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2. Markets log 4-day rally, up big for week

3. Q2 earnings release is After-hours April 23 Bird-Flu has caused 13 deaths in China (as of 11:05 AM) 13% drop in March sales Shares fell 2.6% in after- hours trading; Opened down 2.8%

5. Buy or sell YUM?

7. Reporting CompanySurprise Type (EPS) Stock Reaction (For Week) Alcoa (AA) Positive EPS of.13 vs..08 expected 0.6% Down Wells Fargo (WFC) Positive EPS of.92 vs..89 expected 0.68% UP JP Morgan (JPM) Positive EPS of 1.57 vs. 1.39 expected 2.08% Up

8. (WFC) (JPM)

9. JPM earned 25.8 Billion in revenue and beat both expectations. Earnings increased 53%, but helped by 1.2B in reserve releases. Overall demand for credit weakening. Core business sales didnt do as well as headline numbers indicate. Net interest margins and loan-deposit ratios continued to fall. Diamond outlined 17,000 in job cuts over the next year, stock down roughly 1% Friday.

12. Bank record profits are result of cost cutting and easy fed policy more than core operating earnings. Low interest rates hurt bank profitability, but help trading profits. Fed paying 0.25% on excess reserves discourage banks loaning to individuals/ small businesses Large corporations can still take advantage of low rates and easy money.

13. McDonalds (MCD) Citigroup (C) GE Microsoft (M) Google (GOOG) Cocoa-Cola (KO) Johnson and Johnson (JNJ) American Express (AXP) Ebay U.S. Bank (USB) Morgan Stanley (MS) Bank of America (BAC) IBM Nokia (NOK) Honeywell (HON) Intel (INTC) Pepsi (PEP) Goldman Sachs (GS) Yum! Brands, Inc. (YUM)

15. Prior Positions Lecturer, University of Notre Dame, South Bend, IN, 2008 – 2011 Consultant, Global macro hedge fund, Austin, TX, 2008 – 2010 Partner, Multi strategy hedge fund, Dallas, TX, 2005 – 2008 Lecturer, Southern Methodist University (SMU), Dallas, TX, 2000 – 2008 Lecturer, University of Texas, Arlington, TX, 1994 – 1999 Financial Analyst, Chicago, IL and Seattle, WA, 1988 - 1994 Academic History PhD in Finance, University of Texas, Arlington, TX, 1999 MBA in Finance, Loyola University, Chicago, IL, 1992 BBA in Finance, University of Iowa, Iowa City, IA, 1988