Working Out The Lats: Removing NKE from AFL & Lowering VFC Price Target (Pictorial Herein) Model Update Model Update Lowering Postpaid Net Adds for T & VZ, Raising for S & TMUS; Activity Subdued, But New Promotions Will Come Spot rates fell w/w as A-E routes started to give back gains achieved post HJS bankruptcy; Transpac rates remain steady Key Takeaways From Our "Endless Summer" Restaurant Forum in Santa Barbara Earnings outlook strengthened Government mulling tighter grip Doing well away from home A butterfly emerging from a cocoon