From: Ike Groff <IG®tourmalinellc.com>

From: Ike Groff <IG®tourmalinellc.com> Subject: early tour 5.20.11 Date: Fri, 20 May 2011 10:31:53 +0000 Good Morning ... European Markets up 15-55 bps (Greece -7 bps) ••• Nikkei Closed -14 bps (China -4 bps) EUR 1.4265 (-0.33%) JPY 81.53 (+0.09%) NZD .7954 (+0.58%) Corn +1.1% Copper +0.93% Silver +0.14% 10yr 3.16% Futures: Dow -20, Nasdaq -2, S&P -1 DXY 75.20 (+0.14%) Crude $98.97 (+53c) Gold $1500.80 (+$8.30) ***Options Expiration Today, ANN reports pre-open*** Barnes & Noble gets proposal from Liberty Media to buy company for $17/share cash (20.1% premium) Gap Q1 profit slides 23% on lower comps and margins (cuts full year forecast) (trading -15%) Aeropostale Ql profit drops 64% on weak growth in sales/margins & guides lower (trading -12%) Foot Locker Q1 profit easily tops analyst estimates on higher comps and margins (trading +9.1%) Goldman Sachs expects to soon receive subpoenas from U.S. seeking mortgage-related dots (WSJ<http://online.wsj.comiarticle/SB10001424052748704083904576333730704803292.html? mod=WSJ_hp_LEFTTopStories>) Intuit Q3 earnings beat estimates but its revenue outlook for Q4 comes in shy of street (trading -3.4%) Salesforce.com beats analyst estimates and guides higher on new customer gains (trading +6.8%) Brocade beats #'s as gross margins grew & product revenue increased (guidance inline) (trading +4c) Autodesk Q1 earnings surged 89% thanks to strong revenue gains and cost management (trading +10c) Popular Inc. (BPOP) announces termination of negotiations to sell portfolio of NPL's (trading -8%) Red Robin Gourmet earnings jump 76% (blowing away estimates) (trading +8.3% = new 52 week high) Verifone purchase agreement with Ingenico terminated (merger agreement with HYC remains in full force) NHL's Atlanta Thrashers moving to Winnipeg (Bettman expected to announce today) (Globe and Mail<http://www.theglobeandmail.comisports/hockey/atlanta-thrashers-moving-to- winnipeg/article2029179/>) Glencore (GLEN LN) trading at deal price 530p (opened lower - 525p) (volume 79 million shares so far) Prada wins approval from Hong Kong stock exchange for a $2 billion IPO (listing EFTA00433695 date - June 24) Israeli PM Benjamin Netanyahu says Obama endangering Israel (meeting in Oval Office today @ 11:15am) French FinMin Christine Lagarde is favored to replace Dominique Strauss-Kahn at IMF (Bloomberg) Tepco president forced to resign as the Fukushima nuclear crisis triggered a loss of $15 billion Bank of Japan unanimously keeps overnight call target rate unchanged at 0.0%-0.1% (as expected) Leading European Sectors: Oil & Gas +1.37%, Media +0.98%, Insurance +0.95% Lagging European Sectors: Autos/Parts -0.45%, Healthcare +0.10%, Travel/Leisure +0.10% SYMC $390M acquisition - CCL new credit facility - SMSC acquisition SWY boosts dividend - ARUN beats, outlook disappoints - WTSLA net doubles SCVL 7% higher ql earnings - CPWM q2 guidance light - ZUMZ posts profit beats view WU raises dividend - VLY announces cash dividend - SNI boosts dividend NDSN doubles profit, outlook lower - ITC credit agreement - PLUG reverse split BPOP ends negotiations to sell loans - KNX 1OM share buyback - CEDC positive Stansberry letter VALE appoints ceo - YGE earnings light - DCI boosts FY11 eps guidance BP, MOEX agree to $16 settlement - HWD biz relationship DAA - VTR registers shares Secondaries (announced/priced): OFC, IMGN, TGI, MOS, YOKU IPO's (filed/priced): New Mountain Finance 7.273M shares priced at $13.75 Key Research: Macquarie initiates MMI (op), Stifel initiates JPM (hold) & downgrades ARO, Wells downgrades KNX Key Research: Citadel upgrades UTHR & downgrades SVNT, Piper assumes AHII (ow) & TOMO (neutral) Key Research: Piper initiates LH/MWIV/INMD (ow's) & DVA/AMSG/WOOF/DGX (neuts) & PETS (uw), UBS downgrades PDCO Key Research: Baird lowers target GPS, DB upgrades CS (buy), Citi upgrades AES (buy), KBW initiates APO/PCBK (op's) Key Research: GS upgrades WBMD (buy) & downgrades AIV/LRY, RBC initiates BP.LN (op) & RDSA.LN (top pick) Key Research: Canaccord downgrades INTO & upgrades YELL.LN, Bernstein upgrades GILD Reporting Pre-Open: ANN, CIS, DANG, DCI, HIBB, KIRK, YGE Reporting Post-Close: BH Economic Data: no major releases Fed's Dudley speaks on economic conditions and outlook @ 8am (Fishkill, NY) Conferences: Sofa Global Transportation (Boston), GS Euro Oil Services Symposium (London), GS Insurance Symposium (NYC) Analyst/Investor Days: BGCP Non-Deal Roadshows: ATE, ATRO, AVNW, CDE, CY, DLA, ECA, ENTR, EW, FSUMY, IEMMF, PAL, PEGA, SWC, TICC, XEC, ZOLL Shareholder Meetings: ICE, CMS, CPRX, IPHS, TGX, AET, AON, FONR, HRT, IVD, MDRX, NEE, POM, SAFT, SPN, TWX, AMGN, NETL, NMRX, SGY, IRIS, WCN, SLW, SPU, GVA, SGEN Equity/Mixed Shelf s: PDII ($75M) Other Newspaper Articles & Stories EFTA00433696 Barron's positive: UnitedHEalth Group (UNH), Coventry Health Care (CVH), and Humana (HUM) Barron's<http://online.barrons.com/article/SB50001424052970204532604576333580542237982.html? mod=BOLdawt> WSJ positive: Smart Grid Tech Companies WSJ Heard on the Street<http://online.wsj.com/article/SB10001424052748704083904576333310017201714.html> New York AG looking into business practices of for-profit schools Bloomberg<http://www.bloomberg.com/news/2011-05-19/trump-for-profit-school-s-business- practices-said-to-be-probed-by-new-york.html> Apple has reached cloud-music agreement with Sony Music (6758.JP) Bloomberg<http://www.bloomberg.com/news/2011-05-20/apple-is-said-to-secure-music-accords- with-labels-for-itunes-cloud-service.html> JP Morgan's Dimon: "moral disaster" if US defaults on debts AP<http://hosted.ap.org/dynamic/stories/U/US_JP_MORGAN_CEO? SITE=SCFLO&SECTION=HOME&TEMPLATE=DEFAULT> Is Sears chained to bad news? Barron's<http://online.barrons.com/article/barrons_take.html?mod=BOL_other_tnav_analysis> Fed Sells Out Latest AIG Bond Offering WSJ<http://online.wsj.com/article/S1110001424052748704904604576333723819832248.html> Going All-In on Linkedln WSJ Heard on the Street<http://online.wsj.com/article/SB10001424052748704083904576333562179619454.html> Rosneft's Disappointing Dating Scene WSJ Heard on the Street<http://online.wsj.com/article/SB10001424052748704083904576333562787369934.html> Glencore's Xstrata Dream Still Faces Hurdles WSJ Heard on the Street<http://online.wsj.com/article/SB10001424052748704904604576333071070025228.html> Chrysler Nears $7.5 Billion Capital Raising to Repay Bailout WSJ<http://online.wsj.com/article/S1110001424052748704904604576333390922975566.html? mod=ITP_moneyandinvesting_4> Tech Giants Defend Privacy Practices WSJ<http://online.wsj.com/article/SB10001424052748704816604576333512798714304.html? mod=ITP_marketplace_1> NJ's Christie Seeks Tighter Limits on Medicaid WSJ<http://online.wsj.com/article/SB10001424052748704816604576333762750848954.html? mod=ITP_newyork_0> No pink slip for Ronald McDonald WSJ<http://online.wsj.com/article/S1110001424052748704083904576333213631846174.html? mod=ITP_marketplace_0> Contrarian Investor Shuns Hot Idea for Bigger Picture NYT<http://dealbook.nytimes.com/2011/05/19/contrarian-investor-shuns-hot-idea-for-bigger- picture/?ref=todayspaper> E-Books Outsell Print Books at Amazon NYT<http://www.nytimes.com/2011/05/20/technology/20amazon.html? ref=todayspaper&gwh=7DC94C5D0E59B1BADE688485C950A0C7> Capitalists Who Fear Free Markets NYT<http://www.nytimes.com/2011/05/20/business/20norris.html? ref=todayspaper&gwh=954ABFC102DFEDB20596AEDDAE083A6C> Making Things in America NYT Op-Ed Paul Krugman<http://www.nytimes.com/2011/05/20/opinion/20krugman.html? EFTA00433697 r=l&ref=todayspaper&gwh=59AC712C1ABD54DAF374885D7802A03E> Mobile operators in charge challenge to Ofcom FT<http://www.ft.com/intl/cms/s/0/72e9cb3e-824e-11e0-961e-00144feabdc0.htmlffaxzz1MTNYSSDK> Investec looks to shift operations from UK FT<http://www.ft.com/intl/cms/s/0/3f792a60-823f-11e0-961e-00144feabdc0.htmlffaxzz1MTNYSSDK> Hunt admits delays on BSkyB bid ruling FT<http://www.ft.com/intl/cms/s/0/663eclde- 8265-11e0-8c49-00144feabdc0.html#axzz1MTNYSSDK> Activist holder rips Syms' management NY Post<http://www.nypost.com/p/news/business/apart_at_the_syms_sWy4RyBYnuJJLeChvQ9PSN> No takers for Barclays credit card biz Economic Times<http://economictimes.indiatimes.com/articleshow/8456885.cms> RIL, AmEx in talks to form JV for payment gateway Economic Times<http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/ril-amex-in- talks-to-form-jv-for-payment-gateway/articleshow/8453391.cms> Disney's bet on games not yet paying off LA Times<http://www.latimes.com/business/la-fi-ct-disney-20110520,0,3723877.story> Dick Ebersol abruptly quits as head of NBC Sports LA Times<http://www.latimes.com/business/la-fi-ct-ebersol-20110520,0,5356746,full.story> Flextronics hints at withdrawal from OEM notebook market DigiTimes<http://www.digitimes.com/news/a20110519PD215.html> Nissan Motor and Mitsubishi Motors sign agreement to set up 50-50 JV for mini vehicles in Japan - Dow Jones Sanofi's Multaq to be re-examined by French authorities -- La Tribune Altadis to cut prices to match move by Philip Morris earlier this week - Cinco Dias Key Events Next Week Monday: Chicago Fed Index, Janney Consumer Conference (Boston), Earnings (CPB, SOLR) Tuesday: New Home Sales, Richmond Fed Manufacturing Index, MS Cloud Computing Symposium, Wells Fargo Consumer/Gaming/Lodging Conference (NYC), Earnings (AZO, MDT, AMAT, CPWR, TIVO) Wednesday: Durable Goods Orders, FHFA House Price Index, UK GDP, MS Retail Conference (Boston), Earnings (COST, RL, AEO, CSC, NTAP, TOL, STP) Thursday: GDP, G8 heads of state and government summit (Deauville, France), Sterne Agee Consumer Conference (NYC), Earnings (BIG, HNZ, PDCO, TIF, MRVL) Friday: Personal Income & Consumption, Pending Home Sales, Earnings (SDRL, MENT, RY) 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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