Franklin Resources Inc (BEN). Q4 earnings conference call
1100 Cullen/Frost Bankers Inc (CFR). Q3 earnings conference call
1100 First American Financial Corp (FAF). Q3 earnings conference call
1100 Graco Inc (GGG). Q3 earnings conference call
1100 Oaktree Capital Group LLC (OAK). Q3 earnings conference call
1100 O'Reilly Automotive Inc (ORLY). Q3 earnings conference call
1100 Reliance Steel & Aluminum Co (RS). Q3 earnings conference call
1100 Sherwin-Williams Co (SHW). Q3 earnings conference call
1100 Sun Communities Inc (SUI). Q3 earnings conference call
1100 Torchmark Corp (TMK). Q3 earnings conference call
1100 Trinity Industries Inc (TRN). Q3 earnings conference call
1100 World Wrestling Entertainment Inc (WWE). Q3 earnings conference call
1130 Alaska Air Group Inc (ALK). Q3 earnings conference call
1130 EQT Midstream Partners LP and EQT GP Holdings LP (EQGP). Q3 earnings conference call
1200 ConocoPhillips (COP). Q3 earnings conference call
1200 CoreSite Realty Corp (COR). Q3 earnings conference call
1230 Southwest Airlines Co (LUV). Q3 earnings conference call
1300 Bio-Techne Corp (TECH). Annual Shareholders Meeting
1300 Fidelity National Financial Inc (FNF). Q3 earnings conference call
1300 Kilroy Realty Corp (KRC). Q3 earnings conference call
1500 Duke Realty Corp (DRE). Q3 earnings conference call
1630 Avnet Inc (AVT). Q1 earnings conference call
1630 Biomarin Pharmaceutical Inc (BMRN). Q3 earnings conference call
1630 Cerner Corp (CERN). Q3 earnings conference call
1630 Chipotle Mexican Grill Inc (CMG). Q3 earnings conference call
1630 Cypress Semiconductor Corp (CY). Q3 earnings conference call
1630 Expedia Group Inc (EXPE). Q3 earnings conference call
1630 Fortune Brands Home & Security Inc (FBHS). Q3 earnings conference call
1630 First Solar Inc (FSLR). Q3 earnings conference call
1630 Gilead Sciences Inc (GILD). Q3 earnings conference call

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MORNING NEWS CALL October 25

1630 Alphabet Inc (GOOGL). Q3 earnings conference call

1630 Proofpoint Inc (PFPT). Q3 earnings conference call
1630 Resmed Inc (RMD). Q1 earnings conference call
1630 Seattle Genetics Inc (SGEN). Q3 earnings conference call
1630 Stryker Corp (SYK). Q3 earnings conference call
1630 Verisign Inc (VRSN). Q3 earnings conference call
1700 Columbia Sportswear Co (COLM). Q3 earnings conference call
1700 Discover Financial Services (DFS). Q3 earnings conference call
1700 Intel Corp (INTC). Q3 earnings conference call
1700 LPL Financial Holdings Inc (LPLA). Q3 earnings conference call
1700 Mattel Inc (MAT). Q3 earnings conference call
1700 National Instruments Corp (NATI). Q3 earnings conference call
1700 Republic Services Inc (RSG). Q3 earnings conference call
1700 Snap Inc (SNAP). Q3 earnings conference call
1715 Arthur J Gallagher & Co (AJG). Q3 earnings conference call
1730 Amazon.com Inc (AMZN). Q3 earnings conference call
1730 Fortive Corp (FTV). Q3 earnings conference call
1730 Western Digital Corp (WDC). Q1 earnings conference call
1800 Monolithic Power Systems Inc (MPWR). Q3 earnings conference call
1800 SVB Financial Group (SIVB). Q3 earnings conference call

EXDIVIDENDS
Brown & Brown Inc (BRO). Amount $0.08
Williams-Sonoma Inc (WSM). Amount $0.43

(All analysts' estimates are according to Thomson Reuters I/B/E/S)

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MORNING NEWS CALL October 25

PICTURE OF THE DAY

Supporters participate at a campaign rally in Mosinee, Wisconsin, U.S., October 24. REUTERS/Kevin Lamarque

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