EFTA02104426

From: Ike Groff Sent: Tue 6/10/2014 9:55:06 AM Subject: Early Tour 6.10.14 Good Morning ... European Markets up 0-50 bps (Denmark/Greece/Swiss +0.75%, UK -0.56%) NKY - 0.85%, SHCOMP +1.08%, HSI +0.86%, KOSPI +1.09%, TWSE +0.65%, ASX +0.10% EUR 1.3558 (-0.26%) JPY 102.35 (+0.17%) EUR/JPY 138.77 (-0.43%) NZD +0.17% RUB - 0.18% US 10yr 2.615% Futures: Dow -22, Nasdaq -7, S&P -4 DXY $80.75 (+10c) Crude $104.63 (+22c) Gold $1253.40 (- 50c) Copper -0.53% Silver -0.22% Nat Gas -0.58% Asian share were mostly higher overnight. Volume improved vs yesterday but still tracking on the lighter side. Shanghai and Hong Kong outperformed (HSI has erased YID loss at today's close) after China reported more benign CPI and PP1 in May which leaves the door open for potentially further stimulus measures. Also helping sentiment was the PBOC announcement of the RRR cut details for eligible banks to help boost lending to smaller companies. Hong Kong listed Macau names continue to get punished on back negative headlines of stricter regulations on UnionPay as well as more GGR downgrades from the sell-side. Japan underperformed as the Nikkei finally dips below the 15k mark in what most were pointing to as profit taking, especially with retail investors (Mothers -2.2%). European markets started the day flat to down small but generally moved higher mid-morning as the EUR rolled over sharply to the 1.3560 level. Denmark, Greece, Swiss all up over 70bps and outperform as they come back online from holiday yesterday. UK lags on profit taking with the FTSE 100 -0.56% (BT worst performing name - 2.8% on news that Sky will launch a new channel dedicated to European football). Quiet overnight in the US. SPA's -4 handles = 1946.20 last. '•'Wholesale Inventories @ 10am, E3 Video Game Conf (LA) begins'•' ***MSCI releases results of Annual Market Classification Review tonight after 5pm*** • eBay's PayPal head David Marcus stepping down to lead Facebook's mobile messaging • Wal-Mart.com CEO in the US (Joel Anderson) to step down according to company memo • Urban Outfitters O2 comp sales to date trending in-line with estimates (Stifel reiterates buy) • Pep Boys revs missed but stronger gross margins (higher SG&A vs ests) (trading +2.5%) EFTA_R1_00717078 EFTA02104426 • ON Semiconductor to acquire Aptina Imaging for - $400M in cash (immediately accretive) • Gemalto: China Telecom picks Gemalto for NFC services commercial launch (trading +2.8%) • Technicolor to acquire Mr. X (Toronto's leading VFX studio) (terms not disclosed) (trading +4.1%) • Bank of Ireland: Wilbur Ross to sell his remaining 5.5% stake @ 26.5c/share (trading -3.9%) • Iliad's bid for Bouygues Telecom said to stumble over price gap (E4-5B vs E7-8B) (ILD FP -0.19%) • Publicis buyback approved overnight (€1.84B) (was authorized at May 28 AGM) (trading +1.7%) • Ted Baker IMS for 19 weeks to June 9 out, strong performance, revs +17.9% (trading -0.20%) • BT getting hit -2.8% on news of Sky Sports 5 channel dedicated to European football • SEC investigating a number of big dark pools re: proper disclosure on how they operate (WSJ) • UK industrial output posts biggest annual gain since 2011(+3.0% y/y vs est +2.8%) Leading European Sectors: Healthcare +0.87%, Tech +0.50%, Media +0.23% Lagging European Sectors: Telco -0.37%, Basic Res -0.37%, Oil & Gas -0.32% DNDN ceo to step down — ONNN $400M acquisition — FOX div boost RCPT pos data — MFRM cfo to step down — COOL eamings light CASY beat ests — CVA to cut jobs, inc div — TPLM total revs above Secondaries (announced/priced): VRNT (common + convert), SBNY, SUNE, ACHC, PSG, IBP, BAS, ROYT, BKIR ID IPO's (launched/priced): GoDaddy (1609711) files for $100M IPO through Morgan Stanley, JP Morgan and Citi, Bauer Performance Sports (PSG) files $135M US IPO through Morgan Stanely, BofA and RBC, Viper Energy Partners files for $100M IPO, Ambrx files for $70M IPO, Avolon (AVOL) Holdings files $100M IPO through JP Morgan, Morgan Stanley and Citi IPO's (lock-up expired): Aramark (ARMK) 190.5M shares (82.9% of outstanding), CatchMark Timber Trust (CTT) 3.2M shares (25.2% of outstanding), Hilton Worldwide (HLT) 765.9M shares (77.8% of outstanding), Scorpio Bulkers (SALT) 5.3M shares (4.0% of outstanding), TetraLogic Pharmaceuticals (TLOG) 17.4M shares (82.5% outstanding) EFTA_R1_00717079 EFTA02104427 US Key Research: • DB initiates MRO/COP/CVX/HES (buy) & HES/MUR/OXY/XOM (hold), CS initiates KORS (op) • Jefferies initiates MNST/PEP (buy) & CCE/COT/DPS/KO (hold) & downgrades EHTH, RBC cuts TLLP Jefferies initiates DPZ (buy) & DPS (hold), JMP upgrades SCHN (buy) & initiates TRUE (op) • Stifel upgrades SU (buy), Barcap initiates NMBL (ew), Piper initiates JMEI (neut), Wells cuts HITT Imperial initiates AMD (op), BMO upgrades CL, UBS downgrades LVS, Evercore upgrades NFLX • Raja upgrades RSG (strong buy), RBC upgrades UNP, MS initiates PAY (ew) Europe Key Research: • SocGen upgrades HENS GY & WEIR LN and downgrades LR FP, GS downgrades SPD LN • Creditsights upgrades MC FP, GS adds ASC LN to CL Buy, JPM initiates TCH FP (ow) Jefferies initiates DOM LN (buy), Exane downgrades BG/ LN, MS downgrades DIA SM • Macquarie downgrades LUPE SS, MainFirst downgrades GET FP, Natixis downgrades GFC FP GS reits DAI GY CL Buy, ABG upgrades DNO NO, BofA reinstates ALNT LN (buy) • DB initiates SNGS RU (buy), GS removes BOK LN from CL Buy, JPM upgrades FQM LN • Investec initiates SAF FP (add) & MTX GY (reduce), downgrades BA/ LN, upgrades ULE LN & AIR FP Nordea downgrades TOP DC, Oriel downgrades TED LN, HSBC upgrades MFON RU Mediobanca upgrades AEF IM, Peel Hunt upgrades E2V LN, SEB downgrades REC NO Reporting Pre-Open: ARES, BURL, CBK, CHKE, FRAN, HDS, RSH Reporting Post-Close: NCS, OXM, SPWH, ULTA, UNFI Economic Data: NFIB Small Business Optimism @ 7:30am, JOLTs Job Openings / Wholesale Inventories © 10am EFTA_R1_00717080 EFTA02104428 API crude oil inventories © 4:30pm Conferences: CS Future of Payments (SF), CS MLP & Energy Logistics (NYC), MS Financials (NYC) Conferences: Piper Consumer (NYC), GS Healthcare (Palos Verde, CA), William Blair Growth Stock (Chicago) Analyst/Investor Days: MET, DDD, SMLP, TAL, WTM, OB, RALY Non-Deal Roadshows: ACRX, AEZS, ALTR, ATVI, BMTC, BTU, BYI, CAPR, CBG, CEVA, CHMT, CKSW, CRNT, CTCT, CWCO, DD, DSPG, DTLK, ESNT, FCF, FHN, FL, GLUU, GRC, HBAN, IMAX, IPHS, JASO, LB, LTRX, MDCA, MHLD, MVNR, NDSN, NICE, PSX, QSII, SAPE, SNCR, SON, STBA, SYNL, TRXC, VZ, YELP, DATE, AAPL, ACHN Shareholder Meetings: DSCO, ESGR, LTC, SSI, WRES, GM, HPT, PF, AMCX, AVHI, CHMI, DCTH, EXA, Gill, IFMI, JGW, PTCT, REV, RJET, SPNC, STXS, BBY, OWW, TJX, LNKD, AMS, CROX, OFLX, ANTH, ALXA, ESS, PBYI, ISIS, ADSK, CVT Equity/Mixed Shelfs: IBTX ($250M), REXX, CA Other Newspaper Articles & Stories WSJ negative: Alibaba's IPO WSJ • Taxpayers Face Big Tab for Unusual Doctor Billings WSJ • Paper Planes Transform Into Tiny Drones WSJ • Bond Markets Twist, Investors Shout WSJ • Tech IPOs Beckon Credit Suisse WSJ • 'Dark Pools' Face New SEC Probe WSJ • IMF Chief Lagarde Calls for Cultural Overhaul at Banks WSJ EFTA_R1_00717081 EFTA02104429 • China's Central Bank Unveils Cuts in Reserve Ratios for Some Banks WSJ • Why Uber Might Well Be Worth $18 Billion NYT • For Western Oil Companies, Expanding in Russia Is a Dance Around Sanctions NYT • Market volatility plummets to multiyear lows FT • Price rises threaten to stifle China easing FT • Russia's neighbours: Primary colours Fr • Gordon Brown warns Scotland could be lost 'by mistake' FT • How many off-the-wall questions can you fit in one interview? FT • US states consider carbon trading schemes FT • Rouhani's visit to Ankara lifts hopes for Turkey-Iran thaw FT • Robot makers turn to technology industry as next world to conquer FT • Keep the lid on Pandora's box or Asia will pay dearly FT • The crisis shows moral capital is in secular decline FT • Investors fear that cheap credit is fuelling another bubble FT • China gas demand to double on smog concerns FT • Singapore banks ramp up to offer local service to multinationals FT • Branson gives backing to money transfer start-up TransferWise FT • Tyson/Hillshire: Meatpacking district Lex • Greece: hit or myth Lex • TSB: little Lloyds Lex • Sports Direct: time to share Lex • Global risk blights outlook for lenders The Times • We want to work for you, says Cameron, as International Festival for Business opens in Liverpool The Times • New fund follows the evidence to capitalise on female-led companies The Times • Swamp-drainers take on the croc-shooters The Times • Risk managers fearful of danger to City from Ukraine crisis Independent EFTA_R1_00717082 EFTA02104430 • Satyajit Das: The West wrings its hands over Asian workers, but carries on robbing them Independent • Europe is jealous as Britain resurrects the Laffer Curve Telegraph • Britain readies 'last resort measures to keep the lights on Telegraph • Why Jean-Claude Juncker won't become President of the Commission Telegraph • The French are right: tear up public debt — most of it is illegitimate anyway Guardian • Good business practice, as well as new laws, are needed to stop forced labour Guardian Key Events This Week Wednesday: MBA Mortgage Applications, Treasury's monthly budget statement, Bofa Housing Summit (Boston), Earnings (HRB, RH) Thursday: World Cup kicks off in Brazil, US Retail Sales, Import Price Index, Eurozone IP April, Earnings (LUL usU, RLOG, OCLS) Friday: PPI, Michigan Confidence, China FAl/retail sales/IP (May), Eurozone trade balance, Eurozone unemployment, BOJ rate decision, Earnings (LABL) Key Events on the Horizon June 18 - FOMC rate/taper announcement June 13 — Preliminary additions/deletions to Russell Indices published after 6pm EST June 20 — Updates to the list of additions/deletions to Russell Indices, FTSE quarterly rebalance on close June 27 — Russell Rebalance on the close of trading EFTA_R1_00717083 EFTA02104431 July 13 — World Cup Final September 18 - Scotland's referendum on Independence October — Brazil elections Ike Groff 1680 Washington Blvd 'Stamford, CT 069011 St This e-mail and any files transmitted with it are confidential and Intended only for the person or entity to which it is addressed. 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