EFTA00370915.pdf

From: Ike Groff Subject: Early Tour 4.16.14 Date: Wed, 16 Apr 2014 10:04:59 +0000 Inline-Images: image00 1 jpg; image002.png ,Description: Description: Good Morning ... European Markets up 30-130 bps (Italy +1.8%) ... NKY +3.01%, SHCOMP +0.17%. HSI +0.11%. KOSPI +0.00%, TWSE +0.08%, ASX +0.60% EUR 1.3841 (+0.19%) JPY 102.33 (-0.40%) EUR/JPY 141.63 (+0.59%) GBP +0.39% RUB +0.58% NZD -0.55% US 10yr 2.65% Futures: Dow +74. Nasdaq +20. S&P +9 DXY $79.72 (-9c) Crude $104.66 (+91c) Gold $1299.70 (-60c) Copper +0.21% Silver +0.21% Nat Gas -0.68% Asian markets closed in the green following the late session turnaround in the US and some strong earnings out post close. Japan was the standout, with indices ending at the highs led by intemet related names on back of Alibaba and Yahoo's results. Softbank finished +8.5% and accounted for 70 points in the Nikkei's 420 point gain, while DeNA ended +11.7% on back of a couple of broker upgrades. The Yen breaking and holding above 102 also helped sentiment as well as comments from Finance Minister Aso who said foreign investors may react to GPIF stock-move from June. Outside of Japan, China macro numbers were in focus especially a slightly better beat in GDP: GDP 7.4% (Cons 7.3%); Mar IP +8.8% (Cons +9%); Retail Sales +12.2% (Cons +12.1%). ChiNext fell nearly -1.0% on continued noise on IPO resumption with some talks that subscriptions could resume next week. European markets also bid higher this morning across the board with the exception of Russia -0.35%. Earnings starting to pick up and full recaps highlighted below. Reminder that it is a 'A day today in Norway (auction at 1pm local time) (tomorrow will be a 'A day in Sweden while Norway and Denmark will be closed) (all of Europe is closed on Friday and Monday excluding Turkey). In the US, earnings in focus and Janet Yellen will be speaking @ 12:15pm in NYC today (GS is out saying this speech will be most pertinent to the interest rate speculation). SPA's +9 handles = 1848.60 last. 'Mortgage Apps @ 7am, Housing Starts @ 8:30am, IP @ 9:15am, Beige Book @ 2pm*** 'AST, BAC, GWW, HBAN, PNC, STJ, USB, ADTN reports pre-open, GETIB SS #'s @ 7am EST' ***AXP, COF, IBM, KMI, KSU, NE, PBCT, SLM, SNDK, GOOG, KSU after cbsen* • Yahoo clean quarter as revenue growth returned plus Alibaba strong beat (trading +7%) • Intel higher revs & lower Q1 net but beat ests, PC stabilized (CEO big bet on tablets) (trading +1.5%) • Linear Tech profit grew fueled by higher sales in auto segment (but missed) (gm widened) (trading -2%) • CSX Corp O1 profit fell 14% & eps down 17% y/y pressured by coal price declines but beat (trading inline) • Interactive Brokers beat as 1O comp. EPS 35c vs est. 30c & 1O rev. $369.2M vs est. $322M (trading +2%) EFTA00370915 • RBC to close prop trading desk and spin off Global Arbitrage & Trading into stand-alone HF (WSJ) • Danone Q1 total LFL sales +2.2% = inline, weak dairy vols, confirms 2014 forecast (trading -1.3%) • Tesco FY trading profit beats estimates, margins inline, expectations were low into #'s (trading +2.1%) • Credit Suisse O1 net income misses ests, investment bank weaker on fixed income (trading -2.0%) • BHP Billiton production update decent, core divisions performed well, non-core weaker (trading -0.16%) • ASML O1 sales inline, gm's better, cuts H1 sales forecast, little EUV detail, cc 9am EST (trading -3.3%) • Edenred O1 underlying numbers look ok although hurt by FX due to BrazilNenezuela (trading -2.0%) • Syngenta O1 sales +5.0% matching estimates, says on track for sales growth target (trading +1.3%) • Reckitt Benckiser numbers inline with estimates, on track to achieve full-year targets (trading +0.54%) • Burberry O4 LFL +12.0% vs consensus +9.0%, H2 revs inline, cautious on FX impact (trading +1.8%) • Luxottica signs 10yr eyewear license agreement with Michael Kors, 151 collection in Jan (trading +1.7%) • Ziggo O1 revenues inline, ebitda light, outlook unchanged, underpinned by bid (trading +0.14%) • Persimmon new financial year started well, weekly private sales +25% in first 15wks (trading +2.0%) • Technip-participated consortium awarded a $3.5 billion contract by Total MI Angola (trading +0.44%) • GEA sells heat exchanger business to Triton for enterprise value of E1.3 billion (trading +0.28%) • Hargreaves Lansdown record level AUM (increase of £2.3 billion in O1 to £45.7 billion (trading -3.4%) • Metso board rejects Weir proposal to commence talks regarding potential combination (trading -3.1%) Leading European Sectors: Autos/Parts +1.58%, Media +1.32%, Construction +1.05% Lagging European Sectors: Tech -0.22%, Food/Bev -0.18%, Basic Res +0.38% Secondaries (announced/priced): ATHL IPO's: Moelis & Company (MC) prices below range @ $25/share, Opus Bank (OPB) 5.13M shares priced at $30 (below range), TriVascular Tech (TRIV) 6.5M shares priced at $12 (below range), Anima Holding (ANIM IM) began trading this morning US Key Research: ••• Barcap upgrades LNC & downgrades RGA, GS upgrades GPC and SFUN (buy) • Imperial upgrades ZBRA/GDP and initiates SBGL (op), RBC initiates ATEN (op) • Jefferies upgrades UNFI (buy) and initiates HLT (hold), Nomura upgrades GHL & cuts MSI EFTA00370916 • Raja initiates NMBL (op), Baird initiates LPI (op), UBS upgrades NMBL (buy) & cuts NTAP • Canaccord initiates MDVN (hold) and NPSP/REGN/LPTN (buy), MS upgrades PDS • Multiple brokers initiate ATEN, MS downgrades SPN, UBS initiates CNC (neut) • Raja upgrades FSGI andCTRL (strong buy) & cuts GSJK, CS initiates INGR (op) • BMO upgrades PDM, SunTrust upgrades SNV (buy), Wells Fargo upgrades TWC • Citi downgrades UNH & upgrades YELP (buy), Evercore upgrades XOOM • JPM upgrades WHF/SC/AINV, B. Riley downgrades INTC, Steme Agee upgrades FDO Europe Key Research: • Citi upgrades PSM GR, CS upgrades CGL LN, CM-CIC upgrades ACA FP (buy) • DB resumes F IM (sell) & upgrades VOLV.B SS, Liberum upgrades CSR LN (buy) • Danske Bank downgrades ATRAV FH, Exane upgrades VIE FP/DNB NO/SEV FP • Equinet upgrades DB1 GR & downgrades G1A GR, Numis upgrades XAR LN (buy) • HSBC upgrades IAG LN/OPAP GA, Investec downgrades SPH LN/DIA LN • Jefferies assumes UNA NA/WPRO IN (hold) and TCS IN (buy), Bofa reinstates IRAO RU (buy) • Mainfirst initiates PTC PL/TIT IM (op) and TEF SM (up), MS cuts TRN IM & upgrades FIVE LN • Swedbank cuts AXFO SS, Natixis cuts WHA NA, Kepler upgrades CGCBV FH (buy) • SEB Enskilda downgrades MEO1V FH and OTE1V FH (sell) SocGen initiates SOLB BB (buy) & downgrades ENEL IM and RCO FP (sell) Reporting Pre-Open: ABT, BAC, GWW, HBAN, PNC, STJ, USB, ADTN, FRC Reporting Post-Close: AXP, COF, IBM, KMI, KSU, NE, PBCT, SLM, SNDK, AF, ALB, BAP, BGS, BMI, CATY, CCK, CNS, EFII, EGP, EWBC, FLXS, GOOG, HBHC, HNI, KMP, KMR, KSU, NSR, PCBK, PTP, RLI, STLD, TPLM, UFPI, URI Economic Data: MBA Mortgage Applications @ 7am, Housing Starts and Building Permits @ 8:30am, Industrial Production @ 9:15am, Beige Book @ 2pm DOE crude oil inventories @ 10:30am Fed Speakers: Stein @ 8:30am (Stone Mountain, GA), Lockhart @ 12pm, Yellen @ 12:15pm (NYC), Fisher @ 1:25pm (Austin) EFTA00370917 Conferences: Bofa Auto Summit (NYC) Analyst/Investor Days: RHT, GPS Non•Deal Roadshows: CNDO, CVX, DMPI, DRQ, ERA, EVOL, FXEN, M, MGNX, MSM, MU, MGS, ORCL, REMY, SSH, TEAR, TXTR, UNIS Shareholder Meetings: CNHI, GAM, ABG, UFPI, SHW, BCR, FMER, CBSH, SAH, KAMN, NWBI, SON, SYRG, WDR, WSBC, BPFH, ESBF Equity/Mixed Shelfs: N/A Other Newspaper Articles & Stories WSJ cautious: Twitter (TWTR) WSJ • Housing Market Slow to Hit Its Spring Stride WSJ • China's Growth Slows WSJ • Alibaba Flexes Muscles Before IPO WSJ • Mt. Gox Files for Liquidation WSJ • Ukraine Uses Military Force for First Time WSJ • Cloud Investing Beyond Amazon, Google and Microsoft WSJ • RBC to Close Trading Desk WSJ • Price War Erupts in Cloud Services WSJ • Goldman Moves to Energize Trading WSJ • In Brooklyn Mentoring Program, Volunteers Get Tattoos Designed by Teens WSJ • Broker Records to Get Scrutiny WSJ • IBM Needs to Offer Investors More Than Safety WSJ • Search for Rich Payouts Hits a Wall WSJ • New York REIT Starts Fast WSJ EFTA00370918 • Shale Boom's New Problem: Radioactive Waste WSJ • New York Unit That Spied on Muslims Is Disbanded NYT • Pension Deal Edges Detroit a Step Closer to Recovery NYT • Russia Is Quick to Bend Truth About Ukraine NYT • As Credit Dries Up, Smaller Companies in China Feel the Pinch NYT • Brazil's Star, Petrobras, Is Hobbled by Scandal and Stagnation NYT • In Yahoo Earnings, a Peek at Alibaba's Big Growth Ahead of Its M. NYT • Super Tuesday for EU bank regulation FT • Barclays investors still set for pay protest FT • Moelis IPO hit by market woes FT • Overhyped dotcoms may hold answer to the tech bust FT • Defenders of union come under fire FT • Rio Tinto makes 'progress' in mine dispute FT • NY watchdog deepens Credit Suisse probe FT • IPO enthusiasm spreads to Europe FT • Ukraine on the brink of civil war Telegraph • France is the new cauldron of Eurosceptic revolution Telegraph • Squeeze eases with longest run of falling inflation since 1992 Telegraph • Imperial Tobacco calls time on last UK factory Telegraph • Airline apologises for graphic image Guardian • How Much Stock Trading Should There Be? Bloomberg Key Events This Week 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 EFTA00370919 May 5 — Ira Sohn Conference NYC 9 link) May 17 — Portugal exits bailout program Ike Groff ,680 Washington Blvd Stamford, CT 06901 W ,Description: Descrintion: I® 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. 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