EFTA01179648.pdf

From: Tazia Smith <I To: jeevacation@gmail.com Cc: , Vinit Sahni , Nav Gupta Paul Morris , Vahe Stepanian Subject: American Airlines (+1.05mm).... [C] Date: Thu, 24 Apr 2014 15:46:33 +0000 Inline-Images: unnamed; unnamed(I); unnamed(2); unnamed(3) Classification: Confidential Good Morning Jeffrey - American Airlines reported a s solid earnings beat this AM ($0.54 vs. $0.48 eps, inline revs of $10bn). Delayed response in stock price as geopolitical fears (Putin) over-rode a decent durable goods beat in the US, but now, as you know, equity markets have reversed to the upside and AAL is outperforming. Interday and 12mo charts below. Bloomberg markets on your risk reversal here (they're wide, just fyi): Jan 20 call 0.30 x 0.45 Jan 20 put 17.0 x 18.60 Implies $16.55 net vs. your $6 cost currently +$1.05M on your position Indicative level only. subject to market movement. Source: Bloomberg 4/24/14 AAL Interday Price History as of 4/24/14 ML US S T 37.98 +.99 37.96 37.98 6x67 .,itl At 11:37 Vol 7,523,877 C 37.84E H 37.98 Q L 36.76 Val 280.541M Latnliera Save As WI Actions Edit - titaday mart 04, 24;2014 a 30 5:00 Trade r! or 1D 3D IM 6M YTC lY ST Max Tick n' Securitv/Studv m fvent 0 t Track Annotate News , Zoom • AN_ US Equity 37.98 • Close on 04/23 ---- 37.09 37.80 T High on 04/24 11:37 37.98 -9- Average 37.3779 37.60 Low on 04/24 10:04 36.76 37.40 37.20 37.00 36.80 10 00 11:00 12:00 13:00 14:00 15:00 24 Apr 2014 AAL 12mo Price History as of 4/24/14 EFTA01179648  AAL US ! - 37.93 +.84 .,,,...__,44 A37.90/37.96Z 1x2 Al At 11:37 Vc1 7,506 852 0 37.84P H 37.98Q L 36.76D Val 282.42611 24 =An Save •- •- tact Price m Liner r con pare ••0/. AVCS === me Iag LID 3D 11I 6M YTC 1Y SY Max Daily securitv/studv Event 0 + Track Annotate yews 40. Zoom 40.00 37.93 ►36.00 •34.00 ►30.00 I • Last Price 37.93 T High on 03/07/14 39.02 ►28.00 -•- Average 32.984 ►26.00 1 Low on 12/09/13 24.60 ► 24.00 40M i fliVsitomilAsiiiismir.50891Muchnari Dec Jan I MAIM Feb Millipadibblii ilildnnit. Mar Apr 7.508M 2013 I 2014 EZ l Tazia Smith Director F Key Client Partners - US DB Securities Inc Doutsrho Ascot & Manaaement Peacift,40-Bufonn. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01179649