EFTA00370849.pdf

From: Ike Groff Subject: Early Tour 4.22.14 Date: Tue, 22 Apr 2014 09:50:50 +0000 Inline-Images: image00 1 jpg; image002.png ID:Description: Description: Good Morning ... European Markets up 20-110 bps (Russia -0.59%) NKY -0.85%, SHCOMP +0.34%, HSI -0.13%, KOSPI +0.25%, TWSE +0.26%, ASX +0.46% EUR 1.3803 (+0.08%) JPY 102.50 (+0.11%) AUD +0.32% GBP +0.20% RUB -0.06% US 10yr 2.70% Futures: Dow -1, Nasdaq +3, S&P -0 DXY $79.88 (-6c) Crude $103.98 (-39c) Gold $1290.80 (+$2.30) Copper -0.43% Silver +0.49% Asian markets ended mixed in quiet trading despite Australia and Hong Kong coming back online following the long weekend. Japan underperformed as the Nikkei sold off in the final hour of trading after breaking 14,500. Japan's Government Pension Investment Fund (GPIF), appointed 7 people, including 3 experts who are in favor of high-risk asset investment, as members of the pension fund's policy-setting committee. Hong Kong was lower as mainland properties fell on back of China Securities Journal running with a front page article saying that there is no need to save the property sector as the banks can take it even if property prices come off hard. China Resource Group holding companies were under pressure (CR Power -9.6%, CR Ent -4.2, CR Cement -4.1%) following reports that China anti-corruption agency is investigating their chairman. Shanghai saw a late day rally after struggling most of the day on IPO resumption concerns. The Kospi managed to close above 2000 as foreign and pension money helped lend support and Taiwan closed higher, driven by Largan (+6.5%) and Asustek(+4.5%). In Europe, markets are generally higher in quiet trading and it's all about pharma today (SXDP +2.8%) following this weekend's press reports of Astrazeneca/Pfizer talks (AZN LN +6.9% tracking its ADR move yesterday) and news out after the close that Valeant & Pershing Square are teaming up to make a run at Allergan (AGN +21% after the close). And now Novartis & GSK have announced a major series of transactions: creating new consumer-health venture (GSK 63.5% controlling interest), Novartis agrees to buy GSK's oncology unit for as much as $16B, Novartis to sell vaccines unit to Glaxo for $7.1B, Novartis to sell Animal Health unit to Eli Lilly for — $5.4B. And Philips is currently trading -7.0% after missing estimates due to HC + lighting as well as weaker EM and FX. Earnings kicking into full gear in the US today as nearly 1/3 of the S&P is scheduled to report this week. Netflix +6.8% after posting a strong Q1 and raising prices which should help some of the crowded momentum names that have been unwinding as of late. After yesterday marked the 5th consecutive gain for the S&P on the lightest volume day of the year by far, SPA's are currently flat = 1864.30 last. "'House Price Index @ 9am, Existing Home Sales @ 10am*" ""Bernanke speaks @ 11:45am, China Flash PMI for April tonight" ***BK, CMCSA, HOG, IPG, ITW, MCD, OMC, RF, SPG, TRV, UTX, XRX pre-open"' n'AMGN, DFS, FTI, GILD, IGT, ISRG, JNPR, NBR, T, YUM reports post-closen* EFTA00370849 • Nettix to raise subscription prices after solid O1 (qtr streaming revs passed $16) (trading +6.8%) • Ackman & Valeant (VRX) team up to offer possible cash & stock bid for Allergan (AGN) (21% premium) • Novartis/GSK major 3-part transaction, exchange certain assets, form consumer-health venture • Novartis to divest Animal Health to Lilly for $5.4B (NOVN VX +2.3%, GSK LN +5.3%, LLY no volume) • Astrazeneca ADR's closed +8.8% yesterday on Sunday Times story of Pfizer talks (trading +6.9%) • Philips misses estimates, adjusted EBITA 12% light on HC + lighting, weaker EM & FX (trading -7.0%) • Accor O1 sales miss estimates, LFL's +2.1% vs est +2.5%, demand strong ex-France (trading -0.58%) • Schindler Q1 sales inline, net & ebit small miss on fx, confirms revenue guidance (trading +2.3%) • Vedanta: India allows iron ore mining in Goa with conditions, still capped 20mt pa (trading +3.0%) • KPN: America Movil cuts stake in KPN to 24.83% from 26.69% in AFM filing (trading +1.5%) • Manchester United: David Moyes sacked at Manchester United (currently 7th in the EPL table) Leading European Sectors: Healthcare +2.75%, Chemicals +1.41%, Fin Services +1.38% Lagging European Sectors: Basic Res -0.17%, Oil & Gas +0.26%, Tech +0.37% Secondaries (announced/priced): ALSN, PLUS, AGIO IPO's (lock-up expiration): Aerie Pharma (AERI), CommScope Holding (COMM), Sprague Resources (SRLP), Endurance International (EIGI) IPO's (filing/priced): Ulthera (ULTH) files $86.3M IPO through JPM, Citi, William Blair and Canaccord, Heritage Insurance Holdings (1598665) files for $100M IPO through Citi, Papa Murphy's Holdings (FRSH) launches IPO (anticipated pricing May 1) US Key Research: • Barcap downgrades QEP, Brean initiates FSLR/SPWR (buy) & SUNE (hold) ••• Cantor upgrades NFLX (buy), Citi upgrades SRPT, CS upgrades FB ••• GS initiates HIVEJTVVOU (buy) & upgrades SMLP/NCLH (buy), Imperial initiates VRNS (op) ••• Jefferies initiates AKRX/ANAC/PRGO/XNPT (buy), JMP initiates HIVE (mp) ••• Jefferies assumes NKTR/PCRX/SHPG/SLXP/TEVANRX (buy) & AGN/SGNT/SUPN (hold) ••• KBW upgrades LION, Raja initiates ERIC (mp), Roth initiates GSVC (buy) ••• Stifel initiates EVDY (buy), Citi upgrades AZN (buy), Piper assumes RKUS (ow) EFTA00370850 • Stifel cuts CWH (sell), Raja upgrades MAIN/RUTH and GRGI (strong buy) and cuts DFRG • Roth initiates GSVC (buy), BMO upgrades HD, B. Riley initiates IMMR (buy) • Evercore upgrades INTU, Steme initiates SYNA (buy), Baird initiates GLRI (op) Europe Key Research: • Bofa initiates PETS LN/SHF SJ (buy) & upgrades ETE GA and RMG LN (buy) • Cantor initiates SRSP LN (buy), Citi upgrades AZN LN/LAM LN/HSBK LI (buy) • CS initiates PLND LN (neut), GS upgrades RUSAL FP (buy), Equinet upgrades BION SW (buy) • JPM upgrades EVR LN & initiates PLND LN (neut), Bankhaus Lampe downgrades LXS GR • KBC downgrades RES BB, ABN upgrades AKZA NA, Nomura initiates PETS LN (buy) • Espirito downgrades NUM FP (sell), SocGen upgrades KPN NA (buy) & downgrades RMS FP • Swedebank downgrades MEO1V FH/NCC LN, MS downgrades ING FP, Raja cuts DGE LN, • Numis initiates BKY LN (buy), Pohjola upgrades AKTAV FH and LAT1V FH (buy) • Panmure upgrades GSK LN (buy), UBS cuts ENI IM/DBK GR & upgrades ATO FP (buy) Reporting Pre-Open: ATI, BK, CMCSA, GPC, HOG, IPG, ITW, MCD, OMC, PLD, PNR, RF, SPG, TRV, UTX, XRX, ACI, AKS, AOS, ASTE, CIR, CNC, CSL, CTG, ELS, FCF, FMER, GLF, JNS, LXK, MDSO, MTG, PCH, PEBO, SAH, SBNY, SIFY, SNV, TBI, TCB, UBSH, XRS Reporting Post-Close: AMGN, BCR, DFS, FTI, GILD, IGT, ISRG, JNPR, NBR, T, TMK, TSS, YUM, ACC, AMSG, BBNK, BUSE, CBST, CBU, CREE, CSFL, CVA, CYT, ETH, FBC, FMBI, FULT, HA, HAFC, HLIT, lEX, IRBT, PFBC, PKG, RNST, RPT, SANM, SKX, SMCI, SWKS, TIS, TRMK, UIS, UMBF, VASC, VICR, VMI, VMW, VPFG, WRB, WSBC, WWD, ROOM, ZIXI Economic Data: House Price Index @ 9am, Existing Home Sales @ 10am Treasury auction in 2yr notes @ 1pm, API crude oil inventories @ 4:30pm Conferences: no major conferences Analystlinvestor Days: GME, MED, REGI Non-Deal Roadshows: BAC, CEMP, EXAM, GPN, HLSS, KEYW, NCS, NSSC, PRGS, PVH, RENT, RPM, WDFC EFTA00370851 Shareholder Meetings: CCE, AEP, CHDN, EMCF, MTGE, ORB, FSS, NPBC, STI, C, PTP, TAL, CMA, NBL, PKI, UMBF, UTL, VFC, AGNC, CNC, FAST, HMNF, PNC, PX, SHEN, WBSH, WASH, MET, ASBC, MDU, MPX, ROL, LINE, LNCO, RES, BANR, CPHD, CYT, NIDB, PGC, SYK, RNST, FLIC, SP, SSD, BIO, RYL Equity/Mixed Shelfs: ZION, EFC ($750M) Other Newspaper Articles 8 Stories WSJ cautious: Netflix (NFLX) WSJ • Ackman, Valeant Set Sights on Botox Maker WSJ • Plans That Forgive Student Debt Skyrocket WSJ • Inside Nike's Struggle to Balance Cost, Safety WSJ • Gas Prices Rise as U.S. Exports More WSJ • Novartis Overhauls Product Portfolio WSJ • Ford's Mulally Speeds Up Departure WSJ • Netflix Previews a Price Increase WSJ • Banks Fight for Trading Business WSJ • Hedge Funds Drive to Record WSJ • M&A Shops Offer Simple, Risky Bet WSJ • Barclays to Exit Most Commodities Trading WSJ • Iraq Oil Output Exceeds Hussein Era WSJ • Facebook Plans Mobile-Ad Network WSJ • Russia Displays a New Military Prowess in Ukraine NYT • Under Russians, Life in Crimea Starts to Grow Chaotic NYT • A Restorative Triumph After the Bomb Blasts NYT • Companies Built on Sharing Balk When It Comes to Regulators NYT • Valeant's History of Deal-Making NYT • For Square, Making Money Remains a Challenge NYT • Ackman in bid for Botox maker Allergan FT EFTA00370852 • Freedom to (rack plan faces backlash FT • Nike's FuelBand runs into trouble FT • Microsoft fine-tunes €5.4bn Nokia deal FT • Carmakers put foot down over emissions FT • 'Click and collect' grows at fast rate FT • Recovery 'could let Osborne cut tax by £7bn' before election Telegraph • AstraZeneca brings in Wall Street 'defenders' amid Pfizer bid speculation Telegraph Key Events This Week Wednesday: US Flash Manufacturing PMI, New Home Sales, Eurozone Flash PMI April, Earnings (APD, BA, DAL, DOW, DPS, GD, IR, NOC, PG, AAPL, FB) Thursday: Durable Goods, Kansas City Fed, Obama visits Japan, Draghi speaks @ 5am EST, Earnings (ABC, AET, BTU, DNKN, GM, HSY, LO, MMM, UPS, WM, CB, MSFT, V, SBUX) Friday: Markit US PMI, Michigan Confidence, Earnings (CI, F, MCO, VFC, WHR) Key Events on the Horizon May 5 - Ira Sohn Conference NYC 9 (link) May 17 — Portugal exits bailout program Ike Groff 1680 Washington Blvd 'Stamford, CT 069011 EFTA00370853 ,Description: Descrintion: 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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