EFTA00433419.pdf

From: Subject: Not so early early tour 5.24.11 Date: Tue, 24 May 2011 13:08:27 +0000 Sorry had some technical issues. Good Morning European Markets up 15-75 bps (Italy -12 bps, Greece +2.3%) Nikkei Closed -31 bps (China -28 bps) EUR 1.4081 (+0.24%) JPY 81.81 (+0.23%) NMI .7978 (+0.95%) Copper +1.0% Silver +2.1% 10yr 3.13% Futures: Dow +24, Nasdaq +2, S&P +3 DXY 75.99 (-0.19%) Crude $98.89 (+$1.19) Gold $1521.50 (+$6.10) ***New Home Sales & Richmond Fed @ 10am, MSFT Windows Phone announcement @ 10am*** ***Wells Fargo Consumer (Las Vegas) & Citi Consumer (NY) conferences begin*** ***AZO & MDT earnings pre-open / AMAT, FMCN, PSS, TIVO, TTWO l's after close*** Moody's places 14 of the 18 British banks and building societies on review for potential downgrade China rating agency Dagong cuts U.K. rating to A+ from AA- (and cuts outlook to negative) (Xinhua) ECB's Christian Noyer says Greek restructuring is not a solution (would be unacceptable "horror story") Germany business confidence remains unexpectedly unchanged in May (IFO Index 114.2 vs estimate 113.7) GS head of commodities research Jeff Currie says "the risk/reward once again favors being long commodities" Yandex (owner of Russia's most popular internet search engine) raises $1.3B in U.S. IPO (above range) Tornado in Joplin, Missouri killed 116 people (deadliest single twister in U.S. since 1953) (198 mph winds) Securities Times article says that China may suspend sale of 3yr notes this week and raise REM for banks Wal-Mart loses two senior executives in China (CFO & COO in China resign to "explore other opportunities") Valeant (VRX) agrees to buy AB Sanitas for 0314 million to add dermatology drugs in Eastern & Central Europe Marks & Spencer reports broadly inline with expectations but sounds cautious tone on outlook (trading -2.0%) U.K. budget deficit widens to $16.1B as tax receipts fall (largest budget shortfall for any April since at least 1993) Iceland ash cloud grounds 250 U.K. flights (Ryanair complains to regulators there is no basis for cancellations) The head of Britain's Serious Fraud Office wants to raise salaries by 50% in bid to retain and recruit staff (FT<http://www.ft.com/intl/cms/s/0/cldb7526-857d-lle0-ae32- EFTA00433419 00144feabdc0.html#axzzlNAtRLmxP>) Vietnam inflation surges 19.78% in May (highest in Asia) (adding pressure on officials to raise rates further) New Zealand company executives raises inflation expectations to the highest in almost 3 years (NZD +0.95%) Leading European Sectors: Autos/Parts +1.47%, Chemicals +1.46%, Basic Resources +1.15% Lagging European Sectors: Travel & Leisure -0.75%, Banks -0.66%, Retail -0.33% HRS ceo succession plan - TWC to name new ceo - HSFT penny light SOLR positive 2012 margin forecast - SCOK new biz licenses - JMBA sales fall ODP names interim ceo - LCC & DAL new agreement - GOOG acquires Sparkbuy CISG earnings mixed - ZBRA 3M share buyback - TEN 400k share buyback AVP names cfo - PWRD lower ql profit as costs rise - HBCP -400k share buyback S&P removes FDO from credit watch neg - UW eps up y/y - NS equity distribution agreement Secondaries (announced/priced): TA, INVE, CVI IPO's (filed/priced): Yandex (YNDX) 52.2M shares priced at $25 Key Research: Capstone initiates SAM (hold), KBS initiates CINF (mp), Roth initiates CYTR (buy), UBS initiates TEU (buy) Key Research: Stifel downgrades CBOE (sell), W Blair upgrades ESI/DV/EDMC & downgrades CPLA/STRA, BofA initiates CLGX (buy) Key Research: Merriman upgrades KVHI (buy), Jefferies initiates SON (hold), Bofa downgrades HSBA.LN & initiates TMS (buy) Key Research: BMO downgrades LFT & DEER, CS resumes CYH & THC (op's), GS downgrades Russian Oil sector Key Research: GS upgrades KBR (conviction buy) & initiates MSI (buy) & downgrades IM, Wells upgrades CR20, Wunderlich downgrades RIMM Key Research: Moke initiates LOGM & ZIXI (op's), MS upgrades CRM, Opco initiates AIS (op), Bofa resumes THC (neutral) Key Research: FBR upgrades GTIV, Barclays downgrades NKA, GS & JPM initiates ZIP, Citi initiates ARCO (buy) Reporting Pre-Open: AZO, MDT, BPHX, CBRL, CNTF, DSW, EDAP, HSOL, KUTV, OTIV, PRXI, REDF, SAFM Reporting Post-Close: AMAT, AVGO, BAMM, CPWR, DY, EXPR, FMCN, HEI, KONG, PSS, PSUN, SQM, TIVO, TTWO Economic Data: ICSC-Goldman Chain Store Sales 0 7:45am, Redbook Chain Store 0 8:55am, New Home Sales & Richmond Fed Index 0 10am Treasury auctions in 2yr notes 0 1pm ($35B), API crude oil inventories 0 4:30pm Fed's Duke speaks on financial education in Boston 0 8:25am, Fed's Hoenig speaks at Drexel University 0 9:50am, Fed's Bullard speaks in Missouri 0 1:20pm Conferences: Janney Consumer (Boston), Stifel Cleantech (NY), MS Cloud Computing (NY), Wells Consumer (Las Vegas) Conferences: Stephens Spring Investmen (NY), UBS Global Specialty Pharma (London), BMO Silicon Valley Conferences: Citi Global Consumer (NY), UBS Oil & Gas (Austin), Barclays Communications/Media & Tech (NY) Analyst/Investor Days: CKSW, EP, HRC, BA, LLEN Non-Deal Roadshows: AEGR, ALTR, AMMD, AUDC, BDC, BLC, CBR, CMN, CRDN, DUSA, EW, EZCH, FHCO, FPO, GDI, GPOR, HUM, IFT, IMGN, IPCL, ISIS, IXYS, JKHY, KNL, KNXA, MGRC, MINI, NXPI, PANL, PDLI, PLAB, PWR, RDWR, ROCK, RP, SPSC, SRDX, SREV, SUPX, TROW, TTGT, WCRX, XNPT, IMAX Shareholder Meetings: AMLN, VSCP, FIG, HEES, ZLCS, ARB, FOLD, MHS, RCL, SVNT, TG, BTC, CWCO, EMIS, FFBC, KFT, QLTY, DBLE, DGLY, BRE, KRC, ELON, NTGR, PFBC, CLI, PMD, ANCX, FCLF, VPFG, OMCL, TSRA, EWBC, DL EFTA00433420 Equity/Mixed Shelfs: APA Other Newspaper Articles & Stories WSJ positive: McDonalds (MCD) WSJ<http://online.wsj.com/article/SB10001424052702304520804576341291516236806.html> WSJ positive: Ryanair Holdings (RYA.ID) WSJ<http://online.wsj.com/article/SB10001424052702304520804576341540205673486.html> WSJ cautious: Sony (SNE) WSJ<http://online.wsj.com/article/SB10001424052702304520804576341822424604038.html> Ambac Financial seeks to block $116.8M NYC tax claims as illogical Bloomberg<http://www.bloomberg.com/news/2011-05-23/ambac-financial-seeks-to-block-116-8- million-new-york-tax-claim.html> Greece speeds up plans to sell off state held assets WSJ<http://online.wsj.com/article/SB10001424052702304520804576341414080784514.html? mod=WSJ business whatsNews> Spain moves forward with lottery privatization WSJ<http://online.wsj.com/article/SB10001424052702304520804576341223574804318.html? mod=WSJbusinesswhatsNews> Ebay ceo continues to seek acquisitions WSJ<http://online.wsj.com/article/SB10001424052702304520804576341460685486584.html? mod=WSJ business whatsNews> SEC looking at whether Bank of New York Mellon (BK), State Street (STT) overcharged investment firms for currency trades WSJ<http://online.wsj.com/article/SB10001424052702303654804576341782867546062.html? mod=WSJbusinesswhatsNews> Carlos Tavares tipped to be new Renault COO WSJ<http://online.wsj.com/article/SB10001424052702304520804576341373454163158.html? mod=WSJbusinesswhatsNews> Toyota advisers urge revamping WSJ<http://online.wsj.com/article/SB10001424052702304520804576341272437080958.html? mod=WSJ business whatsNews> Carin to spend $600M on Greenland oil drilling WSJ<http://online.wsj.com/article/SB10001424052702304066504576342721700858628.html? mod=rss whats news us business> The Housing headache felt all over WSJ<http://online.wsj.com/article/SB10001424052702303654804576341603462686900.html? mod=ITP_moneyandinvesting_0> Prada, retailers seek Billions from Hong Kong WSJ<http://online.wsj.com/article/SB10001424052702304066504576340882752701952.html? mod=ITP_moneyandinvesting_2> Philanthropy is given focus by brain cancer NYT<http://dealbook.nytimes.com/2011/05/23/philanthropy-is-given-focus-by-brain-cancer/? ref=todayspaper> (Sorkin Dealbook) Union effort turns its focus to Target NYT<http://www.nytimes.com/2011/05/24/business/economy/24target.html?_r=2&ref=business> EFTA00433421  Banking on national economic suicide Washington Times<http://www.washingtontimes.com/news/2011/may/23/banking-on-national-economic-suicide/> (Opinion Rahn) Treasury set to make small profit in sale of AIG stock (AIG plans to issue shares at $29-$29.30/share) FT<http://www.ft.com/intl/cms/s/0/5a07ffac-8594-11e0-ae32- 00144feabdc0.html4axzzlN8KCxTSJ> Health records contract `holds taxpayer to ransom' FT<http://www.ft.com/intl/cms/s/0/29cbd372-8580-11e0-ae32-00144feabdc0.html4axzzlN8KCxTSJ> UK builders see value of orders collapse FT<http://www.ft.com/intl/cms/s/0/c51d4426-8573-11e0-ae32-00144feabdc0.htmlfaxzzlN8KCxTSJ> Royal Bank of Scotland added to mortgage probe FT<http://www.ft.com/intl/cms/s/0/e2193f32-8576-11e0-ae32- 00144feabdc0,s01=1.html4axzzlN8KCxTSJ> Entertainment One near "major toy licensing agreement" in US Daily Mail<http://www.dailymail.co.uk/money/article-1390161/Entertainment-Ones-US-cash-cow.html> Toshiba removes Windows 7-based tablets, Chromebooks from product roadmap DigiTimes<http://www.digitimes.com/news/a20110523PD216.html> Diageo looking to eliminate jobs in Ireland Irisih Times<http://www.irishtimes.com/newspaper/finance/2011/0524/1224297637346.html> Bank Hapoalim (POLI.IT) takes legal action over "problem debt" of company controlling Elbit Medical Imaging Globes<http://www.globes.co.il/serveen/globes/docview.asp? did=1000648292> Toshiba setting up 11700B war chest for green investments over three years - Nikkei Key Events This Week Wednesday: Durable Goods Orders, FHFA House Price Index, U.K. GDP, Ira Sohn Conference, MS Retail Conference (Boston), Earnings (COST, RL, AEO, CSC, NTAP, TOL, STP) 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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