EFTA00433192.pdf

From: Ike Groff <MI > Subject: early tour 5.31.11 Date: Tue, 31 May 2011 10:35:39 +0000 Good Morning European Markets up 1.0%-2.0% (Greece +3.5%) Nikkei Closed +1.99% (China +1.36% = first up day in 9 sessions) EUR 1.4407 (+0.87%) JPY 81.59 (-0.79%) NED .8237 (+0.90%) Wheat -2.53% Cotton +2.9% Silver +2.2% 10yr 3.10% Futures: Dow +113, Nasdaq +26, S&P +13 Gold $1538.90 (+$1.60) DXY 74.57 (-0.45%) Crude $102.32 (+$1.73) ***Month End (S&P 500 -2.4% mtd), Semi-annual MSCI Rebalance today*** ***CaseShiller Home Price Index @ 9am, Chicago PMI @ 9:45am*** ***Consumer Confidence @ 10am, Dallas Fed @ 10:30am*** ***Bank of Canada rate decision @ 9am, China PMI tonight @ 9pm*** EU's Juncker says EU will decide on additional aid for Greece by end of June (rules out "total restructuring") Germany is considering dropping its push for Greece reprofiling in order to facilitate new loan package (WSJ<http://online.wsj.com/article/S810001424052702304563104576355514024153114.html? KEYWORDS=germany+greece>) Ashland to buy global specialty chemical company International Specialty Products for $3.2 billion in cash An Irish government minister says that Ireland may have to ask for another loan from EU/IMF (Reuters<http://www.reuters.com/article/2011/05/29/us-eurozone- idUSTRE74Q1YV20110529>) Germany will phase out the nuclear power plants that produce a quarter of its electricity by 2022 (FT<http://www.ft.com/intl/cms/s/O/db203958-8a8d-11e0-b2f1- 00144feab49a.html?ftcamp=crm/email/2011530/nbe/BreakingNewsl/productilaxzzlNswyWhud>) Canada's Q1 economic growth accelerates to fastest pace in a year (Ql GDP +3.9% vs estimate +4.0%) Fortis (Canada's biggest publicly traded electric utility) buys Vermont Public Service Corp. for $470M LCH.Clearnet confirms that it has received various proposals for some form of possible business combination Mark Mobius (exec chairman of Templeton EMG ) says another financial crisis is "around the corner" BlackRock's Larry Fink says Europe's problems go way beyond Greece (need reorg of banking system) South African economic growth accelerated to an annualized 4.8% in Ql (median estimate +4.2%) Volkswagen confirms terms of MAN takeover bid to form truckmaking tie-up to Scania (bids €95/share) German retail sales rose in April as unemployment fell below 3 million for the first time in - 19 years EFTA00433192 Euro-area inflation slowed to 2.7% in May (from 2.8% in April) (easing pressure on ECB to raise rates) Russia central bank unexpectedly raised its overnight deposit rate by 25 bps yesterday (3.25% to 3.50%) Denmark's economy unexpectedly contracts (joins Portugal as only other European nation in a recession) India's economy grew 7.8% in January-March quarter (slowest pace in 5 quarters) (median estimate +8.1%) Japan's unemployment rate increased to 4.7% (inline), industrial production rises less than expected Moody's puts Japan's Aa2 local and foreign currency bond ratings on review for possible downgrade Australia home-building approvals drop with softer job market, current-account deficits widens in Q1 New Zealand business confidence rises to a 12-month high on low rates and higher commodity prices Leading European Sectors: Chemicals +2.41%, Construction +1.68%, Autos/Parts +1.57% Lagging European Sectors: Telecom +0.21%, Healthcare +0.28%, Basic Resources +0.29% ALE new $250M credit facility - SNPS replenishes buyback to $500M - ESSA buyback FPTB ceo retires - PNG registers shares (holder PAA) - ANH 20M share sales agreement LMT cyber-attack - DHT buys Saga Tankers - Euro rumor Albrecht family to buy MDN.GR Secondaries (announced/priced): AVGO IPO's: N/A Key Research: Citi initiates FIRE (buy) & FTNT/WBSN (holds) & MOS/POT (buys) & AGU (hold), JPM downgrades TASR Key Research: GS downgrades GSK (sell) & initiates FRE.GR/FMR.GR (buys), JPM upgrades GS, Think upgrades EBAY Key Research: JMP initiates MKTG (op) & upgrades TOL & downgrades MDC/NVR, KBW upgrades EDR Key Research: Nomura upgrades STAN.LN (buy), Wells upgrades APC & initiates TLLP (op), RBC downgrades IPXL Key Research: Baird upgrades AMAG, Barclays upgrades BIG & initiates AL/VNET (ew's), DB upgrades FOE (buy) Key Research: Atlantic upgrades MOS, JPM downgrades SMG, Janney upgrades CRAI (buy), Piper upgrades RDN Key Research: JPM upgrades NVTL, Jefferies upgrades FST (buy), Bofa reinstates ADI (buy), Auriga assumes NVDA (buy) Key Research: Bofa upgrades AAT/FRT/TCO (buys) & downgrades DDR/KIM/REG Reporting Pre-Open: BNS, EJ, GLNG, WILC Reporting Post-Close: GAME, LGF, PVH Economic Data: ICSC-Goldman Chain Store @ 7:45am, Redbook Chain Store @ 8:55am, S&P/Case- Shiller Home Price Index @ 9am, Chicago PMI @ 9:45am, Consumer Confidence & NAPM-Milwaukee @ 10am, Dallas Fed Manufacturing Activity @ 10:30am Conferences: KeyBanc Industrial & Automotive (Boston), WSJ All Things Digital Conference (CA), Sterne Agee Cornerstone of Industry (Chicago) Analyst/Investor Days: N/A Non-Deal Roadshows: AERL, CHRW, CQB, CRI, CRNT, MIG, MXIM, RNST, SMCI, UMBF, WB, WG EFTA00433193 Shareholder Meetings: ESV, MICC, PDE, CODE, TRGL, BLDP, DECK Equity/Mixed Shelfs: ALIM ($75M), PNG ($1B), BPAX ($15OM), BRD ($100M) S&P 400 change (after close today): Triumph Group (TGI) will replace Pride International (PDE) S&P 600 change (after close today): Inter Parfums (IPAR) will replace Triumph Group (TGI) S&P 600 change (after close June-1): The Medicines Company (MDCO) will replace RehabCare Group (RHB) Other Newspaper Articles & Stories WSJ positive: Supervalu (SVU) WSJ<http://online.wsj.com/article/5610001424052702303654804576349773596442678.html> WSJ cautious: German Utilities WSJ<http://online.wsj.com/article/5610001424052702303745304576355593033793576.html>, ReachLocal (RLOC) WSJ<http://online.wsj.com/article/S8100O1424O52702303654804576349861349692274.html> Barron's positive: PriceSmart (PSMT) Barron's<http://online.barrons.com/article/SB500014240531119O3548904576343340317584266.html? mod=BOL_twm_fs>, TJX Companies (TJX) Barron's<http://online.barrons.com/article/SB500014240531119O3548904576343392979527656.html? mod=BOLtwmfs> Barron's feature highlights investors top picks discussed at the annual Sohn investment conference Barron's<http://online.barrons.com/article/SB500014240531119O4433604576347381654655772.html? mod=BOLtwmfs> Barron's interviews Dennis Stattman from the BlackRock Global Allocation fund Barron's<http://online.barrons.com/article/SB500014240531119O35489045763434O2431O9363O.html? mod=BOL_twm_fs#articleTabs_panel_article=1> GM cancels plans to develop plug-in hybrid vehicle Reuters<http://www.reuters.com/article/2O11/O5/27/us-generalmotors-srx-idUSTRE74Q5J52O110527> NYSE Euronext plans dual clearing venues with LCH Reuters<http://www.reuters.com/article/2O11/O5/30/us-lch-nyseeuronext-idUSTRE74T43J2O11053O? feedType=RSS&feedName=businessNewsfiutm_source=feedburner&utm_medium=feed&utm_campaign=Feed:%2 Oreuters/businessNews%20%28News%20/%20US%20/%20Business%20News%29> South Korea probes foreign banks WSJ<http://online.wsj.com/article/S8100O1424O5270230365740457635668388O8589O2.html? mod=WSJ business whatsNews> Accor Wants To Work With Lenotre Unit After Sale, CEO Says WSJ<http://online.wsj.com/article/SB100O1424O52702303657404576355530264552942.html? mod=WSJ business whatsNews> South Korea Probes Foreign Banks WSJ<http://online.wsj.com/article/S8100O1424O5270230365740457635668388O8589O2.html? mod=WSJ business whatsNews> Libya's Goldman Dalliance Ends in Losses, Acrimony WSJ<http://online.wsj.com/article/5610001424052702304066504576347190532098376.html? mod=ITP_pageone_0> Hermes Clan Voices Will to Keep Control WSJ<http://online.wsj.com/article/S8100O1424O52702303657404576355551084243670.html? mod=WSJ business whatsNews> Holders Seek Halt on Sale of Massey WSJ<http://online.wsj.com/article/SB100O1424O52702304563104576355393961254736.html? mod=WSJbusinesswhatsNews> EFTA00433194 Extra Airline Fees a Growth Market WSJ<http://online.wsj.com/article/SB10001424052702304563104576355363021016474.html? mod=WS.LbusinesswhatsNews> Carrefour Directors to Meet to Discuss Brazilian Business WSJ<http://online.wsj.com/article/S810001424052702303657404576355611308343494.html? mod=googlenews_wsj> Canada Is in No Hurry to Sell Its Chrysler Shares to Fiat NYT<http://www.nytimes.com/2011/05/31/business/31auto.html?_r=l&ref=business> 3D films not jumping off the screen in North America NYT<http://www.nytimes.com/2011/05/30/business/media/30panda.html?_r=2&ref=business> Renault Names Chief Operating Officer NYT<http://www.nytimes.com/2011/05/31/business/globa1/31bizbriefs-RENAULTNAMES_BRF.html> AIG's journey from the edge is not finished FT<http://www.ft.com/intl/cms/s/0/ee2b7086-8aeb-11e0-b2f1-00144feab49a.html? ftcamp=rss#axzzlNsxlDoaE> Brazil's Vale gears up for rare earths FT<http://www.ft.com/intl/cms/s/0/0503bcdc- 8aec-11e0-b2f1-00144feab49a.htmliaxzzlNvGfEONf> Adidas forecasts E100m of 2012 Games sales FT<http://www.ft.com/intl/cms/s/O/ddabfea6-8a00-11e0-beff-00144feab49a.htmlffaxzzlNsx1DoaE> RTL and Reliance Broadcast form India venture FT<http://www.ft.com/intl/cms/s/0/e0b701e2-8ae4-11e0-b2f1-00144feab49a.htmlfaxzzlNsx1DoaE> As its peers pair off, Alaska Airlines follows its own path LA Times<http://www.latimes.com/business/la-fi-alaska-airlines-20110531,0,6093865,full.story> The Myspace Sweepstakes Drag on-Another Bid Deadline Today As Sale Deadline Looms All Things Digital<http://allthingsd.com/20110531/the-myspace-sweepstakes-drag-on-another- bid-deadline-today-as-sale-deadline-looms/> London & Stamford and British Land to turn Meadowhall into one of UK's largest shopping centres Telegraph<http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/8546325/Lon don-and-Stamford-and-British-Land-to-turn-Meadowhall-into-one-of-UKs-largest-shopping- centres.html> Debenhams in talks to open branches in US Sears stores Telegraph<http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8546423/Debenhams -in-talks-to-open-branches-in-US-Sears-stores. html> Morrisons goes 'aggressive' in its drive to buy stores Independent<http://www.independent.co.uk/news/business/news/morrisons-goes-aggressive-in-its- drive-to-buy-stores-2291209.html> Bloomberg Puts Comcast on Notice AdWeek<http://www.adweek.com/news/television/bloomberg-puts-comcast-notice-132055? utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Mediaweek-Breaking- News+%28Adweek%3A+All+News%29> RBS, Guolian team up to tap securities market South China Morning Post<http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/> Novae Group and Omega Insurance talking about merging - London Times No long-term agreement reached yet between Southern Cross, landlords; negotiations continue - London Times EFTA00433195 Financial Services Agency to issue business improvement orders to Mizuho Bank, Mizuho Financial Group today - Nikkei Key Events This Week Wednesday: Construction Spending, ISM Manufacturing & Prices Paid, Vehicle Sales, Cowen TMT Conference (NYC), JPM China Conference, Earnings (DG, VIP, CEDU) Thursday: Factory Orders, Nonfarm Productivity & Labor Costs, Bloomberg Consumer Comfort, Earnings (JOYG, SAI, CARS, CMED, UNFI, PAY, DMND) Friday: May Employment Report 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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