EFTA02105372

From: Sent: Fri 6/6/2014 9:52:13 AM Subject: Early Tour 6.6.14 Good Morning ... European Markets up 10-60 bps (Portugal +1.4%, Spain +1.0%, Swiss -0.20%) ... NKY - 0.01%, SHCOMP -0.54%, HSI -0.69%, KOSPI (closed), TWSE -0.07%, ASX +0.50% EUR 1.3630 (-0.22%) JPY 102.38 (+0.04%) EUR/JPY 139.53 (-0.26%) AUD +0.13% NZD +0.35% US 10yr 2.5766% Futures: Dow +37, Nasdaq +6, S&P +3 DXY $80.46 (+9c) Crude $102.68 (+20c) Gold $123.80 (+50c) Copper -1.04% Silver +0.04% Nat Gas +0.26% Major Asian indices were once again mixed and little changed ahead of the US NFP number due out later today. Despite the yen being slightly stronger and end-of-week profit taking, the Nikkei managed to closed down only I bps and closed up just over +3.0% for the week. Sentiment was helped by a Nikkei report that Japan PM Shinzo Abe has asked the GPIF to accelerate stock investment and instructed them to announce a reconfigured portfolio makeup in Sept or Oct, ahead of its initial year-end deadline. Retail investors remain bullish as evidenced by the Mothers Index gaining +1.4%. Shanghai underperformed, reversing earlier gains after the CBRC announced plans to tighten Wealth Management products and adjust loan-to-deposit ratios. South Korea was closed & Australia is closed on Monday. European markets arc firmer this morning after US markets continued to rally post the ECB yesterday. EMU Banks leading the way +1.05% on the session. Luxury lagging -1.03% weighed down by Prada (closed -6.9% in HK). Sweden closed for holiday today (also note that Norway, Denmark, Switzerland, Greece, Austria, Hungary, Luxembourg all closed on Monday for Whit Monday). US labor report will be the focus this morning and is due out @ 8:30am est. SPA'S +3 handles = 1941.40 last. **May Labor Report © 8:30am (NFP est 215k, Unemployment Rate est 6.4%r- - Consumer Credit @ 3pm, 70th Anniversary of the Allied D-Day landings today— • Verifone Q2 earnings beat estimates and raises FY eps & revenue guidance (trading +3.5%) • BofA in talks to pay at least $12 billion to settle DOJ/State investigations (Dow Jones) • Panera Bread approved new 3yr share repurchase program to $600M (14% outstanding) • Diamond Foods eps/revs missed & posted wider loss (nut segment sales fell) (trading -9%) EFTA_R1_00719748 EFTA02105372 • Cooper Cos #'s beat expectations & boosted low end of FY14 eps forecast (trading inline) • Thor Industries Q3 eps $1.03 vs $1.07 ests & revs inline (guidance cautious) (trading down small) • CAC 40 change announced: Valeo replacing Vallourec effective on the close June 20 • Coloplast trading +2.5% (positive follow thru from CMD on Wednesday) (Danske positive) • Centrica: takeover spec in Daily Mail (rumors Qataris have offered to buy big lines of stock) • Morrisons: AGM today in the UK: 15.4% against re-election of CEO Dalton Philips (trading -0.93%) • Veoila sells its 65.0% stake in Marius Pedersen Group for €240M to help lower debt (trading - 0.14%) • Deutsche Bank rights begin trading (DBKB GY), terms 5 per 18, subscription price €22.5 • Prada closes -6.88% in HK after weak #'s yday (subdued Chinese spending in Europe) Leading European Sectors: Banks +0.90%, Construction +0.84%, Fin Services +0.84% Lagging European Sectors: Food/Bev -0.89%, Retail -0.05%, Healthcare +0.07% SEAC cuts forecast — RALY cuts forecast — CMTL boosts forecast MTN revs better — KCOM LN numbers inline — AERL ID weak passenger data Secondaries (announced/priced): HDSN, LG, CSGP, NVAX, RDUS, MBII, SCM (atm), BMPS IM (rights) IPO's (filed/priced): Arista Networks (ANET) 5.25M shares priced at $43 (above range), Pfenex (PFNX) files $74.8M IPO through William Blair and JMP, Game Digital started trading today (GMD LN) US Key Research: Imperial initiates RSG/SABR (op), Jefferies downgrades FTR, RBC initiates RSE (op) • Wells downgrades SM/SFY/ATHLJAREX/APA, GS cuts BTU & upgrades CNX Buckingham initiates BLMN (buy), Longbow upgrades MUIR (buy), Stifel upgrades HUM (buy) Key upgrades LII/WTS (buy) EFTA_R1_00719749 EFTA02105373 Europe Key Research: • Kepler downgrades Prada (1913 HK), CS downgrades SRG IM & TRN IM, Jefferies upgrades WKP LN • Liberum downgrades IMG LN, GS resumes ALPHA GA (buy), TPEIR GA (n), EUROB GA (n) Raja upgrades EN FP, Berenberg initiates TCG LN (buy), ING downgrades UCB BB, WHA NA, BHW PW • MS resumes AZN LN (ew), Citi initiates SAABB SS(buy), UBS upgrades ASC LN, LBBW upgrades DBK GY DB upgrades FOS SJ, Danske positive COLOB DC, HSBC upgrades TPEIR GA, Natixis upgrades SGSN VX Citi downgrades EDCL LN, Exane downgrades EDPR PL, DNB initiates VARDIA NO (buy) Reporting Pre-Open: KMG, MDI CN, PNY Reporting Post-Close: JOSB, ODC Economic Data: May Employment Report 8:30am, Consumer Credit i 3pm Conferences: WWDC (SF) Analyst/Investor Days: TRV, AAWW, MWE Non-Deal Roadshows: AXGN, CODE, ELOS, FRP, HIVE, IHG, KFX, ORM, PCP, PPO, SGI, SWKS, WCC, XRX Shareholder Meetings: ENT, WMT, BABY, LDOS, VAC, DLLR, FVE, TAXI, TGTX, ACAD, GRMN, LAYN, MWE, ADNC, ONTY, IMMR, CAP, PULS, SBSA Equity/Mixed SheIfs: RIBT ($30M) EFTA_R1_00719750 EFTA02105374 Other Newspaper Articles & Stories WSJ cautious: Broadcom (BRCM) WSJ • BofA in Talks to Pay at Least $12 Billion to Settle Probes WSJ • GM Fires 15 Workers Over Recall Delays WSJ • Vodafone Says Phones Are Tapped WSJ • Europe Tries Below-Zero Interest Rate WSJ • Thai Military Looks to Boost Nation's Spirits WSJ • Pope Francis Overhauls Vatican Financial Watchdog WSJ • In Portugal, Deflation More Than Just a Threat WSJ • G.M. Inquiry on Defect Finds 'Pattern of Incompetence NYT • Bond Rally Is Squeezing the Trading at Big Banks NYT • ECB unveils radical moves to fight deflation and lift economy FT • Tories win Newark by-election as Ukip gains FT • BofA in talks to pay $12bn over probe FT • US warns on China air force modemisation FT • S&P loses Australia appeal over misleading investors FT • High-profile hacking raises cyber security fears FT • Juncker refuses to 'give in' to Cameron FT • SNP scoffs at 'patronising' pro-unionist campaign graphic FT • Iran: Rogue trader FT • Strongmen are back to dash hopes of the Arab spring FT • Obama risks ire by joining Scots debate FT • Fresh signs of life in India's equity capital markets FT EFTA_R1_00719751 EFTA02105375 • Jewellers turn to mobile gaming FT • What Xi and Putin really think about the west FT • Draghi has done enough to silence the doubters FT • Sprint / T-Mobile: extreme makeover Lex • Banks and the ECB: everything it takes Lex • Alibaba: soccer Ma Lex • Bank valuations: for what it's worth Lex • The Tory split on Europe can't be reconciled The Times • War and Reality The Times • Sky-high cost of housing is scaring away global talent The Times • America's regulators to get tough on high-frequency trading The Times • Anti-fraud agency hints at inquiry into Libor scandal Independent • Whitehall will be sold off in the name of reform Independent • Interest rates are entering the twilight zone Telegraph • Dotcom darlings must confront the grim reality of how to make a profit Telegraph • Eurozone will need more than just QE if it is ever to recover CitvAM • Our leaders have forgotten the spirit of D-Day — and why it saved the world CitvAM Key Events Next Week Monday: MCD sales (May), China May PPI/CPI, MSCO Global Nat Resources Conf (Barcelona), KBW US Regional Leaders Bank Conference (NYC), Eamings (HTZ, PBY) Tuesday: Wholesale Inventories April, NFIB Small Business Optimism, MSCI releases results of Annual Review, E3 Video Game Conf (LA), MS Financials Conference (NYC), GS Healthcare Conference (Palos Verde, CA), Piper Consumer Conf (NYC), William Blair Growth Conf (Chicago), Earnings (BURL, HDS, RSH, ULTA, UNFI) Wednesday: MBA Mortgage Applications, Treasury's monthly budget statement, Bofa Housing Summit (Boston), Earnings (HRB, RH) EFTA_R1_00719752 EFTA02105376 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 FAI/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 July 13 — World Cup Final September 18 — Scotland's referendum on Independence October — Brazil elections EFTA_R1_00719753 EFTA02105377 Ike Groff 1680 Washington Blvd 'Stamford, CT 06901 1 it (203) 302-7300 1: ike(itourmalinellc.com This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachment(s) is strictly prohibited. If you have received this e-mail in error please immediately notify the sender at •r by replying to this e-mail and delete the e-mail and any attachments) from your system. Nothing herein shall be construed as a financial promotion to any person or persons, or a solicitation or recommendation to buy or sell any security or other investment or to engage in any trading strategy. Information presented is from sources believed to be reliable, but is not guaranteed to be accurate or complete. This information should not be taken as an offer nor as a solicitation of an offer to b or sell securities or other financial instruments. Email transmission cannot be guaranteed to be secure, timely or error free. may review and store both incoming and outgoing messages. Use by other than the intended recipients is prohibited. EFTA_R1_00719754 EFTA02105378