EFTA02108705

From: Ike Groff Sent: Mon 4/14/2014 10:10:20 AM Subject: Early Tour 4.14.14 Good Morning ... European Markets down -1% (periphery underperforming)... NKY -0.36%, SHCOMP +0.05%, HSI +0.15%, KOSPI -0.02%, TWSE -0.57%, ASX -1.28% EUR 1.3824 (-0.44%) JPY 101.68 (-0.07%) EUR/JPY 140.56 (-0.41%) AUD -0.11% RUB - 0.89% GBP -0.09% US 10yr 2.626% Futures: Dow -26, Nasdaq -10, S&P -3 DXY $79.73 (+28c) Crude $103.83 (+9c) Gold $1325.00 (+$6.00) Copper +0.21% Silver -0.38% Nat Gas -0.37% Most Asian markets were lower overnight, following the US moves on Friday - volumes were very light as we begin the holiday shortened week. Shanghai and Hong Kong outperform ahead of China's 1Q GDP release this coming Wednesday. Japan closed on the lows as Yen strength continues and the Nikkei failed to break through the 14k level. The KOSPI ended flat after failing to get through 2,000 — foreigners were net sellers for the first time in thirteen sessions. India and Thailand were closed for holidays. European markets opened down and have continued to trade lower. Over the weekend Draghi has indicatd that the ECB may unleash an unconventional monetary policy in a effort to fight low inflation (FT), possibly as soon as June meeting to adopt a negative deposit rate. Also suggesting any ECB QE policy would include a mix of government and private assets. Tensions between Ukraine and Russia escalated over the weekend as Ukraine ordered troops east and one Ukrainian officer was killed in a Skirmish near the Russian border. Russia called an urgent session of the United Nations Security Council as officials from US & Moscow blamed each other & members from Ukraine/Russia/US & EU are scheduled to hold talks in Geneva April 17 to resolve the crisis. Eurozone Industrial Production numbers are in line with estimates at 0.2%. L'Oreal numbers after the close tonight. US Earnings season kicks in this week with Banks, tech & industrials to be in focus (Citigroup reports pre-market) & Retail Sales data today will give first look at April trends. SPAs -3 handles = 1808.40 last. " - Retail Sales @ 8:30am, Business Inventories © loam.•• ***C reports pre-open / JBHT #'s post close" • Glencore sells Peruvian copper mine to Minmetals Group for $5.856 • UBS to approach 50% dividend payout ratio this year according to CEO Ermotti (FT) • Telecom Italia may get $2B investment from Naguib Sawiris if Telefonica exits (trading -1.8%) • Peugeot releases new competitiveness plan — plans to halve model lineup (trading -3.3%) EFTA_R1_00727180 EFTA02108705 • Standard Chartered could see bid from Orix for its Hong Kong credit unit (trading +0.4%) • Kuehne & Nagel 1O profits rose from cost cuts but sales miss estimates (trading 3.2%) • Marine Harvest Trading update looks good except in Norway, Div 5 NOK. (mkt 3.5) (trading +2.8%) • Tesco plans return to US with its F&F clothing store - boss on rack as profits fall yet again (trading +0.3%) • Yara plans to replace share repurchase program — aims to buy up to 5% of shares (trading +1.1%) • Aviva agreed to sell their entire, 47% stake in its South Korean business Woori Aviva Life (trading - 1.3%) • Allianz to increase exposure to stock markets and infrastructure projects as rates stay low (trading - 1.3%) • Ericsson Ex Div 3.00 SEK today, welcomes business with Iran (trading -1.1%) Leading European Sectors: Trav/Les -2.78%, Construction -1.98%, Autos/Parts -1.96% Lagging European Sectors: Food/Bev +0.56%, Basic Res unch, Oil & Gas -0.11% AON raises dividend — AA d/g at Fitch — S & Spotify planning partnership HEIA NA to sell 100 UK pubs — DUFN VX div unlikely — SY1 GR to buy Diana Deal Secondaries (announced/priced): CVM IPO's: Jumei International (JMEI) files $400M IPO through Goldman, Credit Suisse and JPMorgan, Parsley Energy (PE) files $400M IPO through Credit Suisse, Goldman Sachs, JPMorgan and Wells US Key Research: • Atlantic initiates LNKD (ow), Barcap upgrades PANW, DB upgrades BLMN (buy) & cuts MSFT • ISI upgrades DYN (buy), Jefferies initiates MDWD (buy) & upgrades LLY & cuts JNJ JMP initiates PCTY (mp), JPM initiates OTWO (ow), Nomura initiates AKBA (buy), Raja upgrades ULTI ▪ Roth upgrades PSMT (buy) & initiates ACRX (buy), Stifel upgrades FFIWTTMI (buy) EFTA_R1_00727181 EFTA02108706 • Multiple brokers initiate AKBA (buy), Stifel downgrades GLW, Key initiates RSE (hold) • KBW initiates NYMT/AGII/OSBC (mp), Baird upgrades V/MA, UBS upgrades AMTD/SCHW (buy) a. Raja PFG and upgrades LNC (strong buy) Europe Key Research: Berenberg upgrades VOS GR (buy) & cuts CLN SW and MIC SS (sell), Numis upgrades JLT LN • DnB downgrades TLSN SS, Barcap downgrades TFG SJ, ING initiates WKL NA/REL LN (hold) Jefferies initiates EVR LN (hold), Liberum downgrades TEC FP, Mediobanca resumes A2A IM (neut) e Nordea upgrades KNEBV FH/BO DC, UBS downgrades STM FP/TOM2 NAITRMO SS (sell) ▪ Canaccord downgrades ANTO LN, Banca Akros upgrades TIT IM, Gilbert Dupont upgrades IPN FP Reporting Pre-Open: C, MTB, EVK Reporting Post-Close: JBHT, LEDS, OZRK, PNFP, SBSA, SMTX, SXT, TPLM Economic Data: Retail Sales @ 8:30am, Business Inventories © 10am Conferences: No major conferences Analyst/Investor Days: CETV, OTTR, HFWA Non-Deal Roadshows: EHTH, GEOS, KMX, LXP, MILL, RALY, REMY, SHI, SLH, VCYT Shareholder Meetings: N/A Equity/Mixed Shelfs: ROIAK ($100M) EFTA_R1_00727182 EFTA02108707 Other Newspaper Articles & Stories Barron's cover: Thoughts about the health of the tech sector Barron's Barron's positive: Post Holdings (POST) Barron's Barron's negative: Caesars Entertainment (CZR) Barron s Lands' End (LE) Barron's • Stocks Stumble, but Hope Lingers WSJ • Hedge Funds Wield Risky Legal Ploy to Milk Buyouts WSJ • Glencore Sells Copper Mine for $5.8 Billion to Chinese Group WSJ • Citi Held Back in Olive-Oil Deal WSJ • Spanish Banks Push Own Foreclosed Properties WSJ • Taking Inflation's Temperature WSJ • Three Killed in Kansas Shootings WSJ • Deadly Virus's Spread Raises Alarms in Mideast WSJ • Student Maps Voting-Rights Approach WSJ • GM's Opel Speeds Path to Profit WSJ • Connecting Africa's Unconnected WSJ • Google Wants to Follow You to the Mall WSJ • Defying Russia, Ukraine Forces Clash With Militants NYT • Climate Efforts Are Falling Short, U.N. Panel Says NYT • The Art of 'Something From Nothing' NYT • Rich Start-Ups Go Back for Another Helping NYT • Leaner and More Efficient, British Printers Push Forward in Digital Age NYT • Thought Secure, Pooled Pensions Teeter and Fall NYT • Herbalife Shares Decline on Criminal Inquiry News NYT • The Poetry of the Trading Floor, Going Beyond Bears and Bulls NYT EFTA_R1_00727183 EFTA02108708 • Slowdown puts 1bn middle class at risk FT • US and Russia in UN clash over Ukraine FT • Tech insiders dumped shares ahead of slide FT • Walgreens urged to leave US for tax cut FT • Wind farms trump tracking in UK poll FT • City bankers get around EU bonus cap FT • London's 'fintech' start-ups aim high FT • Four questions markets must not pass over FT • Inside a sniper rifle factory Telegraph • Wage rises to outstrip inflation as 'cost of living crisis' eases Telegraph • Treasury sees £7bn boost from fuel duty freeze Telegraph Key Events This Week Tuesday: Empire Manufacturing, CPI, TIC Flows, NAHB Housing Market Index, Yellen speaks, Eurozone Trade Balance, China Mar retail sales/IP/FAI Atlanta Fed Financial Markets Conference, Earnings (CMA, JNJ, KO, NTRS, CSX, INTC, LLTC, YHOO) Wednesday: Housing Starts & Building Permits, March IP, Beige Book, Eurozone CPI, Bofa Auto Summit (NYC), (ABT, BAC, GWW, HBAN, PNC, STJ, USB, AXP, COF, IBM, KSU, NE, SLM, SNDK) Thursday: Philadelphia Fed, China property prices March, Earnings (ADS, AN, BAX, BBT, BHI, BLK, BX, CMG, DD, DOV, FITB, GE, KEY, MAT, MS, PEP, PBCT, PM, PPG, SLB, UNH) Friday: Good Friday (North American & European Markets Closed) Key Events on the Horizon Apr 21 — European markets closed for Easter Monday EFTA_R1_00727184 EFTA02108709 May 5 — Ira Sohn Conference NYC 9 (link) May 17 — Portugal exits bailout program Ike Groff 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 203-302-7300 or by replying to this email and delete the e-mail and any attachrnent(sl 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 buy or sell securities or other financial instruments. Email transmission cannot be guaranteed to be secure, timely or error free. Tourmaline Partners, lit may review and store both incoming and outgoing messages. Use by other than the intended recipients is prohibited. EFTA_R1_00727185 EFTA02108710