EFTA02128729

From: Sent: Fri 9/13/2013 9:50:50 AM Subject: Early Tour 9.13.13 Good Morning ... European Markets off 10-40 bps (Portugal +0.27%) ... ASX -0.44%, NKY +0.12%, KOSPI -0.49%, TWSE -0.69%, SHCOMP -0.86%, HSI -0.17% EUR 1.3288 (-0.09%) JPY 99.68 (-0.14%) EUR/JPY 132.45 (+0.06%) AUD 0.9252 (-0.22%) IDR +1.05% NOK -0.49% US 10yr 2.92% Japan 10yr 0.73% Germany 10yr 2.01% Portugal 10yr 7.26% Italy 10yr 4.54% Spain 10yr 4.450/0 Futures: Dow +1, Nasdaq +2, S&P -2 DXY $81.60 (+11c) Crude $107.56 (-$1.04) Gold $1310.20 (-$20.50) Copper -0.08% Silver -2.66% Asian markets were mainly lower overnight as profits got booked across the region. News flow was light, along with volumes, except in Japan which was skewed by SO (expiry). The Nikkei saw a relatively volatile session ahead of a 3-day weekend with cyclicals leading declines early. The selling picked up after lunch, however the futures bounced at the 14,200 level and the market ultimately closed flat. Digital Garage was the stock of the day after the news of Twitter's potential IPO - DG holds -2-5% of Twitter and closed limit-up +17%. In Korea the KOSPI closed lower, mainly due to local redemption selling ahead of the Korean Thanksgiving holidays (next Weds-Fri), although foreigners remained net buyers for the 16th consecutive day. Taiwan saw its lightest volume day this month ahead of a special session tomorrow with Apple suppliers, DRAM and panels lower. HK and China also closed lower with banks and shippers leading declines. European markets generally pulling back into the weekend on profit taking as well. Kabel Deutschland (KD8 GY) outperforming +5.95% after Vodafone said the 75% minimum acceptance condition was met, and Rhoen-Klinikum (RHK GY) trading +11.2% after selling 43 hospitals to Fresenius for €3.076. The latest polls in Germany indicate only 40% for the CDU/CSU with the FDP at 5% (total of 45%) and SPD 28%, Greens 10%, Leftists 8% 9 implying that a continuation of the current coalition government may not happen in which case a grand coalition of some sort is the most likely outcome (election Sun 9/22). Meanwhile, Nikkei News reporting that Obama will officially name Larry Summers as the next Fed chief and the decision could be announced sometime after next week's FOMC meeting (DXY +0.15%, Gold -1.6%, US 10yr yield +2 bps to 2.9284%). There are a number of events on the horizon next week including the FOMC, Italy Senate panel vote on Berlusconi, UN report on Syria, India rate decision, and German elections. SPA's -2 handles = 1676.30 last. "'PP! & Retail Sales t 8:30am, Michigan Conf t 9:55am, Business Inv © 10am*** EFTA_R1_00769749 EFTA02128729 • Twitter officially tweets that it has confidentially submitted an S-1 to the SEC for a planned IPO • Elite Syrian Unit (Unit 450) scattering chemical arms stockpiles to as many as 50 sites (WSJ) • Fresenius to pay E3.07B in hospital deal with Rhoen-Klinikum (RHK GY +11.2%, FRE GY +4.5%) • Vodafone/KD8 wins 75% minimum shareholder support for Kabel Deutsche bid (KD8 GY trading +6.0%) • JD Weatherspoon FY revs, op profit and EPS inline, uninspiring outlook (trading -0.90%) • Club Med O3 revs slight below YoY, encouraging bookings across all regions (trading -0.20%) • TDC: KKR places 90M shares, 11% of company, c DKK 46.30 (-3.3%) clean up (trading -3.1%) • Lamprell (LAM LN) wins $64 million rig refurbishment contract from Millenium (trading +2.3%) • Gerry Weber 9-month results, revs inline, EBIT light, lowers guidance (trading -6.7%) • Lloyds: speculation in The Times of placement today after the close (trading +0.10%) • Sweden Q2 final GDP -0.2% q/q versus estimate -0.1% (+0.1% y/y versus estimate +0.6%) • Spanish O2 INE House Price Index -0.8% q/q and -12.0% y/y versus estimates -6.6% & -14.3% Leading European Sectors: Media +0.64%, Autos/Parts +0.33%, Food/Bev +0.32% Lagging European Sectors: Basic Res -1.88%, Banks -0.84%, Construction -0.32% ULTA eps beat — UNFI eps topped ests — LFVN sees eps below Secondaries (announced/priced): EVRY, NXPI, PVR, INN, DRWI, TCFC, FLTX, MKTO, EMKR, TDC DC IPO's: N/A US Key Research: • BMO downgrades ALU, Brean upgrades CPIOVVGL (buys), Cantor initiates LH (buy) CS upgrades WFT/SWY/LULU & cuts UA, DB downgrades QEP, Evercore upgrades VZ • Jefferies initiates DRTX (hold)and MMS (buy) & upgrades INTC (buy), Bernstein cuts ESV/RIG EFTA_R1_00769750 EFTA02128730 • Mizuho initiates CIE/GTE (buys) and KOS (neut), Baird downgrades BRC GS upgrades SBGL & downgrades HMY, JPM upgrades D & cuts TEVA, Piper cuts FINL Europe Key Research: • GS add SZU GY to cony sell — ABG LN removed, reit buy CFR VX, u.g CARLB DC, BEI GY, SGL SJ, d/g HAR SJ • JPM upgrade MUV2 GY, ULKER TI, Barc upgrade KPN NA, Nomura upgrade A3M SM, RTL BB, MS IM, TL5 SM - UBS upgrade TCELL TI, downgrade APR LN, SPTT CP, initiate FENR LN (b), MF upgrade GEBN SW UBS add ENEL IM most pref - TRN IM removed, add IBE SM to least pref, Nordea downgrade TEL2B SS • Berenberg downgrade G1A GY, JEFF initiate BARC LN (buy), Citi downgrade MRW LN • Numis upgrade HFG LN,CS downgrade PNN LN, AGL IM, initiate O2D GR, Oriel upgrade MRW LN BofAML upgrade MTN SJ, MS upgrade GMKN RM, Oddo restart ALO FP (n), Natixis upgrade NK FP • Exane downgrade HAV FP, KepChev upgrade RHK GY, downgrade SEM AV • HSBC upgrade MPI LN, remove G1A GY from super 1 — add BAS GY Reporting Pre-Open: OPTT Reporting Post-Close: 747A Economic Data: PPI / Retail Sales © 8:30am, U. of Michigan Consumer Confidence @ 9:55am, Business Inventories © 10am Conferences: Bofa Healthcare (London). Barcap Energy (NYC), UBS Paper & Forest Products (NYC) Analyst/Investor Days: PFG EFTA_R1_00769751 EFTA02128731 Non-Deal Roadshows: AEIS, ARMH, ATML, BALT, BIDU, CIE, CIT, CYNI, DIOD, ESPGY, LPL, SHG, SMCI, VSAT, WTS Shareholder Meetings: CSY MVIS, NTAP Equity/Mixed Shelfs: CO ($100M) Other Newspaper Articles & Stories WSJ cautious: Lululemon (LULU) WSJ • Shanghai lines up first foreign hedge fund entrants FT • Twitter fires the starting gun on IPO FT • SEC calls for plan to beat exchange failures FT • Short selling win gives UK third victory in Brussels clash FT • Verizon bond buyers gain as prices jump FT • Lehman's legacy: Five bitter pills FT • Vodafone wins backing for €7.7bn Kabel bid FT • Dell shareholders back $24.8bn buyout FT • Cameron appointment signals crackdown on interne( piracy FT • The Kremlin has failed to learn from Gorbachev's mistakes FT • We need a bit more love on Wall Street FT • 'Tiger hunts' revisit a bloody era in China's history FT • Kerry and Lavrov at odds in Syria talks FT • The audacity of stealth — Merkel's plan for the euro FT • We can do better than the defunct financial transaction tax FT • Britain is set up for a better retirement future FT EFTA_R1_00769752 EFTA02128732 • Dell: founders keepers Lex • Vivendi: two better than one? Lex • Royal Mail: return to sender Lex • South Korea: Seoul survivor Lex • Embattled J.P. Morgan Bulks Up Oversight WSJ • U.S. Begins New Crackdown on Hiring Illegal Workers WSJ • Elite Syrian Unit Scatters Chemical Arms Stockpile WSJ • U.K. Tries Again on Banking Competition WSJ • Doubts Rise as China Touts Upturn WSJ • Ackermann Resignation Highlights Boardroom Battle at Siemens WSJ • Doubters on Retail Sales May Get Schooled WSJ • China's New Spin on a Turbo Tax WSJ • Christmas Bargains Arrive Early for U.S. Retailers WSJ • Liberty, Equality, Football WSJ • 2 Consultants to Banking Industry Come Under Scrutiny NYT • Assad is to blame for chemical strike — UN The Times • You Westerners are idiots. You believed me! The Times • Bank 'must act' to tackle housing bubble, says RICS The Times • Hilton owner Blackstone set to complete recovery with share sell-off The Times • 'How can you have a recovery when people are getting poorer?' Telegraph • We've let a good financial crisis go to waste since Lehman Brothers collapsed Telegraph • Even Labour supporters don't think that Ed Miliband's up to it Telegraph • Industry attacks EU telecoms reforms Telegraph • Lehman Brothers collapse, five years on: 'We had almost no control' Guardian • Gas isn't the bogeyman Guardian • Twitter's float reminds us why we must privatise the Royal Mail City AM • Bernanke's successor will have more than monetary policy to worry about City AM EFTA_R1_00769753 EFTA02128733 • The Long View: The key to effective action? Don't view the world in those nifty shades of grey City AM • Self-driving pods and 3D printing will be the real challenge for Royal Mail City AM • US moves against China firms criticized China Daily • No property bubble in sight: planning official China Daily Key Events Next Week Monday: Japan & Malaysia closed for holiday, Empire Manufacturing, US Aug IP, BMO Real Estate Conference (Chicago), MS Industrials & Autos Conference (Laguna Beach) Tuesday: CPI, TIC Flows, NAHB Housing Market Index, Citi U.S. and European Industrials Conference (Boston), CS Small and Mid-Cap Conference (NYC), RBC Financial Institutions Conference (Boston), Earnings (Prada, ADBE, GAGA, ALCS) Wednesday: FOMC Rate Decision, US Aug Housing Starts & Bldg Permits, Italy Senate Panel Berlusconi Vote, BOE minutes, Korea closed for holiday, Housing Starts & Building Permits, UBS Houston Energy Symposium, Earnings (FDX, GIS, MANU) Thursday: Philadelphia Fed, Existing Home Sales, Jobless Claims, China/Taiwan/Korea/Sri Lanka closed for holiday, Earnings (CAG, SCHL, TIBX) Friday: Options Expiration, S&P annual IWF review and quarterly share rebalance for the S&P 500, 400, and 600 indices after the close, EuroStoxx 600 changes on the close, EU/China officials summit in Brussels, China/HK/Korea closed for holiday Sunday: German elections, China Flash PMI Key Events on the Horizon September 23 — MSFT to launch new Surface PCs EFTA_R1_00769754 EFTA02128734 September 30 — Fiscal Year End for US Federal Government October 1 — Enrollment for the health-care exchanges begins, Australian rate decision October 8 — AA earnings October 10-11 - G20 Fin Min/CB meeting (DC) October 15 - US Treasury debt ceiling to be hit in mid-October 680 Washington Blvd 'Stamford, CT 06901 1 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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