JPM | US Special Situations Daily: September 16, 2026

Research evidence excerpt

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

16 September 2026

JPM | US Special Situations Daily: September 16, 2026

Neetu Jhamb

(212) 622 5042

Special Sits Today

News: SAFT HSR expires, Justice Department Sides With Paramount on Demand That States Post $1.88 Billion Bond

Research: FLEX, ALKT, AAL LN/TECK

Flows on the desk from yesterday: BWIN deal name from Monday we were better to sell with LO + arb supply, sold ~3m

shares on the day as the stock closed around deal price. WBD we remain better to buy with mainly arb demand. DBRG we

were two ways xx 2m on the day with arb demand and arb supply. LNTH we remain two ways skewed to the sell side. CCO

we remain two ways xx north of 3m on the day. AES we were two ways xx 500k with HF supply and arb demand. We saw

demand in WTRG (Outright), UGI, and TXNM

Today: AES/BLK OH PUC Approval By Requested ; D/NEE NRC Request For Hearing ; ICE US Dividend Ex-Date C ;

CRBG US Dividend Ex-Date C ; UNP US Morgan Stanley 14th Annual Laguna Conference ; ON US Financial Analyst Day

*Zoom Webinar* Virtual Management Meeting with CSX’s CCO CFO

Catch up with the CCO and CFO of CSX to cover the latest rail volume trends across key end markets following the

Intermodal Association of North America’s conference (IANA) in Long Beach.

Date Time: Friday, September 18 @ 10:00am ET / 15:00 UK Register Here

News & Press:

SAFT: The waiting period under the HSR Act with respect to the Merger expired at 11:59 p.m. Eastern Time on September

14, 2026, satisfying one of the conditions to Closing.-8K

NSC/UNP: NSC presented yesterday at MS conference and made the following commentary on deal timeline. (UNP presents

at 12:15 today) “Really good development procedurally as we move into this merits phase. We’re pleased to be in that phase

of this process right now. I think about it kind of in three big pieces going forward. So you kind of have a comment period and

request period. And you also have DOJ and DOT comments. Those are kind of like mid November to early December

timeframe. Then you’ll have our responses to those kind of in the February timeframe.…