EFTA00417391.pdf

From: Ike Groff Subject: Early Tour 3.19.12 Date: Mon, 19 Mar 2012 10:13:14 +0000 Good Morning European Markets off 0-55 bps (Spain +70 bps)... Nikkei Closed +0.12% (HSI -0.95%, China +0.23%, KOSPI +0.62%) EUR 1.3158 (-0.13%) JPY 83.04 (+0.47%) NZD .8250 (+0.06%) Copper -0.28% Silver -0.58% US 10yr 2.27% Futures: Dow -16, Nasdaq -0, S&P -3 DXY $79.80 (+2c) Crude $106.71 (-35c) Gold $1656.60 (+70c) Europe pulling back a touch on some light profit taking. Asia mixed overnight but would note the HSI rolled over - 1.0% in the last hour of trading. News flow generally quiet over the weekend. Barron's cover story positive on the US housing market (home prices will soon bottom & begin to turn positive in the spring of 2013). Apple will host a 9am conference call to announce the outcome of discussions concerning what to do with its $97.6 billion cash balance (expectations are for a 2.5% annual dividend or a share buyback). EFSF is planning to sell C1.0 billion - C1.5 billion of 20yr-30yr bonds today (first attempt to sell longer- term debt, has only sold 10yr maturity so far). Greece $3.2 billion CDS auction as well today (initial rate will be set at Ilam GMT with the final value due at 3:30pm GMT). S&P futures -19bps to 1395.80 level. ***NAHB Housing Market Index @ 10am*** ***ADBE earnings after close, GOP debate tonight*** EADS A380 wing crack issue may cost more according to Der Spiegel (trading -1.3%) UPS reaches agreement to purchase TNT Express after sweetening bid to 05.16 billion Ziggo IPO upsized up to 25% post shoe (Dutch cable provider) (books close at 1pm GMT) Vista Equity agrees to acquire Misys for £1.3 billion = 350p/share (6.2% higher than Friday) Adidas buys Adams Golf for $10.80/share in cash = 9.5% premium to Friday's close NCAA update: first time in tournament history that 4 teams from Ohio are in Sweet 16 Mitt Romney easily wins Puerto Rico primary = 20 delegates (Illinois primary tomorrow) Latest delegate count: Romney 521, Santorum 253, Gingrich 136, Paul 50 (1,144 needed) Polls in France confirm that Sarkozy is closing the gap on Hollande (LH-2 Yahoo Poll) France's Hollande says that the ECB mandate should be changed to include growth Greek FinMin Venizelos elected new Pasok leader (expected to step down as FinMin) Greek PM Papdemos says he is convinced Greece is more than halfway to recovery (FT >) David Cameron unveils plans to allow sovereign wealth funds to lease roads in England EFTA00417391  UK is expected to amend its Sunday trading laws for retailers for the Olympics (24 hours) Eurozone may up bailout funds capacity to near 6700 billion according to officials (Reuters' idUSBRE82F0JM20120316>) ECB says banks deposited 6758.8 billion with it overnight versus 6727.7 billion prior Italy January industrial orders -7.4% m/m vs -3.2% estimate (-5.6% y/y vs -2.9% estimate) China's February home prices fell in 45 of the 70 large & midsize cities covered in survey James Grant of Grant's Interest Rate Observer is said to be very bearish on China Leading European Sectors: Telco +0.26%, Tech +0.25%, Trav/Les -0.06% Lagging European Sectors: Utilities -0.69%, Real Estate -0.54%, Banks -0.52% SAFE withdraws ipo - CAST delays 10-k filing - DPZ $3/shr special dividned DNKN registers shares holders - GLOG amended SI - LDK cuts rev forecast range Notable Options Activity Friday: HTZ ($15.10 +1.1%) bullish paper as a customer bought 3600 April 15 calls for $0.80 and later came in and bought 4000 More for $0.85. XLF ($15.71 +0.3%) increased activity in upside calls today, with the largest trade being a buy of 70,000 June 17 calls for $0.19. Secondaries (announced/priced): N/A IPO's (filed/priced): Exponential Interactive (EXPN) files $75M through Citi & Bofa Key Research: Citi positive Euro Investment Banks & initiates EPAM (buy) & upgrades SCHW (buy) & cuts EBAY Key Research: Barcap initiates APEI/BPI/EPAM (ow's) & TSL/YGE (ew's) & downgrades ATK Key Research: CS initiates ANDY (op), DB upgrades ABT (buy), Evercore upgrades NVDA Key Research: JPM downgrades RDC & upgrades ESV and COF (buy) & downgrades Euro Mining Sector (neut) Key Research: Opco initiates YUM (op), Wunderlich downgrade CFR, Piper upgrades DWA Key Research: UBS downgrades DSV DC & initiates EPAM (buy) & upgrades NUE/STLD (buy's) Key Research: Enskilda downgrades HMB SS, HSBC downgrades AIXA GY/VIP, Exane positive LLOY LN Key Research: Berenberg upgrades IFX GY, Exane upgrades ANTO LN, Jefferies upgrades COF/EXM Key Research: SocGen initiates IHG LN with sell, CLSA upgrades CL, BMO upgrades GPS Reporting Pre-Open: CMM, HAST, IOC Reporting Post-Close: ADBE, DHRM, FMCN, GMAN, GOL Economic Data: NAHB Housing Market Index @ 10am Fed's Dudley speaks on economic conditions @ 8:35am (Melville, NY), Fed's Killian testifies in Brooklyn on foreclosures @ 9:30am, Fed's Dudley in roundtable on Long Island @ 1:40pm Conferences: JPM Gaming, Lodging, Restaurant & Leisure Conference (Las Vegas), Sidoti Institutional Investor Forum (NYC) Analyst/Investor Days: N/A EFTA00417392 Non-Deal Roadshows: ADSK, ALV, AVII, BBAVY, CPN, CPTS, CX, DTEGY, ECL, ELNK, MDSO, TGH, TSS, DTEGY, SAVE Shareholder Meetings: BITS, TLR Equity/Mixed Shelfs: LEG Other Newspaper Articles s Stories Barron's cover: Discusses the state of the US housing market Barron's< Barron's positive: Total (FP FP) Barron's< Novartis (NVS) Barron's< >, Qualcomm (QCOM) Barron's< , BATS Global Markets Inc IPO (BATS) Barron's< Wall Street Keys On Landlord Business WSJ mod=ITP_pageone_0> Apple to Disclose Plans For Its Cash Stockpile WSJ UPS Near Deal to Buy TNT Express WSJ< Chevron Sees New Oil Sheen at Brazil Frade Field WSJ I mod=WSJ business whatsNews> Total Extends Its China Ties WSJ mod=WSJbusinesswhatsNews> Cardinal Plant Can't Ship Pain Pills WSJ< mod=WSJbusinesswhatsNews> Surprise Increase in Rates Is Credited to Signs of Recovery NYT interest-rates.html> Paul Krugman: Hurray for Health Reform NYT Op- Ed< Playing at No Cost, Right Into the Hands of Mobile Game Makers NYT< products.html> An Inconvenient Truth: It Was George W. Bush Who Bailed Out the Automakers The New Yorker was-george-w-bush-who-bailed-out-the-auto-makers.html?mbid=soclal mobile_email> Here's What The Smart Money Thinks Apple Will Do With Its Cash Business Insider its-cash-2012-3> ECB's policies have not bought time, the worst lies ahead The Times EFTA00417393  FedEx counter bid for TNT express made little sense in ravaged Europe I Hard left surge unsettles Hollande, raising prospect of Sarkozy 1st round victory ECB mandate should be changed to give it a role for stimulating growth, says Hollande FT 00144feab49a.htmltaxzzlpXgYWIFb> Gauk elected German president FT< 00144feab49a.html#axzzlp)(gYWIFb> IMF chief says world's economy has stepped back from the edge Independent<http://www.independent.co.uk/news/business/news/imf-chief-says-worlds-economy- back-from-edge-7576952.html> Economists fear £45bn will be added to deficit by 2017 Independent<http://www.independent.co.uk/news/business/news/economists-fear-45bn-will-be- added-to-deficit-by-2017-7576064.html> E1-Erian tells der Spiegel, Portugal set to become the next Greece Guardian<http://www.guardian.co.uk/business/2012/mar/18/portugal-next-greece-mohamed-el- erian> Apple to reveal how it will spend $100bn cash pile Telegraph<http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/digital- media/9152203/Apple-to-reveal-how-it-will-spend-98bn-cash-pile.html> Shareholder payouts by UK companies could hit record £75bn this year Independent<http://www.independent.co.uk/news/business/news/dividend-payments-set-to-climb- to-record-75bn-7576946.html> Budget announcement could pave way for privatization of Royal Mail The Times<http://www.thetimes.co.uk/tto/news/politics/article3355968.ece> FTSE 100 to double to record high in next decade Telegraph<http://www.telegraph.co.uk/finance/markets/ftse100/9149524/FTSE-100-to-double-to- record-high-in-next-decade.html> Key Events This Week Tuesday: 614.4 billion in Greek Government bonds mature, Italy's Monti meets with labor unions, Housing Starts & Building Permits, Bernanke speaks at GW University, Paul Ryan to unveil Republican budget proposal, Illinois primary, Earnings (TIF, JEF, JBL, ORCL, SAI) Wednesday: MBA Mortgage Purchase Applications, BOE minutes, Earnings (GIS, DFS) Thursday: FHFA House Price Index, UBS The Asset Gathering Conference (Boston), Earnings (FDX, GME, LULU, ACN, MU, NKE) Friday: New Home Sales, Fed Conference ("Central Banking: Before, During, and After the Crisis"), Earnings (DRI) Ike Groff 1680 Washington Blvd Stamford, CT 069011 • (203) 302-7300 I• mailto: (Description: Description: cid:[email protected] EFTA00417394 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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