EFTA02112117

From: Sent: Tue 3/11/2014 10:00:32 AM Subject: Early Tour 3.11.14 Good Morning ... European Markets mixed (Portugal +0.84%, Russia -1.5%) ... NKY +0.69%, SHCOMP +0.10%, HSI +0.02%, KOSPI +0.48%, TWSE +0.43%, ASX +0.04% EUR 1.3854 (-0.16%) JPY 103.31 (-0.04%) NZD 0.8486 (+0.18%) AUD 0.9030 (+0.11%) US 10yr 2.7861% Futures: Dow -13, Nasdaq -2, S&P -2 DXY $79.86 (+9c) Crude $101.41 (+29c) Gold $1348.40 (+$6.90) Copper +0.48% Silver +0.60% Asian indices were mixed overnight in quiet trading. Japan outperformed as the Ycn maintained well above 103, but saw the lowest turnover in five months. The BOJ rate policy came in just as expected over the break with no change in their plan for a ¥60m to ¥70th rise in the monetary base and will continue easing until 2.0% inflation is stable. Australia ended flat as it faded into the closed with miners once again weighing following yesterday's commodity rout. China fluctuated in and out of positive territory amid some local speculation as to whether the government will have to take measures such as RRR cuts to have a realistic chance of hitting growth targets. Malaysia identified one of the stolen passport holders that was on Flight 370 as a 19yr old Iranian with no suspected terrorist tics. European markets arc mixed (up/down small but generally starting to fade a bit) with Portugal outperforming +0.84% and Russia underperforming -1.5%. The UK is hosting an international meeting today to discuss possible sanctions on Russia if Crimea is annexed (asset freezes, travel bans, etc). SPA's -2 handles = 1874.50 last. ***NFIB Small Business Optimism @ 7:30am, JOLTS Job Openings © 10am*** ••Wholesale Inventories & Trade Sales @ 10am, AEO & DKS report pre-open*" ***Ackman to show internal documents in Herbalife China webcast 2pm*** •••Ferragamo & Tod's reporting after the close in Europe*" • United Natural eps matched but net +24% as sales jumped & raised FY2014 eps outlook (trading +3.0%) • Urban Outfitters eps/profit beat but CEO said O1 margin still under 'significant pressure' (trading - 2.5%) EFTA_R1_00734479 EFTA02112117 • Boyd Gaming trading +10% after Elliot Associates reported 7.0% beneficial ownership stake • DuPont sees O1 revs & earnings growth 'challenged' by both weather & Ukraine issues (trading - 1.0%) • FuelCell loss/shr matched estimates but sales beat street expectations (trading +20.0%) • Perfect World O4 adj net/ADS & revenues beat estimates & sees strong sales (trading +5%) • Chobani (private) (Greek yogurt) looking to sell minority 20% stake at $2.5B valuation (Reuters) • Sean Combs may bid $200 million for Madison Square Garden's Fuse TV Networks (Bloomberg) • Altice reconfirms its offer to combine SFR and Numericable (offer worth E10.9 billion in cash) • Lindt & Spruengli 2013 ebit inline, takes 51% stake in new Brazil JV with CRM Group (trading - 0.91%) • Brunello Cucinelli FY net & dividend better, ebitda inline, reits 2014 rev/profit target (trading +7.1%) • Akzo Nobel CMD today: CEO says on track to achieve 2015 financial targets (trading -0.22%) • UCB pact with Sanofi to discover anti-Inflammatory small molecules (trading +0.11%) • Nestle cuts pay of CEO Paul Bulcke by 7.0% to 9.29 million CHF (trading -0.45%) • Unicredit: Bank Pekao net tops estimates, raises div, UCG owns 50% (trading +0.58%) • Banca Monte dei Paschi: Fondazione sells E40.6 million shares (trading +0.46%) • Enel in talks with Sapem on Power Plants venture (trading +0.31%) • Galenica NI and dividend better, sees profit target at least same level in 2014 (trading -3.5%) • D/S Nord 2013 EBITDA $24M vs. $148M, expects mkt improvement and well positioned (trading - 4.3%) • Ahold acquires 50 stores in the Czech Republic from Spar for €191.7M (trading -0.76%) • Foxtons: prelimns strong set of numbers with growing sales and lettings (trading +0.74%) • BATS looking to acquire Reynolds's e-cigarettes business (trading -0.61%) • AB Inbev CEO Brito sells €14.9M in stock, buys 684,000 puts, ING upgrades (trading +0.55%) • Geberit FY sales in-line with estimates, appoints Christian Buhl as new CEO (trading +2.0%) • Zurich Insurance: new cost savings targets, cut 800 jobs by 2015 (trading +0.50%) • Royal Unibrew: Sales +7% vs cons, EBIT +17% vs cons, ests to come up 6-8% (trading +6.4%) • African Barrick: Barrick Gold sells 41 million shares © 275p/share (trading -13.0%) EFTA_R1_00734480 EFTA02112118 • Technicolor: main shareholder Vector sells 26 million shares of TCH FP at €4.53/share (trading - 4.5%) • DKSH sales miss estimates, raises dividend, sees EBIT CAGR 10% until 2016 (trading +5.4%) • UK online retail: British Retail Consortium online sales for February +14.3% (ASC LN trading - 0.94%) • UK manufacturing rises more than forecast in January (+0.4% m/m versus estimate +0.3%) • Russia: Citi cuts 2014 GDP growth estimates to 1.0% vs 2.6% on rising tensions in the Ukraine • Cosco Shipping reports Feb shipping volume -3.5% y/y (6th largest in # of container ships in world) Leading European Sectors: Autos/Parts +0.45%, Utilities +0.43%, Fin Services +0.23% Lagging European Sectors: Media -0.52%, Food/Bev -0.38%, Banks -0.36% CASY eps/revs missed — PLOW net sales topped — NVAX loss narrower POWR revs beat — FTEK revs missed — NES to sell Thermo Fluids Secondaries (announced/priced): MMYT, AMH, VIPS (convert), Q, SMLP, ACMP, POST, OXLC, TESO, STCK, VOYA, AMZG, ARI (convert), TKM CN, ABG LN, TCH FP IPO's: Virtu Financial files $100M IPO through GS/JPM/Sandler, Zoe's Kitchen files $80.5M IPO through Jefferies & Piper, Phibro Animal Health files $230M IPO through BofA & MS, Paycom Software files $100M IPO through Barclays & JPM, Pets at Home (books close tomorrow 12pm GMT, orders below 245p likely to miss out), ISS MS closing early (books close 11am GMT, to start trading Thursday), Seplat Petroleum launches IPO ($500M) IPO's (lock-up expires): RetailMeNot (SAE) US Key Research: • Barcap initiates MGIC (ew), Canaccrod initiates DXLG (buy), UBS initiates TMH (buy) Ascendiant initiates NEON/RFMD/SWKS/TWNT/TSEM/TXN (buy) & INTC (sell) Bernstein initiates CSCO/FFIV/UBNT (op) & JNPR (mp) & ARUN/RKUS (up) GS adds CDW to Conviction Buy List & upgrades ITMN (buy) & downgrades VIPS EFTA_R1_00734481 EFTA02112119 • Imperial initiates FLIR (in-line) and ISH (op), Piper initiates BLOX (ow) RBC downgrades TGI & upgrades WAIR, Stifel downgrades (INGN), FBR upgrades IFT • KBW cuts USB, JPM initiates INGN (ow), Wells upgrades M/HPT/SWK & cuts NXTM/FMC Buckingham initiates ARO (buy), Key upgrades AIMC, B. Riley downgrades ARTX • PacCrest upgrades AAPL, Berenberg downgrades CTSH, Citi upgrades JCP (buy) Europe Key Research: • ING upgrades ABI BB, Berenberg initiates DAI GY (buy), UBS upgrades RH SJ, GS upgrades ACX SM • Berenberg upgrades (CNA LN, ELE SM, FUM1V FH, GSZ FP, IBE SM, GAS SM) & downgrades EGPW IM Kepler upgrades BC IM, BofA upgrades BKIR ID, Berenberg upgrades TEMN SW, SocGen downgrades CGM FP • Berenberg downgrades IDR SM, GS upgrades LMI LN, JPM upgrades CKN LN, RBC upgrades EN FP & AV/ LN Mediobanca upgrades BC IM, MS downgrades MIC SS, Kepler upgrades SYNN VX & downgrades WDF IM Kepler re-initiates RI FP (hold) & MF FP (buy), Exane downgrades AIXA GY, Liberum downgrades JMAT LN Investec downgrades RWE GY, Natixis downgrades ILD FP & ZC FP, HSBC upgrades SY1 GY • Espirito upgrades SON PL & downgrades WEIR LN, Panmure upgrades CCC LN, ABN downgrades USG NA Reporting Pre-Open: AEO, AFAM, ARCO, BONT, BPI, CBLI, CMN, CTC, DKS, EJ, GTN, HTHT, IMOS, INFU, JW.A, LEAF, LODE, NNBR, SGA, SNTA, SSH, SYPR, TLP Reporting Post-Close: BKEP, CDXS, CIA, CLIR, CODI, CYTX, CZR, DMND, ENZ, EVOL, FOXF, FURX, GCA, GNMK, GSIG, HRZN, IPAR, KOPN, KTOS, MMI, MNTG, MPO, NCS, NTK, ODC, OGXI, PAY, PIP, PRMW, PULS, RM, RNF, RTK, SAFT, SUMR, TEU, WFI CN Economic Data: MBA Mortgage Applications © 7am, JOLTs Job openings i 10am, Wholesale inventories © 10am EFTA_R1_00734482 EFTA02112120 API crude oil inventories @ 4pm Conferences: CSFB Global Services (AZ), DB Media/IntemetfTelecom, JPM Industrials/Transportation (NYC), Roth Growth (CA) Conferences: Bernstein Biotech (Snowbird), Canaccord Musculoskeletal (New Orleans), ISI Industrials (NYC) Conferences: Bota Consumer & Retail (NYC), Piper TMT (NYC), Barcap Healthcare (Miami) Analyst/Investor Days: EFX, DLPH, MMC, AIZ, CVX, SXC, SXCP Non-Deal Roadshows: AES, AVD, AVGO, AWH, BIO, BSFT, CAR, CBST, CODE, ECA, EZCH, HCSG, HIMX, JOY, LINO, MMM, MPWR, MRO, MRTX, ONB, OREX, PEGA, PRFT, PVA, QIHU, RMBS, SGI, VAR, VRTU, WSTL Shareholder Meetings: MLNK, HOV, BERY Equity/Mixed Shelfs: ENLK, POST Other Newspaper Articles 6 Stories WSJ positive: Linear Technology (LLTC) WSJ WSJ cautious: Caesars Entertainment (CZR) WSJ • Congress to Investigate GM Recall WSJ • Muni Bond Costs Hit Investors in Wallet WSJ • Deal Nears for Institutional Shareholder Services WSJ • China Angst Slams Prices for Copper WSJ • Puerto Rico Sets Coupon, Yield Range for $3 Billion Bond Deal WSJ EFTA_R1_00734483 EFTA02112121 • Activist Investors Put Bondholders in Crossfire WSJ • Chiquita and Fyffes to Merge, Creating New Global Top Banana WSJ • Drones Find Fans Among Farmers, Filmmakers WSJ • Passenger With Stolen Passport Had No Terror Ties, Police Say NYT • Icahn's War of Words With eBay NYT • U.S. and American Airlines Differ on Price for Takeoff Slots NYT • The First Pot Stock Billionaire Says His Penny Stock Could Be A Little High Forbes • Ed Balls plans £6bn raid on bank bonuses and mansion owners FT • Big pharma warns Australia on poppy shortage FT • Mining shares hit by iron ore tumble FT • Permira explores NY listing of Arysta FT • Gulen calls for new constitution in Turkey FT • Lack of unity over Venezuela crisis highlights South America's shortcomings FT • UK offers case study for US on balance sheet taxes on banks FT • Killing off the Audit Commission is bad for the taxpayer FT • Europe prepares sanctions against Russia FT • German banks win lighter ECB scrutiny FT • China opens door to new private banks FT • London is more than a playground for the rich FT • Iron ore: whistling past the steelyard Lex • US LNG exports: waiting is hardest Lex • Tencent: game-changer Lex • Bananas: the right split Lex • Go figure: nation's number crunchers red-faced again The Times • Don't laugh at Ukip — it's a serious force The Times • Demands for safer factories behind thousands of job losses in Bangladesh Independent • Ben Chu: Will the reversal of easing lay waste to shares? We simply don't know Independent EFTA_R1_00734484 EFTA02112122 • The housing market is booming, but don't expect the Tories to do anything about it Telegraph • February storms hit high-street sales Guardian • Public sector workers are biggest losers in UK's post-recession earnings squeeze Guardian • Give and take in the EU-US trade deal? Sure. We give, the corporations take Guardian • Forget sanctions: Putin has already traumatised fragile Russia CityAM • Four reasons Osborne should abolish the Budget CityAM • No signs of let up in London's flotation flurry CityAM Key Events This Week Wednesday: Eurozone IP Thursday: Senate hearings on Fed nominees, Retail sales, Jobless Claims, ECB monthly report, China Feb retail saleslIP/FAI, Japan minutes Friday: Eurozone O4 Labor report Saturday: Australian state elections Sunday: Crimea referendum on joining Russia Key Events on the Horizon Mar 18 — German Constitutional Court will rule on legality of ESM bailout mechanism & fiscal pact Mar 20 — Fed releases result from supervisory stress tests EFTA_R1_00734485 EFTA02112123 Mar 26 — Fed will release Comprehensive Capital Analysis and Review results Apr 11 — DBRS to decide on whether to downgrade Spain or Italy 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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