EFTA00390481.pdf

From: Ike Groff Subject: Early Tour 5.15.13 Date: Wed, 15 May 2013 09:56:01 +0000 Inline-Images: image001.jpg; image002.png L,,:pescription: Description: Good Morning ... European Markets up 0-70bps (IBEX +1.0%, FTSE -0.08%) ASX -0.56%, NKY -+2.29%, KOSPI +0.12%, TWSE +0.81%, SHCOMP 0.35% HSI -0.50% EUR 1.2881 (-0.29%) JPY 102.43 (-0.01%) EURIJPY 131.95 (-0.27%) AUD 0.9960 (-0.64%) GBP 1.525 (+0.27%) Spain 10yr 4.34% Italy 10yr 4.00% US 10yr 1.96% Futures: Dow -9, Nasdaq -2, S&P -2 DXY $83.27 (+23c) Crude $93.56 (-66c) Gold $1410.10 (-$14.40) Copper -1.19% Silver -2.07% Asian markets are mostly higher, led by Japan, as it ripped higher and closed above 15k for the first time since the end of 2007 as the JPY touched a 4 1/2-year low against the USD. Sony (+10.4%) was in the spotlight after shareholders called for a reorganization to focus on the struggling electronics business. Retail favorites meanwhile were hit hard today with Gungho -8.4% following Gree's (-16.5%) poor numbers, and TSE Mothers Index fell -8.2% as retail took profits in good size. China held up despite Premier Li Keqiang saying the government has limited loom for stimulus. BofA cut their China 2013 GDP growth forecast to +7.6% from +8.0% following a similar call from JPM yesterday. Australia underperformed as resource names took a dive following the Premier's comments as well as on news of BHP plans to cut capex. Eurozone O1 GDP's in focus this morning q/q: Eurozone -0.2% (est -0.1%), Germany +0.1% (est +0.3%), France -0.2% (est -0.1%), Italy -0.5% (est -0.4%), Portugal -0.3% (est -0.3%), Netherlands -0.1% (est -0.1%). Despite the sluggish GDP's European markets remain fairly firm so far this morning. Commerzbank squeezing +15% after government completes placing of €625M in stock and €2.5B rights period begins (BofA upgraded stock today as well) and leading EMU Banks higher (SX7E +0.82%). The USD remains strong with the DXY breaking out to new ytd highs which has Gold rolling back over -$14.70 to $1509.90. SPA's -2 handles = 1645 last. ***Mortgage Apps @ 7am, Empire Manufacturing / PPI @ 8:30am*" "Industrial Production @ 9:15am, NAHB Housing Index @ 10am". ***CSC, DE, M report pre-open / CSCO, JACK #'s post close's* • Agilent income fell on restructure costs & cut yr views but buyback inc & 2% workforce reduction (trading +1%) • HSBC strategy day, reaffirms ROE & dividend targets, seeks further $2-38 cost savings (trading +0.30%) • KPN receives demand for 97.4% of right issue shares, rump of 74.9M shares placed this am (trading +1.0%) • Gemina: Changi Airport sells up to $224M stake, range €1.42-1.44, midpoint pricing expected (trading -2.6%) • Thyssen O1 strong, driven by Industrial Solutions, maintains FY target, advanced SA disposal talks (trading +2.7%) • Salzgittter O1 sales inline, EBIT better, performance weighed by European uncertainty, cautious tone (trading -1.3%) EFTA00390481 • Bouygues O1 sales light due to Colas seasonality, op loss better, rising net debt, reits outlook (trading +1.3%) • Finmeccanica O1 revs inline, EBITA light, net debt worse, net below, confirms 2013 targets (trading -0.40%) • Lafarge selling 14% stake in Indian subsidiary, raising Eur200mn to fund future Indian growth (trading +1.0%) • RWE O1 op profit inline, net income beats, net debt increasing, "satisfactory" start to the year (trading -0.70%) • Allianz O1 net income beats, non-life good, asset management strong, confirms FY targets (trading +0.10%) • TUI AG Q2 sales better, EBITDA inline, raises FU operating results, plans 50% div payout ratio (trading +3.1%) • SMA Solar O1 sales inline, EBITDA ahead, global PV market to decline this year, could see FY loss (trading -0.50%) • Julius Baer O1 trading update, AuM inline, sees further —ve impact from EU-Swiss tax reforms (trading -0.35%) • Iliad O1 sales ahead driven by strong mobile with new subscribers #'s excellent, ARPU ok (trading -2.4%) • LSE O1 net ahead, revs up 7%, increases final div, optimistic about year ahead, IPO recovery (trading +4.5%) • Easyjet H1 revs & pretax loss inline, expects to deliver improved returns, H2 trading inline (trading +5.7%) • GFK O1 net falls 39%, net income deteriorates, adj EPS misses, reiterates 2013 forecasts (trading -0.60%) • Vivendi O1 revs inline, EBITDA weighed by SFR, "very challenging" economic environment (trading -2.3%) • Monte Paschi Q1 net loss better, revs & net interest income ahead, trading income strong (trading +7.1%) • Mediaset O1 revs inline, EBITDA light, Italy/Spain slowdown, cautious FY tone, broker u/g (trading +5.1%) • Tod's O1 sales & EBITDA light, organic growth misses, margins light, US & Asia strong (trading +0.90%) • Hennes April sales miss, cite poor weather (again) as reason, not matching peers (trading -1.1%) • Arkema O1 net loss on one time charges, revs slight light, confirms outlook (trading +5.0%) • Scor O1 net inline, FY sales exceed $10bn, sees "highly uncertain" market (trading -0.40%) • ACS O1 sales below, net beats, rising EBITDA, net debt improvement, wide range (trading +0.50%) • Talanx O1 net inline, EBIT light, investment income misses, confirms forecasts (trading -1.6%) • MLP O1 revs light, EBIT & net miss, reiterates 2013-2015 outlook (trading +0.20%) • Ageas O1 group net profit beats, life insurance light on domestic and Asia, overall inline (trading -0.30%) • Nordex O1 sales inline, EBIT loss better, order intake continues to improve (trading -2.5%) • RHI O1 net income light on audit provisions, revs below, EBITDA beats, confident on FY (trading -1.0%) • Compass H1 revs inline, underlying pretax misses, maintains guidance, positive outlook (trading +1.1%) • C&C FY revs & EBITDA in linem div light, vols decline, sees 2014 as transitional year (trading +2.2%) • Gigaset O1 revs & EBITDA miss, negative FCF increases, market trends challenging (trading +2.2%) • ITV Q1 revs broadly inline, guiding for lighter O2, lack of upgrades may weigh (trading -3.1%) • Douglas O2 sales & revs in line, EBITDA beats, net loss cut, reits outlook (trading +0.50%) • TeliaSonera: Megafon Q1 numbers beat, raising margin outlook guidance (trading +0.93%) EFTA00390482 • UK O1 ILO unemployment rises 15k, employment down 43k, April jobless claims -7.3k • BOE raises GDP forecasts vs Feb and lowers inflation projections (sees GDP +0.5% this O) • Mizuho forecasts FY NI 5006 yen vs est 464.26 yen, buying back 376 yen preferred shares • Mitsubishi UFJ net profit slides in last FY but comes in much better than its own outlook • Tencent earnings out 30min ago (O1 net 4.04 billion yuan versus estimate 3.756 yuan) Leading European Sectors: Trav/Les +1.47%, Banks +0.90%, Real Estate +0.89% Lagging European Sectors: Oil & Gas -0.54%, Chemicals -0.23%, Utilities -0.16% SWY raises div — MFLR merger agreement — WAB stock split div raise Secondaries (announced/priced): THC, CVRR, RH, RMTI, ACAD, SPF, AINV, FLT, FANG, RP, GEM IM, SNP RO, CBK GY, KPN NA, RYL (convert) IPO's (lock-up expires): Ruckus Wireless (RKUS) IPO's (filed/priced): Covisint (COVS) files $100M through CSFB, Bluebird bio (BLUE) files $86.3M through JP Morgan and Bofa, Esperion Therapeutics (ESPR) files for $70M through Credit Suisse and Citigroup US Key Research: • Barcap assumes NYX/AMTD (ew's) & JNS/WDR/ETFC/SCHW (uw's) & reinstates FXCM (ow) • Citi upgrades GPS (buy), GS reinstates SWY (sell) & downgrades GLNG (sell), Barcap cuts WDR • Piper initiates HALO (ow) & PDLI (neut) & cuts EAT, Wells downgrades RGP & initiates UIL (op) ••• Baird initiates LNKD (neut), Opco downgrades RENN, BMO upgrades ARO/PSB, Longbow cuts MOLX ••• Raja downgrades BC, CS cuts CLX & upgrades RBC, Evercore initiates MHP (ew) Europe Key Research: • UBS downgrade ATLN VX, ENG SM, upgrade MS IM, Nomura upgrade CBK GY, ULVR LN • JPM upgrade ACA FP, HYDR RM, IRAO RM, initiate DCC LN (n), Nordea upgrade PNDORA DC • RBC downgrade WOS LN, Citi downgrade EDP PL, BofAML upgrade RICHT HB, Libr u/g PURE LN EFTA00390483 • SocGen downgrade MERY FP, BP IM, upgrade SVT LN, MS upgrade BG/ LN, Numis downgrade CIU LN • Natixis upgrade FDR FP, GFT FR OMV AV, HSBC initiate IMI LN (ow), WEIR LN (n), d/g BBVA SM, SAN SM Reporting Pre-Open: CSC, DE, M, ACAT, ACRE, AG, CGX, EJ, EMIS, GLOG, JST, MIL, NSLP, OXF, PF, PFSW, VIP, VSCP, WMC Reporting Post-Close: CSCO, ACXM, ANW, BLIN, CER EFOI, JACK, LWAY, MBND, MCOX, NQ, NTES, ONR SAPE, SB, SBSA, TCX, TRI, WYY, YOKU Economic Data: MBA Mortgage Applications @ 7am, Empire Manufacturing / PPI @ 8:30am, TIC Flows @ 9am, Industrial Production @ Capacity Utilization @ 9:15am, NAHB Housing Market Index @ 10am DOE crude oil inventories @ 10:30am Conferences: Bofa Health Care (Las Vegas), JPM TMT (Boston), JMP Research Conference (SF) Conferences: Citi Global Energy & Utilities (Boston), Bofa Global Transportation (Boston) Conferences: Bofa Metals and Mining (Barcelona), BMO Farm to Market (NYC) Analyst/Investor Days: SPWR, SAP Non-Deal Roadshows: APR ARTC, BDE, BOH, COH, GMO, GVA, KERX, LMAT, MCO, PCCC, PVTB, RBA, RBS, RTEC, SBNY, SIRI, SLG, TEX, THS, TMK, TRI, UBSH, USG, VLO Shareholder Meetings: AEG, NOC, RNR, WLP, AFCB, DO, LSG, BKW, CMCSA, FL, HERO, HPT, MTX, PPO, RDN, ABCD, AF, AKAM, CRY, FBNK, HAL, INGR, MHGC, NBBC, PPL, STEL, HTZ, WRES, ACTI, AIG, DF, GSBC, HIW, LUV, TEN, VOLC, ELY, LPR, AE, BRY, NVDA, HIG, PNW, AKR, CECE, INFN, TBI, CLI, GNW, PES, PICO, FNB, RGA, HFBC, VTNC, DMLP, HL, CATM, CVBF Equity/Mixed Shelfs: OAK Other Newspaper Articles & Stories Barron's positive: Cigna (CI) Barron's EFTA00390484 • France contracts in 1st quarter as Germany returns to growth FT • US deficit falls faster than expected FT • European Commission raids oil groups over price benchmarks FT • China on track to overtake US in non-financial corporate debt FT • Apple builds relations beyond Foxconn FT • Walmart opts out of Bangladesh factory deal FT • JPMorgan investors take heat off Dimon FT • Obama hits out at 'inexcusable IRS actions FT • Why the world faces climate chaos FT • Iceland's election is a signal to the rest of Europe FT • Why business loves capital markets, even if it doesn't need capital FT • Britain could reshape Europe if it would only try FT • French Economy Falls Into Recession WSJ • HSBC Plans Up to $3 Billion in Cost Cuts WSJ • Greece Bulls Charge Into Corporate Bonds WSJ • Private-Equity Firms Build Instead of Buy WSJ • Japan's Electronics Under Siege WSJ • FAA Bonuses and the Sequester WSJ • Bring on the 'Helicopter Money' WSJ • HSBC cuts 14,000 jobs in drive for profits The Times • Which part of your manifesto is for real? The Times • Poor hit hardest by financial crisis and welfare cuts will make it worse Independent • Satyajit Das: Alchemists at the courts of rulers foster illusion of perpetual growth Independent • James Moore: For once bank chiefs are right to be angry Independent • Cameron and his party conspire to create a European shambles Telegraph Key Events This Week Thursday: Japan GDP, CPI, Philadelphia Fed, Housing Starts, RBC Capital Markets Aerospace & Defense Conference (NYC), Earnings (KSS, WMT, ADSK, AMAT, ARUN, JCP, JWN, SINA) EFTA00390485 Friday: U. of Michigan Consumer Confidence, Leading Indicators, China April Property Prices, Earnings (BH) Saturday: Bernanke speech at Bard College at Simon's Rock Commencement "Economic Prospects for the Long Run" (11am), Final FB lock-up Key Events on the Horizon May26/27 — Mayoral elections in 720 cities across Italy June 10-14 —Apple's Worldwide Developer Conference (WWDC) in SF June 14 — Preliminary adds/deletes to the Russell indexes published after 6pm EST June 21 — Updates to the lists of adds/deletes for the Russell Rebalance June 28 — Russell Rebalance on the close of trading July 1 — Mark Carney takes over as BOE Governor September — German elections Ike Groff 1680 Washington Blvd 'Stamford, CT 069011 It ,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. 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