CME -- good solid report but nothing great. I was hoping for more on the volume growth front but it turns out the big volume gains I saw merely offset the volume weakness of the early part of the quarter. I still think estimates are too low for the next several quarters. Volumes on the acquired CBOT were stronger. Free cash flow remains strong. Company intends to do a tender offer for shares at a price less than $360 -- this could have a positive effect on EPS growth if they are able to buy a lot of shares. Volatility usually leads to gains in derivative volumes.
ILMN -- not much detail yet -- they just reported tonight and I have not had the chance to listen to the conference call. Revenues and EPS were better than expected and the stock popped a little after the news. This is a great secular story about the growth in genetics -- genomic analysis. New products have meant an order of magnitude improvement in the cost of genomic tools and that means big jumps in volume.
LH -- solid quarter with in line revenues and cash flow. steady as she goes.
PEP -- have not had the chance to look at this one but headlines suggested they beat and raised guidance -- always a good thing.
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