EFTA Document EFTA01387061

From: Martin Zeman Sent: 7/17/2018 2:37:49 PM To: 'Paul Barrett CC: Stewart 0ldfield Subject: I/I DB Derivs: Stock Replace Winners ahead of Earnings Lower delta risk during earnings with options This quarter seems to be another where expectations are high and so beats will be shrugged off and misses get punished. Last week we had a note looking at stock reactions to earnings; The initial move on SPX and NDX constituents earnings last quarter were mostly negative, even on beats, befo