MORNING NEWS CALL

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U.S. Edlllon
----· 27.2021

TOP NEWS
• Coca-Cola lifts profit forecast on rising soda demand
Coca-Cola raised its full-year profit forecast, as the reopening of theaters and restaurants in the United States
drove demand for its sodas.

• Alphabet earns record profit on Google ad surge

Google owner Alphabet on Tuesday reported higher than expected third-quarter ad sales, a sign that the business
is overcoming new limits on tracking mobile users and that online shopping is as popular as ever heading into the
holiday season.

• Fed faces showdown as supply, demand and 'patience' collide

Federal Reserve officials face a ticking clock in their ability to ignore high inflation and are now navigating between
their own senses of patience and risk, and a U.S. economy stymied by tangled supply chains, slow hiring and
strong consumer demand.

• McDonald's sales soar on higher prices, newer menu items

Fast food giant McDonald's reported quarterly global sales that beat Wall Street expectations, helped by higher
prices, larger order sizes and newer menu items.

• Big Oil hearing to kick off U.S. probe into climate disinformation -lawmaker
A Congressional hearing this week into whether oil companies misled the public about climate change marks the
start of a broad probe that may extend to other industries from advertising to social media, according to a
lawmaker leading the effort.

BEFORE THE BELL

Wall street futures slipped on a flare up in U.S. China tensions, signs of further regulatory crackdowns from
Beijing and a rise in short-dated treasury yields. Asian indexes ended lower and European shares were also
trading in the red. The dollar was up against a basket of currencies while gold prices fell. Oil prices fell after data
showed crude oil stockpiles rose more than expected. Automaker Ford Motor Co is expected to report earnings
after market closes.

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STOCKS TO WATCH

Results
• Advanced Micro Devices Inc: The company on Tuesday projected higher fourth-quarter revenue than market
expectations, betting on its ability to overcome a weak supply chain to meet strong demand for chips used in
gaming consoles and data center servers. AMD said it expected current-quarter revenue of about $4.5 billion, plus
or minus $100 million, compared with analysts' average estimate of $4.25 billion. It also raised its annual revenue
growth forecast to 65% from 60%, after beating expectations for third-quarter sales. The quarterly performance
was driven by a 44% surge in the computing and graphics business that includes graphic chip sales to data
centers and accounts for most of the revenue. The company's net income rose to $923 million, or 75 cents per
share, in the quarter, from $390 million, or 32 cents per share, a year earlier.

• Alphabet Inc: The Google owner on Tuesday reported higher than expected third-quarter ad sales, a sign that
the business is overcoming new limits on tracking mobile users and that online shopping is as popular as ever
heading into the holiday season. Google advertising revenue rose 41% to $53.1 billion during the third quarter.
Alphabet's overall sales jumped to $65.1 billion, above the average estimate of $63.3 billion. Quarterly profit was
$18.936 billion or $27.99 per share, beating expectations of $24.08 per share and marking a third-straight quarter
of record profit. Alphabet's total costs increased 26% to $44.1 billion in the third quarter and the company's
workforce size passed 150,000 employees.

• Banco Santander SA: The Spanish bank beat forecasts with a 24% rise in third-quarter net profit on lower loan
loss provisions, an increase in UK mortgage lending and a strong performance in its U.S. consumer business. The
bank, the euro zone's second-biggest in terms of market value, reported a net profit of 2.174 billion euros. In the
U.S. market, which makes up more than a fifth of Santander's underlying earnings, profit on underlying terms
almost doubled against the same quarter last year as the bank continued to benefit from a strong U.S. economic
recovery. Overall, net interest income, a measure of earnings on loans minus deposit costs, rose 8.8% against the
same quarter 2020 to 8.46 billion euros. Results were also driven by higher lending income and revenue and an
acceleration in cost reduction.

• Bristol Myers Squibb Co: The company said its third-quarter sales rose 10% and reported higher-than-expected
earnings as its core cancer business regained momentum after a decline earlier this year. The company's revenue
for the quarter of $11.6 billion and adjusted profit of $2.00 per share both topped Wall Street estimates of $11.58
billion in sales and $1.92 per share, according to IBES data from Refinitiv. Bristol Myers raised the low end of its
full-year adjusted profit forecast by 5 cents and now expects to earn $7.40 to $7.55 per share.

• Bunge Ltd: The U.S. agricultural commodities trader raised its full-year adjusted profit outlook for the third time
this year as it benefits from rising demand for food and renewable fuel following easing of some pandemic
restrictions. St. Louis, Missouri-based Bunge now expects full-year adjusted income to at be at least $11.50 per
share from previous outlook of at least $8.50 per share. Net income attributable to Bunge rose to $653 million, or
$4.28 per share, in the quarter ended Sept. 30, from $262 million, or $1.84 per a share, a year earlier. Revenue
totaled $14.12 billion, up from $10.16 billion a year earlier. Bunge's results offered the latest look into how the
world's largest grain traders navigated the coronavirus pandemic and the shifts it triggered in food and fuel
demand as consumers cooked more meals at home and avoided unnecessary travel.

• Coca-Cola Co: The company raised its full-year profit forecast, as the reopening of theaters and restaurants in
the United States drove demand for its sodas. Revenue from Coca-Cola's North America business rose 13% in the
third quarter, helped by the vaccine-aided reopening of public venues across the United States. Coca-Cola
expects its annual adjusted earnings per share to rise 15% to 17%, compared with a prior forecast of a 13% to
15% increase. Its adjusted net operating revenue rose to $10.04 billion in the third quarter ended Oct. 1 from $8.65
billion a year earlier, compared with estimates of $9.75 billion.

• Deutsche Bank AG: The bank's profits rose a stronger-than-expected 7% in the third quarter, it's fifth straight
quarter in the black as fees for advising on deals partly made up for a drop in trading revenue. Net profit
attributable to shareholders rose to 194 million euros from 182 million euros a year earlier and beat the 135 million
expected by analysts. The result was partly helped by a decrease in provisions set aside to cushion fallout from
the coronavirus pandemic, while costs related to the bank's ongoing overhaul kept a lid on profit. The investment
bank's advisory business benefited from a global dealmaking boom, with revenue surging 82% to 118 million
euros.

• Equinor ASA: Norway's Equinor posted its strongest quarterly result in nine years, driven by a global energy
supply crunch that pushed Europe's natural gas prices to record highs and sent the value of derivative contracts
soaring. The company said it would sharply increase the size of its share buybacks in coming months, while

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maintaining a quarterly dividend level of $0.18 per share. Adjusted earnings before tax rose to $9.77 billion in the
July-September quarter from $780 million a year ago, exceeding the $8.4 billion predicted in a poll of 25 analysts
compiled by Equinor. Earnings at Equinor's marketing, midstream and processing (MMP) unit rose to $2.19 billion
from $262 million, boosted by derivatives contracts related to European gas, the company said.

• Harley-Davidson Inc: The company reported better-than-expected quarterly revenue, in a sign that its
turnaround plan, which focuses on selling more profitable bikes to affluent customers, was taking hold. Under a
plan outlined last year, the company has shifted focus to selling its high-margin Touring, large Cruiser and Trike
bikes to older and wealthier customers in traditional markets like the United States and Europe. The bet appears to
be paying off, with the company reporting its third consecutive quarterly sales rise, albeit from pandemic-induced
lows. Prior to that, Harley's sales had fallen for two years. The 118-year-old company reported revenue of $1.37
billion for the third quarter ended Sept. 26, above analysts' estimates of $1.14 billion. Net income rose to $163
million, or $1.05 per share, from $120 million, or 78 cents per share, a year earlier.

• Hilton Worldwide Holdings Inc: The U.S. hotel operator reported a quarterly profit, compared with a year-ago
loss, as easing pandemic-led restrictions drove a recovery in leisure travel. Hilton reported comparable RevPAR -
a key performance measure for the hotel industry - of 90.39% for the quarter. System-wide occupancy came in at
64.3% for the third-quarter, compared with 42.5% a year ago. Excluding items, Hilton earned $0.78 per share,
while revenue rose 87.5% to $1.75 billion. The company reported net income attributable to stockholders of $241
million, or 86 cents per share, in the quarter ended Sept. 30, compared with a net loss of $79 million, or 29 cents
per share, a year earlier.

• LG Display Co Ltd: The South Korean company saw its third-quarter operating profit more than triple as strong
television demand boosted panel prices but said it expects the buying spree prompted by the pandemic to slow
next year. The Apple supplier posted an operating profit of 529 billion won for the July-September quarter versus
164 billion a year earlier. Revenue rose 7.2% to 7.2 trillion won. "Panel shipments in the fourth quarter are
expected to increase by mid-10% compared to the third quarter, with the delayed shipments affected by the
industry’s component shortage ...while the prices of LCD TV panels are expected to remain on a downward trend,"
LG Display said in a statement. LG Display added the strong demand for screens seen during the pandemic would
likely slow down starting next year.

• McDonald's Corp: The fast food giant reported quarterly global sales that beat Wall Street expectations, helped
by higher prices, larger order sizes and newer menu items. Same-store sales jumped 12.7% in the third quarter
ended Sept. 30, well above pre-pandemic levels and better than estimates of a 10.31% rise. Comparable sales for
McDonald's in the U.S. rose 9.6% in the reported quarter, which the company attributed in part to higher menu
prices and customers buying more items per order. U.S. sales grew nearly 15% in the third quarter, compared with
the same period in 2019. Total revenue increased 14% to $6.20 billion in the reported quarter, beating
expectations of $6.03 billion. Net income rose 22% to $2.15 billion and the company earned $2.76 per share on an
adjusted basis.

• Microsoft Corp: The company forecast a strong end to the calendar year thanks to its booming cloud business
but said supply chain woes will continue to dog key units such as those producing its Surface laptops and Xbox
gaming consoles. The company beat Wall Street expectations for its fist quarter ended Sept. 30, with pandemic-
induced demand for the software giant's cloud-based services driving sales. First-quarter revenue growth for
Azure, the company's flagship cloud-computing business, came in at 48% in constant currency to beat analysts'
estimates of 47.5%. Overall, revenue rose 22% to $45.32 billion in the first quarter ended Sept. 30, beating
expectations of about $43.97 billion. Net income rose to $20.51 billion, or $2.71 per share. The company said its
results included a $3.3 billion net income tax benefit. On an adjusted basis it earned $2.27 per share, trumping
analyst expectations of $2.07 per share.

• Robinhood Markets Inc: The retail broker's shares fell below their initial public offering price in after-hours
trading on Tuesday after the company reported softer revenue than expected for the third quarter as trading levels
declined for cryptocurrencies like dogecoin. Crypto revenue rose 860% from a year earlier to $51 million, but was
78% off its second quarter level, Robinhood said. Equities trading revenue fell 27% from a year ago to $50 million.
Total revenue rose 35% from a year earlier to $365 million. Analysts had expected revenue of $431.38 million.
Robinhood said it had 22.4 million funded accounts, down slightly from last quarter, but up 96.5% from a year
earlier.

• Spotify Technology SA: The music streaming company beat Wall Street estimates for third-quarter revenue, as
it reported a 19% jump in paid subscribers for its premium service driven by demand in Europe and North America.
Premium subscribers, which account for most of the company's revenue, hit 172 million, just beating analysts'
expectations of 171.7 million. Total monthly active users rose 19% to 381 million. Revenue from ads, which fell at

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the height of the pandemic, jumped 75% to 323 million euros ($376 million), and the company is planning to hire
hundreds of staff to further boost advertising sales. Total revenue rose 27% to 2.50 billion euros, beating the 2.45
billion expected by analysts.

• Teck Resources Ltd: The Canadian miner reported an eight-fold jump in third-quarter adjusted profit, driven by
higher prices for steelmaking coal on the back of surging demand from China. Teck said its prices for steelmaking
coal more than doubled to $237 per tonne, while production rose 17.6% to 6 million tonnes. It now expects fourth-
quarter sales of steelmaking coal of between 6.4 million and 6.8 million tonnes, while record prices in Australia and
China in September are expected to bolster the steelmaking division's earnings in the same period. Adjusted profit
rose to C$1.02 billion, or C$1.88 per share, in the quarter from C$130 million, or 24 Canadian cents per share, in
the previous quarter. That compared to analysts' average estimates of C$1.50 per shares.

• Texas Instruments Inc: The chipmaker forecast tepid quarterly revenue and missed market expectations for the
third quarter on Tuesday, as the company struggles with supply chain constraints in the semiconductor industry,
sending its shares down. The company said it expects fourth-quarter revenue in the range of $4.22 billion to $4.58
billion. The midpoint fell short of analysts' average estimate of $4.44 billion, according to Refinitiv data. Total
revenue rose 22% to $4.64 billion from $3.82 billion last year, but missed expectations of $4.66 billion. Chief
Financial Officer Rafael Lizardi said in a post-earnings call that the company was operating at a lower inventory
level than customer target levels, especially on finished goods.

• Thermo Fisher Scientific Inc: The company raised its full-year forecast and beat third-quarter profit estimates
on strength in its life sciences unit, which makes raw materials for COVID-19 vaccines, and strong performance in
its laboratory product segment. It reported $2.05 billion of COVID-19 response revenue in the third quarter, which
includes sales related to COVID-19 vaccines and therapies as well as diagnostic testing, up from $1.9 billion in the
prior quarter. The company raised its 2021 revenue forecast to $37.1 billion and now expects adjusted profit of
$23.37 per share, up from its previous forecast of $22.07 per share. Excluding items, the company earned $5.76
per share, beating estimates of $4.67 per share.

• Twitter Inc: The social networking site on Tuesday reported its quarterly revenue grew 37% and avoided the
brunt of Apple's privacy changes on advertising that hobbled its rivals, sending its shares up. The social
networking site has been working to add new features such as audio chat rooms to attract users, and also rolled
out improvements to its advertising capabilities to reach its goal of doubling annual revenue by 2023. Advertising
revenue was $1.14 billion during the quarter ended Sept. 30, in line with consensus estimates. Twitter said
monetizable daily active users, its term for users who are served ads, was 211 million during the third quarter,
missing analyst estimates of 212.6 million. Total revenue, which also includes money that Twitter earns from data
licensing, was $1.28 billion, also in line with Wall Street targets.

• Visa Inc: The world's largest payment processor's quarterly profit topped Wall Street expectations on Tuesday,
as a recovery in travel and an improving global economic picture drove volume growth at the company. But cross-
border travel was still well below pre-pandemic levels, Visa said, with regions such as the Asia Pacific remaining
closed. Visa's net income rose to $1.65 per Class A share for the fourth quarter ended Sept. 30, beating analysts'
estimate of $1.54 per share. Total payment volumes rose 17% on a constant dollar basis from a year earlier, while
the number of transactions processed by Visa rose 21% to 45.3 billion. The company forecast fiscal 2022 first-
quarter net revenue growth in the high teens, while total cross-border volume in the reported quarter rose 38% on
a constant dollar basis from a year earlier.

Moves
• Blackstone Inc: Hunter Point Capital, the private equity firm launched by Bennett Goodman, who co-founded
Blackstone credit arm GSO Capital Partners, has hired a former Blackstone executive, three people familiar with
the matter said on Tuesday. Melvin Hibberd, 37, will join Hunter Point Capital in January next year, the sources
said. He was previously a managing director at Blackstone's Strategic Capital Holdings unit that acquires stakes in
alternative asset managers. Hibberd is among a string of Blackstone executives to leave the storied private equity
firm's hedge fund unit - Blackstone Alternative Asset Management unit (BAAM). Goodman, who was also a
Blackstone board member before stepping down in 2019, formed Hunter Point Capital last year to buy stakes in
other private equity firms

• Deutsche Bank AG: The bank has hired former Credit Suisse banker Saad Benani to lead its investment
banking business in the Middle East and North Africa (MENA), an internal memo seen by Reuters showed. The
bank has appointed Benani as managing director and head of investment banking coverage and advisory for the
MENA region, the memo said. Deutsche bank declined to comment when contacted by Reuters. "Saad will be
responsible for developing and implementing our coverage & advisory strategy in the region, including with the
sovereign wealth funds," the memo said.

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• HSBC Holdings PLC: HSBC has appointed Sarah Wiggins as vice chair, global banking in London, according to
an internal memo seen by Reuters. Wiggins will join the bank at the end of the first quarter of 2022 from law firm
Linklaters and will be responsible for helping to build HSBC's investment banking business in its home market of
Britain, the memo said. The move is the latest of a string of senior appointments by the bank's co-head of Global
Banking and Markets Greg Guyett, as he tries to improve HSBC's ties to corporate bosses and its investment
banking performance. A spokesperson for the bank confirmed the contents of the memo.

In Other News
• Activision Blizzard Inc: The video game publisher on Tuesday paused plans for an online version of the
company's annual BlizzCon convention that was scheduled for early next year. The company did not give a reason
for the move, which comes as the owner of the "Call of Duty" and "Candy Crush" franchises battles claims over
sexual harassment and discrimination at its workplace. Sixteen years after BlizzCon started, the gaming
convention was taken online in May due to the COVID-19 pandemic and dubbed BlizzConline. "Even though we
aren't holding BlizzConline in February, we'll still be making announcements and updates for our games," the
company said in a blog post.

• Apple Inc: Russia has opened an antitrust case against Apple for failing to allow app developers to tell
customers about alternative payment options when using its App Store platform, Russia's anti-monopoly regulator
said. The U.S. tech giant could face a fine based on its revenue in Russia if found guilty of a breach, the regulator
said. It did not indicate the size of any potential fine. The company was earlier issued with a warning over the issue
and given a Sept. 30 deadline to "stop abuse on the market", the Roskomnadzor regulator said in a statement.
Russia has stepped up a long-running crackdown on U.S. tech giants this year in a push to expand its sovereignty
over the internet in Russia.

• Cortexyme Inc: The company said on Tuesday its experimental oral pill failed to meet the main goals of
improving cognitive and functional abilities in patients with mild-to-moderate Alzheimer's disease in a study. The
drug, atuzaginstat, is designed to target the P. gingivalis bacteria found in the brain of patients suffering from the
memory robbing disease. The mid-to-late stage study tested 643 patients and did not meet statistical significance
in its goals, according to two scales measuring disease progression. In a group of patients with the bacteria
detected in their saliva, the drug showed 57% slowing of cognitive decline on a commonly used test but failed to
show significant benefits on another scale, which is generally filled out by a patient's caregiver.

• Delta Air Lines Inc: The airlines' Chief Executive Ed Bastian said on Tuesday that travelers should be prepared
for initial long lines when the United States lifts international travel restrictions for fully vaccinated travelers on Nov.
8. "It's going to be a bit sloppy at first. I can assure you, there will be lines unfortunately ... but we'll get it sorted
out," Bastian said at a U.S. travel event. "We're going to have a good surge of demand but in order to keep that
surge up we're going to need to make it easier and easier for people to figure out what the documentation
requirements are." Airlines will check vaccination documentation for international travelers as they currently do for
COVID-19 test results. U.S. Travel Chief Executive Roger Dow said in an interview he was concerned whether
U.S. border officials would be prepared for the Nov. 8 surge.

• Digital World Acquisition Corp: Former U.S. President Donald Trump will be able to retain the ownership of his
newly launched social media venture even if he chooses to make another White House run or is convicted by
prosecutors who are looking into his business dealings. Trump said last week that TRUTH Social would be created
through a new company formed by a merger of the Trump Media and Technology Group (TMTG) and blank-check
firm Digital World Acquisition. According to regulatory filings issued late on Tuesday, Trump was referred to as the
"company principal," even though the exact size of his stake in the company was not disclosed. However, the
former president is set to keep his ownership in TMTG, even if the company faces a "material disruptive event" -
the latest filings include a clause that is designed to shield his stake.

• Facebook Inc: The U.S Federal Trade Commission (FTC) has started looking into disclosures that Facebook's
internal company research had identified ill effects from its products, the Wall Street Journal reported, citing people
familiar with the matter. Officials are looking into whether Facebook research documents indicate that it might have
violated a 2019 settlement with the agency over privacy concerns, according to the report. Facebook and the FTC
did not immediately respond to Reuters requests for comment. The company has come under fire after Frances
Haugen, who worked as a product manager on the civic misinformation team at Facebook, revealed that she was
the whistleblower who provided documents underpinning a recent WSJ investigation.

• GlaxoSmithKline PLC: The British conglomerate named a genetics professor to its board, as it refocuses on its
pharmaceuticals business following a planned separation of the consumer healthcare division next year, while
looking to appease investors. The company said Harry Dietz, who teaches genetic medicine at Johns Hopkins
University in the United States, would join GSK as a non-executive director, beginning Jan. 2022. Activist investors

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Elliott and Bluebell have called for changes at GSK, including an outright sale of its consumer unit, which is a joint
venture with Pfizer, along with a leadership and board shakeup at "New GSK". Dietz will join GSK's Science
Committee and his appointment follows that of former Bristol-Myers executive Charles Bancroft and Anne Beal, an
entrepreneur, health policy expert and paediatrician, to the board in May 2020 and May 2021 respectively.

• Lululemon Athletica Inc: Lululemon staged a splashy unveiling of the team kit Canadian Olympic athletes will
wear at the Beijing Winter Games on Tuesday, while citing a mission statement that appears at odds with China's
alleged treatment of minorities. Following Roots and the Hudson's Bay Company, Lululemon is the latest iconic
Canadian brand to fit out the country's Olympic athletes but does so as human rights activists and consumer
groups turn up the pressure on sponsors and governments to boycott the Feb. 4-20 Beijing Games. Prior to
athletes strutting the catwalk in their opening and closing ceremony and podium outfits at a swanky downtown
Toronto hotel, Lululemon's chief executive officer Calvin McDonald expounded on the active wear company's
Olympic vision and mission to "affect positive social change as a global brand".

• Merck & Co Inc: The Philippines will receive 300,000 courses of Merck's COVID-19 antiviral drug next month,
licensed importers and distributors said, as Asian nations race to get early access to the experimental pill amid
large demand. Singapore and Malaysia have signed deals to buy the drug, Molnupiravir, while Indonesia is
finalising a purchase agreement, among a slew of orders after data from interim clinical trials showed the pills
could halve the likelihood of hospitalisation or death for patients at risk of severe COVID-19. Each pill is estimated
to cost 100 to 150 pesos, said Meneleo Hernandez, president of pharmaceutical firm JackPharma, which will
distribute the drug locally. The Philippines has approved the "compassionate use" of Molnupiravir for 31 hospitals,
Food and Drug Administration Chief Rolando Enrique Domingo told Reuters.

• Pfizer Inc & BioNTech SE: An expert panel on Tuesday voted overwhelmingly to recommend the U.S. Food and
Drug Administration authorize the Pfizer and BioNTech COVID-19 vaccine for children ages 5 to 11, saying the
benefits of the shot outweigh the risks. The vaccine could be available to the younger age group as soon as next
week. The FDA is not obligated to follow the advice of its outside experts, but usually does. The vote was 17 in
favor with one abstention. If the FDA authorizes the shots for this age group, an advisory panel to the U.S. Centers
for Disease Control and Prevention will meet next week to make a recommendation on the administration of the
vaccine. The CDC director will make the final call. In the United States, just 57% of the population is fully
vaccinated, lagging other nations such as the UK and France.

• Stellantis NV: Fiat Chrysler Automobiles (FCA) is nearing an agreement to plead guilty to criminal conduct to
resolve a multiyear emissions fraud probe surrounding Ram pickup trucks and Jeep sport-utility vehicles with
diesel engines, people familiar with the matter said. FCA lawyers and U.S. Justice Department officials are
brokering a plea deal that could be unveiled in coming weeks and include financial penalties totaling between $250
million and $300 million, the people said. The FCA investigation focuses on roughly 100,000 diesel-powered
vehicles that allegedly evaded emissions requirements. Separately, Stellantis' head for Italy said four new
electrified platforms are expected to each underpin the production of 2 million vehicles a year. Stellantis will invest
over 30 million euros through 2025 on electrifying its vehicle lineup.

ANALYSIS
The 1970s all over again? Stagflation debate splits Wall Street
Phil Orlando has not heard this many people mentioning stagflation since he was a financial journalist in the late
1970s, when oil prices were soaring and inflation stood at more than double its current level. Now the chief equity
market strategist at Federated Hermes, Orlando says stagflation is poised to make a comeback and is piling into
shares of companies that can thrive during periods of high inflation and slower economic growth.

ANALYSTS' RECOMMENDATION
• Alphabet Inc: Jefferies raises target price to $3500 from $3325 after the company reported strong third-quarter
results, driven by its massive and diverse audience reach combined with a wide portfolio of ad channels.

• Robinhood Markets Inc: Piper Sandler cuts target price to $38 from $47, citing the company's lower-than-
expected profit and revenue.

• Twitter Inc: Cowen and Company raises target price to $67 from $64, citing the company's better-than-feared
third-quarter results and limited impact from Apple's privacy changes.

• United Parcel Services Inc: Stephens raises target price to $230 from $207 after the company delivered strong
third-quarter results and outlook.

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• Visa Inc: JP Morgan raises target price to $277 from $267, reflecting the company's solid fourth-quarter results
which were comfortably ahead of estimates on slightly stronger volume growth and continued demand for value
added services.

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

0830 (approx.) Durable goods for Sept: Expected -1.1%; Prior 1.8%
0830 (approx.) Durables ex-transport for Sept: Expected 0.4%; Prior 0.3%
0830 (approx.) Durables ex-defense mm for Sept: Prior 2.4%
0830 (approx.) Nondefense cap ex-air for Sept: Expected 0.5%; Prior 0.6%
0830 (approx.) Advance goods trade balance for Sept: Prior -$88.16 bln
0830 (approx.) Wholesale inventories advance for Sept: Prior 1.2%
0830 (approx.) Retail inventories ex-auto advance for Sept: Prior 0.6%

COMPANIES REPORTING RESULTS

Aflac Inc: Expected Q3 earnings of $1.32 per share
Align Technology Inc: Expected Q3 earnings of $2.60 per share
Amphenol Corp: Expected Q3 earnings of 63 cents per share
Automatic Data Processing Inc: Expected Q1 earnings of $1.49 per share
Avalonbay Communities Inc: Expected Q3 earnings of 77 cents per share
Avery Dennison Corp: Expected Q3 earnings of $2.04 per share
Boeing Co: Expected Q3 loss of 20 cents per share
Cincinnati Financial Corp: Expected Q3 earnings of 87 cents per share
Cognizant Technology Solutions Corp: Expected Q3 earnings of $1.05 per share
DTE Energy Co: Expected Q3 earnings of $1.82 per share
Duke Realty Corp: Expected Q3 earnings of 21 cents per share
eBay Inc: Expected Q3 earnings of 89 cents per share
Edwards Lifesciences Corp: Expected Q3 earnings of 53 cents per share
Everest Re Group Ltd: Expected Q3 loss of $1.06 per share
Extra Space Storage Inc: Expected Q3 earnings of $1.22 per share
Fiserv Inc: Expected Q3 earnings of $1.45 per share
Ford Motor Co: Expected Q3 earnings of 27 cents per share
Garmin Ltd: Expected Q3 earnings of $1.26 per share
General Motors Co: Expected Q3 earnings of 96 cents per share
Hess Corp: Expected Q3 earnings of 23 cents per share
International Paper Co: Expected Q3 earnings of $1.46 per share
KLA Corp: Expected Q1 earnings of $4.52 per share
Masco Corp: Expected Q3 earnings of 88 cents per share
Mid-America Apartment Communities Inc: Expected Q3 earnings of 66 cents per share
Norfolk Southern Corp: Expected Q3 earnings of $2.91 per share
Old Dominion Freight Line Inc: Expected Q3 earnings of $2.37 per share
O'Reilly Automotive Inc: Expected Q3 earnings of $7.19 per share
Raymond James Financial Inc: Expected Q4 earnings of $1.71 per share
Rollins Inc: Expected Q3 earnings of 20 cents per share
ServiceNow Inc: Expected Q3 earnings of $1.38 per share
TE Connectivity Ltd: Expected Q4 earnings of $1.64 per share
Teledyne Technologies Inc: Expected Q3 earnings of $3.69 per share
Tyler Technologies Inc: Expected Q3 earnings of $1.76 per share
United Rentals Inc: Expected Q3 earnings of $6.80 per share
Xilinx Inc: Expected Q2 earnings of 87 cents per share

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

0800 Boston Scientific Corp: Q3 earnings conference call
0800 Bunge Ltd: Q3 earnings conference call
0800 Dynatrace Inc: Q2 earnings conference call
0800 Evercore Inc: Q3 earnings conference call
0800 Fiserv Inc: Q3 earnings conference call
0800 Masco Corp: Q3 earnings conference call
0800 Spotify Technology SA: Q3 earnings conference call
0830 Automatic Data Processing Inc: Q1 earnings conference call

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0830 CME Group Inc: Q3 earnings conference call

0830 Coca-Cola Co: Q3 earnings conference call
0830 Mcdonald's Corp: Q3 earnings conference call
0830 New York Community Bancorp Inc: Q3 earnings conference call
0830 Silicon Laboratories Inc: Q3 earnings conference call
0830 Teradyne Inc: Q3 earnings conference call
0830 Thermo Fisher Scientific Inc: Q3 earnings conference call
0830 Travel + Leisure Co: Q3 earnings conference call
0830 Westinghouse Air Brake Technologies Corp: Q3 earnings conference call
0845 Norfolk Southern Corp: Q3 earnings conference call
0900 Ameriprise Financial Inc: Q3 earnings conference call
0900 Driven Brands Holdings Inc: Q3 earnings conference call
0900 DTE Energy Co: Q3 earnings conference call
0900 First Citizens BancShares Inc (Delaware): Q3 earnings conference call
0900 General Dynamics Corp: Q3 earnings conference call
0900 Harley-Davidson Inc: Q3 earnings conference call
0900 Hayward Holdings Inc: Q3 earnings conference call
0900 Kraft Heinz Co: Q3 earnings conference call
0900 Owens Corning: Q3 earnings conference call
0900 Parker-Hannifin Corp: Annual Shareholders Meeting
0900 Range Resources Corp: Q3 earnings conference call
0930 Stifel Financial Corp: Q3 earnings conference call
0930 UMB Financial Corp: Q3 earnings conference call
1000 Avangrid Inc: Q3 earnings conference call
1000 Boston Properties Inc: Q3 earnings conference call
1000 Bristol-Myers Squibb Co: Q3 earnings conference call
1000 General Motors Co: Q3 earnings conference call
1000 Hess Corp: Q3 earnings conference call
1000 Hilton Worldwide Holdings Inc: Q3 earnings conference call
1000 International Paper Co: Q3 earnings conference call
1000 Littelfuse Inc: Q3 earnings conference call
1000 Matador Resources Co: Q3 earnings conference call
1000 Old Dominion Freight Line Inc: Q3 earnings conference call
1000 Principal Financial Group Inc: Q3 earnings conference call
1000 Rollins Inc: Q3 earnings conference call
1000 Southern Copper Corp: Q3 earnings conference call
1030 Boeing Co: Q3 earnings conference call
1030 IDEX Corp: Q3 earnings conference call
1100 Eastgroup Properties Inc: Q3 earnings conference call
1100 Highwoods Properties Inc: Q3 earnings conference call
1100 Nov Inc: Q3 earnings conference call
1100 Ryder System Inc: Q3 earnings conference call
1100 Teledyne Technologies Inc: Q3 earnings conference call
1100 UDR Inc: Q3 earnings conference call
1100 Vertiv Holdings Co: Q3 earnings conference call
1130 Prosperity Bancshares Inc: Q3 earnings conference call
1200 Ares Management LP: Q3 earnings conference call
1200 Hess Midstream LP: Q3 earnings conference call
1300 Amphenol Corp: Q3 earnings conference call
1300 Avery Dennison Corp: Q3 earnings conference call
1300 Equity Residential: Q3 earnings conference call
1300 FS KKR Capital Corp: Annual Shareholders Meeting
1400 Penske Automotive Group Inc: Q3 earnings conference call
1630 Align Technology Inc: Q3 earnings conference call
1630 ASGN Inc: Q3 earnings conference call
1630 Aspen Technology Inc: Q1 earnings conference call
1630 Biomarin Pharmaceutical Inc: Q3 earnings conference call
1630 Goosehead Insurance Inc: Q3 earnings conference call
1630 Teladoc Health Inc: Q3 earnings conference call
1700 Cognizant Technology Solutions Corp: Q3 earnings conference call
1700 eBay Inc: Q3 earnings conference call
1700 Edwards Lifesciences Corp: Q3 earnings conference call

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1700 Ford Motor Co: Q3 earnings conference call

1700 KLA Corp: Q1 earnings conference call
1700 Moelis & Co: Q3 earnings conference call
1700 Pegasystems Inc: Q3 earnings conference call
1700 ServiceNow Inc: Q3 earnings conference call
1700 Twilio Inc: Q3 earnings conference call
1700 Upwork Inc: Q3 earnings conference call
1700 Wolfspeed Inc: Q1 earnings conference call
2000 Yum China Holdings Inc: Q3 earnings conference call

EX-DIVIDENDS
ConocoPhillips: Amount $0.46
First Republic Bank: Amount $0.22

(All analysts' estimates are according to I/B/E/S Refinitiv data)

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PICTURE OF THE DAY

People hold umbrellas while crossing the street during a nor'easter in New York, October 26. REUTERS/Caitlin Ochs

The Financial and Risk business of Thomson Reuters is now Refinitiv. © 2021 Refinitiv. All rights reserved.

(Compiled by Nachiket Tekawade and Haneyl Jacob in Bengaluru) Refinitiv

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