EFTA00433604.pdf

From: Subject: early tour 5.25.11 Date: Wed, 25 May 2011 10:32:25 +0000 Good Morning ... European Markets mixed (PIIGS outperforming) ... Nikkei Closed -57 bps (China -91 bps, Vietnam -4.0%) EUR 1.4051 (-0.34%) JPY 82.01 (-0.06%) AUD 1.0497 (-0.60%) Silver +2.8% Copper +1.5% 10yr 3.11% Futures: Dow -19, Nasdaq -2, S&P -2 DXY 76.09 (+0.20%) Crude $99.25 (-33c) Gold $1526.10 (+$2.80) ***Ira Sohn Conference begins @ 12:15pm (NYC), Morgan Stanley Retail Conference (Boston)*** ***RL, AEO #'s pre-open / CSC & NTAP earnings after close*** ***Durable Goods @ 8:30am, House Price Index @ 10am*** * AIG prices 300M shares @ $29 (Treasury sold 200M shares vs $28.72 average cost - stake now 77%) * Costco Q3 profit rises as company expands in Mexico but eps misses estimates (Q3 comps +12.0%) * Toll Brothers Q1 loss wider than estimated (some clients "moving off the fence" after deferring home buying) * Collective Brands (PSS) Q1 profit misses estimates on domestic Payless weakness (trading -13%) * Take-Two posts smaller Q4 loss & guides revenues higher (GTA team renews contracts) (trading +1.2%) * Applied Materials forecasts Q3 profit & sales that misses estimates on delays in orders (trading -2.1%) * Suntech Power reports Ql eps 17c and revenues $877M (reduces revenue view citing pricing power) * Molycorp files 10 million share secondary offering for holders through JP Morgan & Morgan Stanley * Focus Media (FMCN) swings to Q1 profit on broad top line growth & wider gross margins (beats estimates) * Bullish sentiment decreases to 43.0% from 45.6% in the latest U.S. Investor's Intelligence poll * French finance minister Christine Lagarde confirms that she will stand as a candidate to head the IMF * Cloud of volcanic ash from Iceland drifts across North Sea to Germany (could ground 600 flights today) * U.K. 01 GDP rises 0.5% (matching estimates) as exports offset weak consumption (exports +3.7%) * Diageo said to be in talks to buy Jose Cuervo for -$2B from family owners (out mid- day yesterday) * Sun Hung Kai Properties sells 100 of 117 units in Hong Kong residential development EFTA00433604 within hours Jim Chanos says still has "dramatic" overweight short on China real estate & may not be bearish enough S&P says China tightening may lead to surge in credit losses and hurt bank profits over next few years Leading European Sectors: Banks +1.16%, Autos/Parts +0.61%, Travel/Leisure +0.56% Lagging European Sectors: Chemicals -0.58%, Construction -0.23%, Technology -0.15% DY Y's better, $20M share buyback - PSUN guides eps down - AVGO f's better AMSC ceo transition - TIVO profits on DISH payments - EXPR sees q2 below est GEDU $10M share buyback - CPWR posts lower q4 profit - CLX 750k share buyback HEI record quarter - NPD eps inline, revs beat - GY Air Force contract KONG revs beat, but swings to loss - CDR appoints cfo - Zynga to file ipo by June Secondaries (announced/priced): PLUG, EXLP, TWO, KEM, MCP (holders), ORBK, AIG, VELT IPO's (filed/priced): Latrobe Specialty Metals (LAT) files $175M through CS, FBR, Jefferies & KeyBanc, Cloudary (1518239) files $200M through Bofa & GS, Active Network (ACTV) 11M shares priced at $15 Key Research: Moke adds RFMD to focus list, BGB Securities initiates AJG & BRO (buys), GS downgrades SAPE Key Research: Cowen initiates ABC/CAH/ESRX/MCK/MDRX/MHS (op's) & QSII/SXCI (neutrals), Auriga downgrades JNPR & NETL Key Research: MS initiates VMED (ow) & upgrades ANTO.LN, Soleil downgrades PSS, Piper upgrades CECO Key Research: Bofa upgrades CNW/RMD (buys) & downgrades KNX & reinstates CHA/CHU (buys) / CHL (neutral) Key Research: Davenport upgrades SCHN (buy), Nomura downgrades VOD.LN, JPM upgrades NTLS, BofA upgrades DMND Reporting Pre-Open: COST, HRL, RL, AEO, BMO, BWS, CONN, FRO, LTXC, MDCI, NPD, PTNR, SCMR, STP, SYNO, TOL, ZLC Reporting Post-Close: CSC, NTAP, AFCE, ASNA, GES, GIGM, NDN, PARL, SIGM, SMTC, UPI, VLNC Economic Data: MBA Mortgage Apps @ 7am, Durable Goods @ 8:30am, House Price Index @ 10am Obama and U.K. PM hold joint press conference @ 7:30am DOE crude oil inventories @ 10:30am Fed's Hoenig speaks @ 9:50am, Fed's Kocherlakota speaks @ 1pm Conferences: B.Riley Investor (CA), MS Retail (Boston), Wells Consumer (Las Vegas), Think Equity Healthcare (NY), GS Basic Materials Conferences: Stephens Spring Investmen (NY), UBS Global Specialty Pharma (London), BMO Silicon Valley, Wolfe Transportation (NY) Conferences: Citi Global Consumer (NY), UBS Oil & Gas (Austin), Barclays Communications/Media & Tech (NY), Macquarie Global Energy Analyst/Investor Days: ARW, PSSI, SFG, TMO, ARCC, YROO, CTXS, MSFT Non-Deal Roadshows: ADPI, AGN, ALLT, ALTH, ALTR, APC, APEI, AUTH, CALL, CAP, CSR, CHRW, DNDN, ECTE, EGOV, ERJ, EW, FPO, GDI, HK, HPQ, IFT, IMGN, IXYS, MAPP, MAR, MEAS, MINI, MWE, NPO, NVMI, NXPI, NXY, OTEX, PANL, PDLI, PWR, RDWR, SFG, SRDX, SUPX, TMK, TRGP, TTC, USPH, WCRX, WM, XRX, ZA, IVAC Shareholder Meetings: PSTB, DFT, RWC, SAM, BKCC, BOX, CMG, DG, NABI, NFBK, OKE, OKS, SEMG, WCG, WSM, XOM, CIX, CVX, FISV, FLO, HBIO, IPCC, NOVA, TAP, THOR, VGR, TOWN, CLNE, DEI, FPTB, FSLR, OFI, PPBI, VMW, HNRG, ABR, CALX, CBNK, CBU, NECB, SURW, CYBI, SFLY, KAI, HCII, MSL, RCKY, SPRT, NG, SOQ, QBC EFTA00433605 Equity/Mixed Shelfs: CWTR ($100M) S&P 500 change (after close June-1): S&P 400 change (after close May-31): (PDE) S&P 600 change (after close May-31): Other Newspaper Articles & Stories Alpha Natural Resources (ANR) to replace Massey (MEE) Triumph Group (TGI) to replace Pride International Parfums (IPAR) to replace Triumph Group (TGI) GE Capital agreed to sell -A$5bn ($5.3B) of Australian, New Zealand mortgages to Pepper Homeloans Bloomberg<http://www.bloomberg.com/news/2011-05-25/ge-capital-to-sell-about- a-5-billion-australia-n-z-mortgages.html?cmpid=yhoo> U.S. Probes Infosys Over Visas WSJ<http://online.wsj.com/article/S1110001424052702304520804576343070058872708.html> Burkle Books Battle With Liberty WSJ<http://online.wsj.com/article/SB10001424052702304520804576343602391679500.html> Hungary Buys Stake in Oil Company WSJ<http://online.wsj.com/article/S1110001424052702303654804576343530886058382.html? mod=WSJ business whatsNews> VW Evaluates U.S. Audi Plant WSJ<http://online.wsj.com/article/SB10001424052702304520804576343493058109966.html? mod=WSJ business whatsNews> Boeing Weighs Options for Planes WSJ<http://online.wsj.com/article/SB10001424052702303654804576343652786414710.html? mod=WSJbusinesswhatsNews> NASA to Use Lockheed Vehicle WSJ<http://online.wsj.com/article/SB10001424052702304520804576343471558729338.html? mod=WSJbusinesswhatsNews> Big Banks Join Battle for Online Payments WSJ<http://online.wsj.com/article/SB10001424052702304066504576343870105406768.html? mod=WSJbusinesswhatsNews> LSE's Solution May Lie South WSJ Heard on the Street<http://online.wsj.com/article/SB10001424052702304520804576343133605978062.html> Commodities Go Their Separate Ways WSJ Heard on the Street<http://online.wsj.com/article/SB10001424052702304066504576343151024599600.html? mod=ITP_moneyandinvesting_8> Banks Face $17 Billion in Suits Over Foreclosures WSJ<http://online.wsj.com/article/SB10001424052702303654804576344052913423390.html> Irish Banks Shed U.S. Loan Holdings WSJ<http://online.wsj.com/article/SB10001424052702303654804576343591808184336.html> Yandex's Surge on Debut Stirs More Talk of Tech Bubble NYT DealBook<http://dealbook.nytimes.com/2011/05/24/yandexs-surge-on-debut-stirs-more-talk-of- tech-bubbleinef=business> China's Utilities Cut Energy Production, Defying Beijing NYT<http://www.nytimes.com/2011/05/25/business/energy-environment/25coal.html> Army Seeks Recruits in Social Media NYT<http://www.nytimes.com/2011/05/25/business/media/25adco.html? ref=todayspaperfigwh=1C6605EBC8E8BE6550988EBA597E2FE5> Court Orders New Jersey to Increase Aid to Schools EFTA00433606 NYT<http://www.nytimes.com/2011/05/25/nyregion/new-jersey-is-ordered-to-increase-aid-to- schools.html?ref=todayspaper&gwh=691306FAC2415E3E76AC13217C298E06> Amazon's publishing push is raising eyebrows NY Post<http://www.nypost.com/p/news/business/amazon_publishing_push_is_raising_wiJw12c25HG7L9PS t2RVrM> Lockheed Martin set to cut more jobs FT<http://www.ft.com/intl/cms/s/0/39bdbfa4- 865a-11e0-9d5c-00144feabdc0.html4axzzlN6KCxTSJ> Key role for Buffett over Energy Future Holdings fate FT<http://www.ft.com/intl/cms/s/0/74bc1ba2-6630-11e0-9e2c-00144feabdc0.htmlfaxzzlNMDPivFB> Giant mainland operator may seek new financing as it pushes special packages and measures to lure 3G subscribers South China Morning Post<http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/? vgnextoid=59f0d4abae220310VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Companies+%264Finance& s=Business> RusHydro in talks to sell a 7.9% stake to various parties - Kommersant Sony confirms personal data leak for 2K customers of Sony Ericsson Canada unit - Nikkei Key Events This Week Thursday: GDP, G8 heads of state and government summit (Deauville, France), Sterne Agee Consumer Conference (NYC), Earnings (BIG, HNZ, PDCO, TIF, MRVL) Friday: Personal Income & Consumption, Pending Home Sales, Earnings (SDRL, MENT, RY) 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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