EFTA00433088.pdf

From: Ike Groff Subject: early tour 6.3.11 Date: Fri, 03 Jun 2011 10:39:09 +0000 Good Morning ... European Markets mixed (Greece +2.32%, DAX +21 bps) ... Nikkei Closed -66 bps (Hang Seng -1.31%, China +84 bps) EUR 1.4488 (-0.02%) JPY 80.59 (+0.39%) GBP 1.6292 (-0.48%) NZD .8109 (-0.56%) AUD 1.0652 (-0.17%) 10yr 3.00% Silver -2.48% Futures: Dow -40, Nasdaq -10, S&P -5 DXY $74.34 (unch) Crude $99.39 (-$1.01) Gold $1527.20 (-$5.50) ***May Labor Report @ 8:30am (Payroll Estimates: NFP +165k, PP +173k)*** ***Hong Kong, Korea, China, Taiwan and New Zealand close Monday (Dragon Boat Day)*** EU & IMF will complete review of Greece's $113B asset sale & austerity measure plan today preparing nation's 2nd bailout Fiat to pay the US Treasury $500M for its 6% stake in Chrysler Group (right to UAW shares) (ends Treasury involvement) LG Electronics (world's 3rd largest mobile phone maker) said recovery in handset business may take longer (trading -1.2%) PBoC issued a "stark warning" over as much as RMB14trl in loan exposure to local gov. financing (China Bank names hit) Diamond Foods turns to Q3 profit on better sales & margins but issued disappointing outlook for current qtr (trading -2%) Cooper Companies bottom line surged 7-fold because of heavy charges in prior year period & boosted FY outlook Verifone eps beat & boosts guidance saying bullish on topline revs from software, services and equipment for NFC wallets Groupo Modelo & Molson Coors exploring a joint bid for Australia's Fosters Group (surged 3.5% giving it $9.2B market value) Prada (planning June 24th ipo) forecast growth of at least 46% in first half profit as it opens more stores in Asia Hong Kong home sales fell for a fifth straight month in May as rising mortgage rates continue to dent buying sentiment China non-Manufacturing PMI followed the Manufacturing PMI in a decelerating trend (61.9 vs 62.5 - however still expansion) Chinese gov't announced it intends to double the solar power generation capacity in next 5 years (solar Polysilicon names dropped) MGM China rose on its first day of trading in Hong Kong after raising $1.5B (maximum it had sought in ipo) (trading +6%) Huaneng Renewables (wind power unit of China's biggest electricity producer) raised $800M in HK ipo (midpoint of range) New Zealand April home bldg approvals unexpectedly fell 1.6% after 2% March gain (economy slow to recover from earthquake) EFTA00433088 PCCW (HK's biggest phone company) won approval to spinoff & list its telecom operations as business trust (trading +5%) China "very close" to starting a board for listing of overseas companies in Shanghai (global manufacturers to have priority) Finland's economy grew faster than expected (led by investments) as expansion in northernmost euro member extended to 5th qtr Leading European Sectors: Autos/Parts +0.64%, Real Estate +0.13%, Telco -0.12% Lagging European Sectors: Basic Resources -1.35%, Utilities -1.07%, Healthcare -0.73%, Fin Services -0.63% CYTK successful drug trial - ZQK revs up - CASC profit almost triples ELRC ups dividend - SAP private placement $750M - ALB to increase price SUSS $15M repurchase - BRKR cfo steps down - BXP stock offering program ROK increases dividend - MCRS awarded marketing patent - SNPS/STM to collaborate DMRC court action dismissed - TDY/GY strategic alliance - THQI to expand gaming HSOL syndicated loan - CVI Appaloosa stake - ETN acquisition PRTY amends S-1 - ACTG acquires tech patents - AVB boosts guidance Secondaries (announced/priced): ACI, ANTH IPO's: N/a Key Research: GS Initiates PANL (buy) & upgrades DSX (buy) & downgrades DRYS, KBW downgrades VPFG/NEWS Key Research: FBR upgrades CECO/DV/APOL/NE, Moke initiates XEC (op), Citi downgrades ALL & raises target VRUS Key Research: ISI Group initiates BMY (hold), Wedbush initiates CERS (op), Wells downgrades FRO Key Research: Barcap upgrades ARUN, Piper upgrades ZQK, Janney upgrades NWY, CS downgrades FDO Key Research: Jeff initiates FINL/SGNT/NKE (buy) & CSCO/VFC (hold), Merriman initiates IRDM (buy), JPM upgrades FRX Key Research: Soleil downgrades NEE/SSI, Baird downgrades THRX/ENP/SWSH, Ticonderoga raises target JEF Reporting Pre-Open: AMWD, BTH, HYGS, NOOF Reporting Post-Close: AIRT Economic Data: May Employment Report @ 8:30am, ISM Non-Manufacturing Composite @ 10am Fed's Tarullo speaks on Regulating Financial Firms @ 12:30pm, Fed's Rosengren to speak at the Stanford Finance Forum @ 3:30pm (Stanford, CA) Conferences: Bernstein Strategic Decisions (NYC), JPM China (Beijing) Analyst/Investor Days: MLNX, YMI Non-Deal Roadshows: ACOM, AMAT, BDC, BOFI, BTI, CVA, CVX, DTEGY, MAS, MCHX, MOLX, N, STRI, X, XLNX, EQIX, SNY Shareholder Meetings: WMT, EXPR, SD, GRMN, SFSF, CAVM Equity/Mixed Shelfs: BSS, CSII ($75M) Other Newspaper Articles & Stories Barron's positive: United Online (UNTD) Barron's<http://online.barrons.com/article/SB50001424053111903457104576361860017120284.html? mod=BOL_hps_highlight_top>, Joy Global (JOYG) Barron's<http://online.barrons.com/article/barrons_take.html?mod=BOL_hps_tnav_analysis> WSJ cautious: Banks EFTA00433089 WSJ<http://online.wsj.com/article/SB10001424052702304563104576361671054501968.html>, For- Profit Edu Sector WSJ<http://online.wsj.com/article/SB10001424052702303745304576361803286692710.html> Nomura cuts top 10 Executives' pay 38% as earnings slump after Lehman buy Bloomberg<http://www.bloomberg.com/news/2011-06-03/nomura-cut-top-10-executives-pay-38-after- earnings-slump-1-.html> Hackers attack another Sony network, post data Reuters<http://www.reuters.com/article/2011/06/02/us-sony-idUSTRE74Q1EC20110602> Ebay's PayPal Cuts Ties to Alibaba Platform WSJ<http://online.wsj.com/article/S1110001424052702303657404576362911998369894.html> Brazil's Petrobras To Remain Net Oil Exporter WSJ<http://online.wsj.com/article/S1110001424052702303745304576361671473337248.html? mod=WS.LbusinesswhatsNews> CME Takes Aim at NYSE Euronext Interest-Rate Business WSJ<http://online.wsj.com/article/SB10001424052702303745304576361193129934716.html? mod=WSJ business whatsNews> Times Picks New Editor WSJ<http://online.wsj.com/article/SB10001424052702303657404576361342892480796.html? mod=ITP_marketplace_0> Groupon Plans I.P.O. With $30 Billion Valuation NYT DealBook<http://dealbook.nytimes.com/2011/06/02/groupon-files-to-go-public/?ref=business> The Mistake of 2010 NYT Op-Ed Paul Krugman<http://www.nytimes.com/2011/06/03/opinion/03krugman.html?_r=l&ref=todayspaper> Apple pays music bigs $100M+ NY Post<nypost.com/p/news/business/apple_pays_music_bigs_Ocx1GqT1E0P5P9vzosxtyK> Fox's ad sales approach $2B NY Post<http://www.nypost.com/p/news/business/fox_ad_sales_approach_0LbNFveamUNn6mLzWmXAfI> Goldman nears sale of Litton Loan to Ocwen FT<http://www.ft.com/intl/cms/s/0/ee2ede44-8d6e-11e0-bf0b-00144feab49a.htmlftaxzz1O4nwl3el> Coca-Cola chief defends pricing strategy FT<http://www.ft.com/intl/cms/s/0/457977fe-8d42-11e0-bf23-00144feab49a.htmlftaxzzlNsx1DoaE> Cairn seeks Greenpeace injunction FT<http://www.ft.com/intl/cms/s/0/05a9a3ea-8d49- 11e0-bf23-00144feab49a.htmliaxzzlNsx1DoaE> Gazprom seals deal to supply LNG to India FT<http://www.ft.com/intl/cms/s/0/97996190-8d13-11e0-815d-00144feab49a.htmlftaxzzlNsx1DoaE> News Corp closes in on full control of BSkyB FT<http://www.ft.com/intl/cms/s/0/c6cbd9d0-8d53-11e0-bf23-00144feab49a.htmlftaxzz1O4nwl3el> New 3 chief rules out sale or merger FT<http://www.ft.com/intl/cms/s/0/29530da0- 8d02-11e0-815d-00144feab49a.html#axzzlNsx1DoaE> Aviva boss in shock departure Guardian<http://www.guardian.co.uk/business/2011/jun/02/aviva-chief-executive-to-run- towergate> Top chipmaker to cut labour costs in China South China Morning Post<http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/7 vgnextoid=3507391d70150310VgnVCM100000360a0a0aRCRDSvgnextfmt=teaser&ss=World&s=Business> EFTA00433090 Samsonite rejects multi listings South China Morning Post<http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/7 vgnextoid=b835391d70150310VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Companies+%26+Finance& s=Business> Nissan-Renault to invest up to $2B in Russia by 2015 - Nikkei Mazda considers selling its 50% of AutoAlliance International to Ford - Nikkei Key Events Next Week Monday: Jefferies Global Leisure Conference (NYC), Tuesday: Consumer Credit, Media Conference (NYC), DB Earnings (TLB, BAH, LDK) Health Care Conference (NYC), GS Lodging, Gaming, Restaurant, Earnings (PBY, GIII, MIND) WWDC Conference (Jobs Keynote Address), Needham Internet & Digital Global Financial Services Conference (NYC), RBA Cash Target, Wednesday: Fed's Beige Book, Japan GDP, Conference (Paris), Earnings (PLL) Piper Consumer Conference (NYC), GS Euro Financials Thursday: BOE & ECB Interest Rate Decision, US Trade Balance, Oil & Gas Conference (London), Earnings (BF.B, SJM, MTN, NSM) China Trade Balance, CS London Friday: Treasury Budget, Import Price Index, UK Industrial Production & PPI, Earnings (LULU) 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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