EFTA00390701.pdf

From: Ike Groff Subject: Early Tour 5.8.13 Date: Wed, 08 May 2013 09:56:49 +0000 Inline-Images: image001jpg; image002.png Description: Description: Good Morning ... European Markets up 10-80 bps (Greece +4.9%, Ireland -0.82%) ... ASX +1.09%, NKY +0.74%, KOSPI +0.11%, TWSE +1.27%, SHCOMP +0.48%, HSI +0.76% EUR 1.31 (+0.21%) JPY 98.95 (+0.05%) NZID 0.8384 (-0.86%) Spain 10yr 4.14% Italy 10yr 3.87% US 10yr 1.78% Futures: Dow +7, Nasdaq +1, S&P flat DXY $95.28 (-34c) Crude $95.24 (-38c) Gold $1452.50 (+$3.70) Copper +0.51% Silver -0.13% Asia was firmer across the board overnight following strong EU macro data and dovish comments from Draghi. Sentiment was helped after China export and import data for April came in better than expected with exports up 14.7% and imports up 16.8%. Australia closed at the highs with resource names flying after China trade data showed iron-ore imports were the highest in four months on greater steel production. The Nikkei rolled over in the PM session as some short-term profit-taking seems to have pushed markets lower triggered by a sharp 10% fall in the Mothers index. Exporters continued to outperform domestic names on back of the JPY move. The Kospi managed only a modest gain as volumes remained low and local institutions remained sidelined ahead of tomorrow's options expiry and BOK rate decision (no change expected). European markets generally higher to start the day following overnight strength in US/Asia. Greece re-opens after being closed for the last 3 sessions for Holiday and is playing some catch-up +4.3% (Greek banks +15-20% today). Note that it is a %: day in Sweden today (auction at 11:55am GMT) and several markets will be closed tomorrow for Ascension Day including: Sweden, Denmark, Norway, Finland, Switzerland, Austria, Russia. Ira Sohn today in NYC. SPA's — flat = 1620 last. "'CTSH, LINTA, AOL, MPEL, WEN report pre-open, Mortgage Apps @ lamm mATVI, CF, CTL, MSNT, NWSA, GMCR, GRPN, RAX #'s post close*" "'Ira Sohn Conference NYC begins today ft ), China CPI & PPI data out tonight"' • Disney beat ests as theme parks & ESPN ad sales drove Q2 profit growth +32% (trading -1%) • JC Penney Q1 prelim sales drop 16.5% ($2.64B vs $2.736 ests) ($16 spend) (trading +1.6%) • DaVita Healthcare in pad with Berkshire limiting stake to 25% in company (#'s beat) (trading +3.5%) • Electronic Arts pledge to keep down operating costs & strong guidance (trading +8%) • McKesson net off 50% but eps beat & 2014 eps view midpt above estimates (trading +1.4%) EFTA00390701 • Mondelez eps beat (profit off on spinoff impacts) but raised yr eps view (CLSA downgrades) • TripAdvisor O1 sales & eps beat forecasts & reaffirms year revenue growth (trading -1.4%) • Whole Foods beat & raised as SSS trends accelerated (announced stock split) (trading +6%) • Zillow swung to loss as costs jumped but raised 2013 sales forecast range (trading -4.5%) • Former SC Republican Governor Sanford defeats Democrat Colbert to secure House seat (WSJ) • Coty may be renewing IPO plans ($700M offering could come as soon as next month) (FT) • DE Masters institutional investor selling 13M shs in accelerated book build with UBS (trading -0.12%) • Standard Chartered IMS income better, indicated rev slowdown, FY guidance unchanged (trading -4.9%) • HeidelbergCement O1 revs & EBITDA slight below, sees "significant pretax improvement" (trading +-0.66%) • SAP sees $10 billion sales boost from banking services software makeover (trading +0.54%) • Deutsche Telekom O1 net misses, adj EBITDA inline, sales light, T-Mobile USA ok (trading +3.9%) • Brenntag O1 net, EBITDA, rev, income miss, EPS below, well positioned to deal with challenges (trading -4.3%) • Lanxess Q1 revs inline, EBITDA e- items ahead, sees slight improvement in Q2, reducing capex (trading -0.10%) • Eutelsat O3 revs miss when one-offs excluded, maintains growth guidance, broker downgrade (trading -5.1%) • Intercontinental Hotel O1 update, confident on FY outlook, challenging environment, ME & Africa strong (trading -3.4%) • TF1 Q1 revs miss, cutting rev forecasts, lower EPS, cost cutting not offsetting advertising revs (trading -6.1%) • Kloeckner O1 sales & EBITDA light, net loss worse, revamp largely complete, warns on 2013 targets (trading +0.25%) • ING Q1 net better, insurance poor, banking better, CT1 ratio @ 12.3%, CI ratio down to 55.2% (trading +2.1%) • Holcim Q1 revs light, impacted by early Easter and weak India, outlook unchanged (trading +2.4%) • Delhaize O1 trading update, guiding FY op profit to top end, reits FCF target, CEO to leave (trading +2.8%) • Evonik O1 sales light, adj EBITDA misses, maintains 2013 sales targets (trading -1.5%) • Henkel O1 EBIT better, sales light, adj EPS inline, repeats 2013 sales growth targets (trading +4.5%) • EON O1 underlying net income slight ahead, EBITDA inline, confirms guidance (trading -0.15%) • Tom Tailor O1 adj EBITDA better, adj net loss worse, maintains rev guidance (trading +4.6%) • Dialog Semi O1 sales slight light, sees Q2 sales softening, remains confident of FY outlook (trading +3.6%) • Aegon Q1 net misses, impacted by equity hedging, keeping LIT commitment to Spain (trading -4.9% • Telefonica O1 revs, EBITDA and EBIT light, Spain inline, reiterate guidance (trading -1.2%) • Rheinmetall O1 revs light, EBIT & sales miss, driven by weak defense, maintains FY outlook (trading +0.80%) • GEA O1 revs slight light, EBITA miss due to consolidation, large order announcement yday (trading -1.8%) • Bekaert O1 revs miss driven by emerging market pricing pressures, increasing debt (trading -3.8%) EFTA00390702 • Enel Q1 mixed, bottom line better, EBITDA weighed on by demand & pricing, poor FCF (trading -0.90%) • Tullow IMS, nothing new, no firm Ugandan/European asset sale updates, Jubilee inline (trading +1.5%) • Fraport revs inline, EBITDA light, EPS better, confirming 2013 EBUTDA guidance (trading -1.7%) • Wienerberger Q1 revs boosted by pipeline acquisitions, EBITDA and EBIT loss worse (trading -0.10%) • JD Wetherspoon O3 IMS all pretty inline, LFL's +6% with slight margin improvement (trading +0.25%) • Sainsbury FY adj pretax slight ahead, revs inline, to take full ownership of Sainsbury's bank (trading -2.0%) • CSR O1 sales, net income and adj EPS slight ahead, maintains O2 sales targets (trading +5.7%) • CRH trading update, LFL sales poor driven by weak Europe, positive US trends to offset Europe (trading -3.8%) • Next O1 brand sales beat, reiterates FY outlook, cautious on consumer environment (trading +2.8%) • Sage H1 revs beat, pretax loss better, div ahead, confident on meeting FY goals (trading +2.6%) • Fraport O1 revs ahead, adj EPS beats, EBIT misses, confirms EBITDA guidance (trading -1.7%) • Vestas O1 sales inline, net loss worse, FCF better, maintains FY outlook (trading +10%) • Die Welt running a story that the ECB may start buying bad bank loans in Southern Europe • Toyota profit forecast misses analyst estimates amid China slump (numbers out after Japan close) • Toshiba forecasts higher profit on chip & power equipment demand (numbers out after Japan close) • Casio FY operating profit more than doubles but view misses estimates (numbers out after Japan close) • China trade data: export growth unexpectedly accelerates in April (+14.7% versus estimate +9.2%) Leading European Sectors: Retail +0.71%, Basic Res +0.68%, Construction +0.57% Lagging European Sectors: Trav/Les -0.18%, Banks -0.16%, Fin Services -0.12% PSE acquisition proposal PXD — WBMD raises view — OCLR loss wider RBCN Q1 loss — VCLK outlook light — ARAY cuts view but trading up 15% DMD #s good — BBX to merge with BFC — NVTL decent numbers MYGN raises guidance — SYNC solid results — KGC profit beat LOPE sees 2013 eps above — SYMC profit view light (initiates div) — CA cut view CHRW eps trailed — JAZZ eps/revs beat — WMB reduced 2013 view below TWO core eps missed — MRO sees production up — PLT revs beat Secondaries (announced/priced): VNTV, CFX, WBS, ANR ($300M convert), DDD, CIE (holders), APO, BIP, FLT, JMI, REN, ISIS, DE NA EFTA00390703 IPO's: Armada Hoffler Properties (AHH) 16.5M-shares priced at $11.50 US Key Research: ••• Mizuho upgrades MYGN (buy), Piper initiates CRI/PLCE (CRI), Citi upgrades AME (buy) & cuts IEX • Barcap upgrades BAX, Opco cuts CA/TWTC, Baird downgrades CMA, CLSA downgrades MDLZ ••• BB&T upgrades TREX (buy), Bernstein downgrades EMR & initiates ETN (op) Europe Key Research: ••• Barc dig ETL FP, ALO FP, NLMK RM, u/g SOLB BB, MAGN RM, AVR LN, CHMF RM, +ve PSM GY, -ve SPR GY ••• BofAML downgrade RBS LN, upgrade AQP AU, GS downgrade SAND SS, initiate MSK IM (b) ••• CS upgrade EAD FP, Citi resume GLEN LN (b), JP downgrade EUR PW, upgrade HFD LN ••• UBS initiate MSK LN (b), upgrade GARAN TI, downgrade IMG LN, CBK resume SW1 GY (h) ••• Akros upgrade PC IM, HSBC downgrade ERF FP, downgrade NOEJ GY, ETL FP, CRST LN • Exane downgrade DIA SM, GFS LN, PP FP, upgrade RMS FP, initiate MSK IM (op), RBC downgrade GFS LN ••• SocGen downgrade ARL GY, ENEL IM, Beren downgrade PSM GY, Numis downgrade MARS LN • Equita downgrade A2A IM, Numis downgrade IHG LN, Kepler Chev downgrade FRA GY, upgrade G1AGY MAQ downgrade NEOJ GY, Oriel downgrade HSX LN, Panmure downgrade SBRY LN, upgrade CMS LN Reporting Pre-Open: CTSH, LINTA, ALE, AOL, ARQL, ATRS, BIOD, BOFI, CASM, CBMX, CECE, CLMT, CSTE, CWH, ESLT, EZCH, FOR, FSYS, FUN, GEO, GILT, GKNT, HII, HYGS, INXN, KELYA, KOPN, LAMR, LIOX, LMCA, LSE, MAG, MEMP, MFB, MPEL, NAVB, NEON, NICE, NSPH, NXST, PCRX, PHMD, POZN, PPP, QRE, SCON, SFUN, SKYW, SODA, SPAR, STWD, SUSP, SUSS, SXE, TM, TPLM, TRMD, TRR, TTI, VITC, VVUS, WD, WEN, WILN Reporting Post-Close: ATVI, CF, CTL, MSNT, NWSA, ACRX, ADES, AFG, AHT, ALOW, ALJ, AMRN, ARWR, ASI, AT, ATLS, ATSG, AVHI, AVNR, BIOS, CBPO, CENT, CHDX, CLCT, CLNE, CLR, CONE, CTL, CTRP, CUZ, CXW, DBLE, DCTH, DEPO, DK, DRWI, DTSI, EGY, EIG, EOX, EPAM, ERII, ETE, ETM, ETP, EXAM, FLTX, FSC, GCOM, GIVN, GMCR, GNMK, GROW, GRPN, GSIG, GSS, GSVC, HALO, HE, HEK, HNSN, HTHT, IL, IMMU, INTL, IPAR, IPAS, JCOM, JOW, KERX, LCI, LGND, LHCG, LPSN, LRAD, LVB, MATR, MBI, MBLX, MDR, MED, MHLD, MIDD, MLR, MM, MNR, MNTX, MRIN, MTDR, MTRX, MWE, MYRG, NP, OFIX, OILT, OREX, OSUR, PCTI, PIP, PNNT, POWR, PRCP, PRSC, PSTR, PVA, QTM, RAX, RGP, RIG, RLJ, RMTI, RRMS, RST, RWC, SEMG, SGMO, SGU, SLF, SPRD, SRC, SSRI, SSTK, STAN, STEC, SUPX, SWM, SXL, SZYM, TC, TCAP, TESS, TNH, TRAK, TROX, TSLA, TSPT, TTGT, TUMI, TWGP, ULTR, VRTU, WG, XOMA, XTEX, XTXI Economic Data: MBA Mortgage Applications @ 7am EFTA00390704 DOE crude oil inventories @ 10:30am, Treasury auction in 10y notes @ 1pm ($24B) Fed Speakers: Stein @ 8:30am (Chicago Fed Conference) Conferences: Citi Beyond the Basics Financial Services Forum (Napa), CS Offshore Technology (Houston) Conferences: Jefferies TMT (NYC), Baird Growth Stock (Chicago), Bofa Smid Cap (Boston) Conferences: BMO Government Finance (Toronto), DA Davidson Financial Services (Seattle), Wells Industrial & Construction (NYC) Analyst/Investor Days: WNC, SNDK Non•Deal Roadshows: ABT, AKRX, APD, AXP, CPRX, CRAY, DEST, DLA, FCH, FNP, FSL, GE, GMED, HOT, INVN, MEOH, MFLX, NLSN, NOAH, NVO, NXPI, OMN, PPC, RNST, RTIX, SEAC, SPG, WLP, WYN, EXAR Shareholder Meetings: CBI, CNO, DNB, OPTR, KWR, RGC, TCAP, WTR, CNS, EDR, HSP, IMN, LH, OCN, PM, CNOB, HY, AEC, ATR, BAC, BHE, CNX, CTGX, ENTG, ESI, FISI, FTR, GLDD, HYGS, IDXX, KGC, MHK, OCFC, PSX, SWFT, TPI, USG, AEZS, XLS, BID, BRKL, CBR, CSX, DRH, KDN, KRO, NVE, ADTN, FCS, CWEI, NATR, CBU, CSL, MCY, ALSN, SPF, CRDB, HE, HSNI, MFSF, RCKY, SIX, ENB, PJC, SLF, CPA, ETRM, LPLA, PHM, PDS, DECK, RIO Equity/Mixed Shelfs: N/A Other Newspaper Articles & Stories Barron's positive: Lazard (LAZ) Barron's WSJ cautious: Tesla (TSLA) WSJ • Alex Ferguson retires as Manchester United manger Telegraph • Brazilian diplomat Roberto Azevedo wins WTO leadership battle Fr • China trade growth accelerates in April FT • Proxy firm Glass Lewis calls on Jamie Dimon to drop chairman role FT • Tips from Wall St hedge fund gurus fail to reward faithful FT • Russia and US agree to Syria conference after Moscow talks FT EFTA00390705 • Lisbon enjoys strong investor demand for bond issue FT • First Bitcoin, now 3D-printed handguns — why tech has regulators on the run FT • Kenya: another unexpected hefty cut FT • Britain to look at forcing open Europe services market FT • Qatar eyes Bankia stake in parent of British Airways and Iberia FT • Cameron plans trip to China despite stand-off over Dalai Lama FT • Differences put aside as Berlin and Paris seek commonground FT • Crestwood/lnergy: masterclass Lex • Diageo: beverage plans Lex • Solvay / Ineos: chemical reaction Lex • The German model is not for export FT Comment • Sinister or silly, protest politicians are united in grievance FT Comment • China Trade Swings to Surplus, but Draws Doubts WSJ • Samsung's 'Good' Problem: A Growing Cash Pile WSJ • Microsoft Concedes Windows 8 Misses Expectations WSJ • How Much Is That Jobless Dane in the Window? WSJ • Apparel Retailers Confront Tough Options WSJ • How to Avoid Another FAA Fiasco WSJ • China Publicly Cuts Off North Korean Bank WSJ • Europe's Job Seekers Flock to Germany WSJ • Voters tell Cameron to cut Europe down to size The Times • Recession is a price worth paying for French on their long weekend The Times • Assad - We are capable of facing Israel' The Times • The EU has pushed Britain out already The Times • King rumours overshadow Sainsbury's results The Times • George Osborne braced for IMF challenge over austerity plans Independent • Government needs to be clear on its tax message, says CBI Telegraph • British savers could face losses in eurozone bank stress tests Telegraph • The west and its allies cynically bleed Syria to weaken Iran Guardian • Watch out, George Osborne: Smith, Marx and even the IMF are after you Guardian EFTA00390706 Key Events This Week Thursday: Some European markets closed for Ascension Day, (Sweden, Denmark, Norway, Finland, Switzerland, Austria, Russia), Wholesale Inventories, Retail Sales, BOE rate decision, Earnings (AES, APA, CVC, DF, PCP, WIN, XRAY, CFN, NVDA) Friday: Denmark closed, Treasury Budget Statement, G8 Fin Min / central bank meeting (UK), Bemanke speaks at Chicago Fed conference, Eamings (BECN, TRLG, ADEP) Key Events on the Horizon May26/27 — Mayoral elections in 720 cities across Italy June 10-14 —Apple's Worldwide Developer Conference (WWDC) in SF June 14 — Preliminary adds/deletes to the Russell indexes published after 6pm EST June 21 — Updates to the lists of adds/deletes for the Russell Rebalance June 28 — Russell Rebalance on the close of trading July 1 — Mark Camey takes over as BOE Governor September — German elections Ike Groff 1680 Washington Blvd I Stamford, CT 069011 in EFTA00390707  ,Description: Descrintion: 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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