EFTA Document EFTA02143623

From: Sent: Tue 4/9/2013 10:00:01 AM Subject: Early Tour 4.9.13 Good Morning ... European Markets up 20-50 bps (DAX +0.20%, Italy +0.95%, Spain +0.75%)... ASX +1.5%, NKY +0.0%, KOSPI +0.11%, TWSE -0.31%, SHCOMP +0.64%, HSI +0.81% EUR 1.3035 (+0.20%) JPY 98.83 (+0.53%) EUR/JPY 128.83 (-0.34%) AUD 1.0457 (+0.43%) Spain 10yr 4.73% Italy 10yr 4.35% US 10yr 1.75% Futures: Dow -6, Nasdaq +6, S&P +1 DXY $82.57 (-18c) Crude $93.54 (+18c) Gold $1572.20 (- 30c) Copper +0.67% Silver +0.30% Asian markets skewed higher as benign China CPI data helped boost sentiment. China CPI inflation moderated to +2.1% y/y in March from +3.2% in February and consensus +2.5% (suggesting the tick up in inflation in February was purely a Chinese New Year effect). H-Share materials and construction names were stronger after President Xi Jinping said relatively fast economic growth may continue for some time. South Korea managed to end modestly higher as it rallied late to post its first gain in seven sessions despite ongoing threats from the North. Japan continued to be a focus with hope the JPY would break 100 this morning after it weakened above 99 overnight, but the currency momentum turned early on leading the Nikkei to close flat on the session. Fairly quiet morning in terms of news flow in Europe & US. Virtually every equity market in Europe in the green today on light volumes with the periphery outperforming. Alcoa posted a mixed quarter last evening and Ron Johnson has been ousted as CEO of JCP. Tomorrow we will get Obama's budget as well as the FOMC minutes. The S&P has alternated between up and down days for 13 days in a row now. SPA's +1 handle = 1560.70 last. "'Grant's Spring Conference (NYC), IMF world economic outlook update today*** ***Jack Lew meeting with Wolfgang Schauble in Berlin & Pierre Moscovici in Paris*** **George Soros gives a lecture in Frankfurt on Europe © 5:30pm CET*** ***Wholesale Inventories 10am, ADTN & SEAC report after close*** • Alcoa profit beat estimates & reiterates aluminum demand view ("aerospace market strong") EFTA_R1_00799924 EFTA02143623 • JC Penney's Ron Johnson out as CEO — replaced by predecessor Mike Ullman (trading -5%) • Corrections Corp of America authorizes special dividend of $6.63 per share ($675M) • PE consortium to bid more than $12B for Life Technologies (LIFE) according to NY Post • EADS: Lagardere placing 7.44% stake, 61.1M shares © €37.35, EADS bot back €500M of it (trading ) • Deutsche Tel allowed broadband expansion, EC blocked plans to raise fixed line operator fees (trading ) • FirstGroup (bus/rail) trading statement inline, to consider FY div, cautious on Greyhound (trading ) • ICAP: along with 15 banks is being investigated by CFTC over interest rate swap manipulation (trading ) • Tesco: Daily Mail reports Buffett has been bidding UK institutions to increase stake to 10% (trading • Kuehne & Nagel takes over 70% of shares in Oman's Universal Freight Services (trading ) • Scar: II Sole reports the company is one of two bidders for Generali's US Life Re business (trading • Volkswagen Brand Q1 sales -15.1% in Germany, +23.7% in China, +4% in US (trading ) • Subsea 7 wins $350 million Brazilian Petrobas pipe lay support contract (trading ) • Warsaw Exchange said to hold merger talks with Vienna Bourse (Bloomberg headlines) • Lansdowne Partners & GLG among 20 institutions interested in 300 RBS branches (Sky) • German exports decline in February amid Euro-area recession (-1.5% m/m versus est -0.3%) • French industrial confidence unexpectedly falls as domestic demand stalls (93 versus est 95) • Dutch industrial production +0.7% m/m vs est +2.0%, UK industrial production +1.0% mm/ vs est +0.4% • OECD warns that the cost of fixing Slovenia banking sector could be higher than estimated • Sundance Resources Ltd (SDL AU) closes -45% after Hanlong bid is terminated • Belle International (China footwear/sporting goods) +4% after reporting O1 sales yesterday • North Korea urges foreigners to leave Seoul to ensure safety in case of a war (FT) Leading European Sectors: Basic Res +2.49%, Banks +1.15%, Telco +0.84% Lagging European Sectors: Food/Bev -0.72%, Autos/Parts -0.59%, Media -0.22% EFTA_R1_00799925 EFTA02143624 FIRE appoints ceo — ECPG ceo to step down — STAA revs better MNST $200M buyback — ANGO eps above prior guidance — SHLM lowers FY eps view BMC workforce reduction — FOE guides higher — Biomet (private) #'s out Secondaries (announced/priced): EAD FP, KRG, CUZ, STWD, MCC, PHOR LI IPO's (lock-up expires): Diamondback Energy (FANG), Linnco (LNCO), Workday (WDAY) US Key Research: DB initiates CTUFTRNVIN (hold's) & LVLT (buy), GS initiates FRC (buy) & CYN (neut) • Compass Point upgrades CYS/BBT (buy), KBW cuts CLMS, Mizuho upgrades MAKO (buy) Nomura upgrades GPN (buy), Stifel initiates MON, Piper downgrades ABMD/PDCO • Opco downgrades CNOR, RBC downgrades BOH/STJ, Raja downgrades PL • Macquarie initiates H (neut) & HOT/MAR (op's), Canaccord initiates SRPT (buy) Europe Key Research: JPM initiate LUX IM (n), reinstate VED LN (ow), MS upgrade Europe LCC Airlines: (RYA ID resumed ow, +ve EZJ LN) GS initiate MOSX RU (b), Barc upgrade BBVA SM, POP SM, CS downgrade RAND NA, downgrade ADEN VX • Citi downgrade SAND SS, Hungarian Stocks, upgrade European (Ex UK) stocks, Emerging Markets • Citi downgrades US, Global Utilities, rate Gem stocks overweight • BofAML upgrade BIMAS TI, MGROS TI, downgrade BC IM, UBS initiate RBI AV (n) ING add BOKA NA, SBMO NA added to Benelux favourites, upgrade MELE BB, CSM NA, AGS BB • HSBC u/g US Stocks, PSM GY, TFI FP, initiate TECN SW (n), SRT GY (n), d/g European Equities, NOBN SW, SOON VX, WDH DC EFTA_R1_00799926 EFTA02143625 'dr Chev downgrade AMP IM, Cantor initiate TNTE NA (b), Investec resume PFD LN (b), upgrade OXIG LN • Equinet upgrade BSA GY, KBC downgrade RCUS BB, Peel initiate GNC ID (h), Cana downgrade NESN VX • Numis upgrade KAZ LN, HOC LN, POG LN, ABG LN, Medio downgrade 1913 HK, AMP IM • BEREN downgrade SDF GY, upgrade SYNN VX, initiate YAR NO (b), URKA LI )h), RenCap initiate MOEX RU (b) Reporting Pre-Open: ZEP, SYRG Reporting Post-Close: ADTN, ATNY, CCIH, PSMT, SEAC Economic Data: NFIB Small Business Optimism @ 7:30am, JOLTs Job Openings / Wholesale Inventories © 10am Treasury Auction of 3-yr Notes @ 1pm ($32B), API crude oil inventories © 4:30pm Fed Speakers: Lacker @ 9:30am (Richmond, VA), Lockhart 1pm (Atlanta Fed Conf) Conferences: Telsey Spring Consumer (NYC) Analyst/Investor Days: HILL Non-Deal Roadshows: ACW, AMRC, ARIA, CDE, HIBB, IMUC, KOS, SIG, SSL, SUPN Shareholder Meetings: HRG, OTTR, JOEZ Equity/Mixed Shen: NGLS, CYCC ($75M), MIC EFTA_R1_00799927 EFTA02143626 Other Newspaper Articles & Stories WSJ cautious: Diamond Foods (DMND) WSJ, JC Penney (JCP) WSJ • Luxembourg 'May Ease' Bank Secrecy Laws Sky • Thatcher: the great reformer FT • French president struggles in tax crisis FT • Fernandez feels political pressure FT • Portugal: new challenge Lex • General Electric: the long game Lex • JC Penney: strategy in store Lex • Kraft and Mondelez: snacks and snags Lex • Japan's Stimulus Generates Ripples WSJ • Introducing the 97-Month Car Loan WSJ • Penney CEO Out, Old Boss Back In WSJ • Britain's Call to the Brave in Banking WSJ • Tokyo Bank Bulks Up in U.S. WSJ • New Threat to Aereo TV WSJ • B-School Accrediting Body Retools Standards WSJ • 3-D Printing Is Ready for Surgery WSJ • Google Prepares for Fiber Warfare WSJ Heard on the Street • Sun-Soaked City Aims for Solar Dominance NYT • Battle Heats Up Over Fate of Troubled Energy Buyout NYT • Death of Margaret Thatcher, the First Lady, but her legacy will live on The Times • Mortgage fees soar to record high as lenders claw back cash The Times • China's thirst for resources to drive sea change in shipping The Times • North Korea to consider closing Kaesong complex after worker recall Guardian EFTA_R1_00799928 EFTA02143627 • UK fashion stores feel the chill during a harsh winter Independent • Financial Transaction Tax 'will shackle investors and harm economy Telegraph • News Corp threatens to make Fox a paid-for channel in Aereo dispute Telegraph Key Events This Week Wednesday: Obama to publish his budget, FOMC Minutes, MBA Mortgage Applications, Citi Diamond Day (NYC), Earnings (FAST, KMX, PGR, STZ, BBBY) Thursday: Import Price Index, Jobless Claims, Earnings (JBHT, PIR, RAD) Friday: PPI, Retail Sales, Michigan Confidence, Eurozone Fin Min meeting, Earnings (JPM, WFC) Key Events on the Horizon April 18 — Politicians in Italy expected to vote for new President May 8 — Ira Sohn Conference NYC May 19 — US debt ceiling limit May26/27 — Mayoral elections in 720 cities across Italy July 1 — Mark Carney takes over as BOE Governor September — German elections EFTA_R1_00799929 EFTA02143628 680 Washington Blvd I Stamford, CT 06901 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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