EFTA Document EFTA01434582

Subject: [/] DB Derivs: Stock Replace Winners ahead of Earnings From: Martin Zeman ‹ > Date: Tue, 17 Jul 2018 14:37:49 -0400 To: "Paul Barrett ( Cc: Stewart Oldfield 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 o