EFTA02153650

From: Sent: Thur 11/29/2012 11:07:48 AM Subject: Early Tour 11.29.12 Good Morning ... European Markets up —1% (Italy +1.65%, Spain +1.15%)... ASX +0.68%, NKY +0.99%. KOSPI +1.15%, TWSE +0.92%, SHCOMP -0.51%, HSI +0.99% EUR 1.2990 (+0.29%) JPY 82.13 (-0.07%) EUR/JPY 106.69 (+0.36%) AUD 1.0463 (-0.12%) RUB 30.95 (+0.62%) US 10yr 1.64% Futures: Dow +70, Nasdaq +18, S&P +8 DXY $80.12 (-21c) Crude $87.44 (+95c) Gold 51726.40 (+$7.60) Copper +0.85% The political tug of war over the fiscal cliff remains center stage as the bulls seized positive comments yesterday from Boehner to rally the market sparking the rest of the world to follow suit. Asian markets higher except SHCOMP which continues to make lower lows (brokers led declines — (Citic -4.4%, Haitong -5.9%, Huatai -6.6%, SinoLink -10%). Nikkei closed up —1% as latest polls in Japan show LDP still leading with 23% and Japan Restoration Party holding 2nd with 15%. LDP leader Abe, spoke in Tokyo today calling for unlimited monetary policy easing by the central bank until inflation reaches 2 percent. Japan's 10-year bond yield dropped to 0.71 percent (the lowest level since June 2003). India was the best performer up +1.7% after Goldman Sachs upgraded Indian equities to overweight. Spain & Italy outperforming in Europe following yesterday's Spanish Bank sector restructuring. Spain's 10-yr yield fell to an 8 month low = 5.24% & Italy's 10-yr yield off to lowest level in almost two years = 4.50% (Today Italy sold 2.98 billion euros of 10-year bonds at an average yield of 4.45 percent, down from 4.92 percent on Oct 30 sale). Bloomberg poll found world economy in best shape in 18 months on improved outlook for China and the US likely avoiding the fiscal cliff (Bberg). Treasury Secretary Timothy F. Geithner meets congressional leaders today including Boehner to further fuel optimism over a resolution. Commodities higher this morning snapping three-day drop. S&P futures up 8 handles = 1415 last ahead of US economic data ® 8:30am with GDP & Jobless Claims hitting. ***GDP / Jobless Claims @ 8:30am, Pending Home Sales @ 10am, Nov Retail Sales"" "`KR, TIF, BKS, CBRL, ISLE report pre-open, AVGO & YOKU #'s post close*** • Aeropostale O3 #'s better but O4 guidance light (36c-41c vs 55c ests) (trading -8%) . Guess? midpoint Q4 eps view topped estimates & set 51.20/shr special div (trading +5%) EFTA_R1_00819392 EFTA02153650 • TiVo Q3 beats (posts profit on patent settlement) but guides for a O4 loss (trading -1.5%) • German unemployment rose for Eith straight month in November (jobless rate held at 6.9%) • Invensys announces Siemens to buy rail unit for £1.74bn, to return £625mn cash (trading +9%) • Kingfisher Q3 LIL sales light, profit in line, UK and France weak, cautious outlook (trading -1.5%) • Dixons H1 in line, good debt reduction, cautious on market, strong into #'s (trading -2.0%) • Marstons FY revs in line, dividend better, PTP okay, should reassure market (trading -0.50%) • Rio Sydney investor seminar, targets $5bn cuts, seeingChinese green shots (trading +3.7%) • Burberry, Daily Mail run with £18 bid speculation, PPR mooted suitor (trading +3.0%) • lberdrola sees S&P lower rating one notch, outlook stable, broker d/g (trading -1.6%) • Japan Oct retail sales fell most in 11months (-1.2% vs -0.8% ests) on fewer cars/tv's • Australian business investment slowed less than forecast last quarter on strong mining spending • Australian new home sales rose for first time in four months in Oct (led by apartments) • New Zealand business inflation expectations fell to a 13-year low in November • South Korea manufacturer's confidence fell to lowest level in +3yrs due to won strength • PTT E&P (Thailand's biggest public oil/gas explorer) to raise $3.1B in nation's biggest offering Leading European Sectors: Basic Res +2.01%, Autos/Parts +1.23%, Construction +1.21% Lagging European Sectors: Trav/Les +0.29%, Food/Bev +0.34%, Retail +0.44% WDAY earnings better — FISI ups dividend — DIS 25% dividend boost UVE 20c dividend — IRG cfo resigns — RUE eps outlook solid HRZN cuts dividend — LZB reinstates div, revs light — GENE names ceo Secondaries (announced/priced): PGNX, GNRC, TTS, AVB, EQR IPO's: N/A Key Research: Barcap initiates DCIX/TEU/KSU (ew's) and WX (ow) & upgrades KSU, DB downgrades EFTA_R1_00819393 EFTA02153651 CREE Key Research: GS upgrades RIMM (buy), Jeff downgrades TKR, JPM upgrades PLT & cuts TASR Key Research: UBS initiates RGL (neut) and CHTR/JAZZ (buy's), Opco downgrades ROK, HSBC upgrades NKE Key Research: SunTrust initiates ALTR/XLNX (neut) and NXP (buy) and TXN (reduce), BB&T upgrades CPRT (buy) Key Research: Macquarie upgrades EOG, Buckingham initiates EMC (buy), JPM upgrades PLTC, RBC cuts GIB Key Research: Wells upgrades IACI & initiates WDC (mp), Nomura removes SHW from Conviction Buy list & adds TSCO Key Research: Sterne downgrades ATVI, Piper upgrades GES, Longbow initiates AIT (neut), Key upgrades PSA Key Research: BofAML remove BARC LN, ISP IM, BMPS IM from most preferred list, MS cuts IBE SM Key Research: MS downgrade GTO FP/NRE1V FH/FR FP, UBS downgrade SOW GY, Barc upgrade ISYS LN Key Research: GS reinstate HEIA NA (n), CS upgrade GSZ FP, JEFF cuts BSY LN, Kepler upgrade HOT GY Key Research: Barc downgrade MAB LN & upgrades UU/ LN, HSBC upgrade PSN LN, MS cuts ADP FP Key Research: BofAML adds CSGN VX, GLE FP to most preferred, BofAML upgrade ISYS LN Key Research: DNB initiate BRG NO (b), BofAML add BSKY LN, MS IM, MTGB SS to least preferred Key Research: Nordea downgrade GETIB SS, Nordea downgrade UIE DC, MS upgrade VOLVB SS Key Research: MS downgrade Fl IM, MS downgrade DAI GY, MS upgrade ML FP, HSBC upgrade AND LN Key Research: BofAML remove KD8 GY, REL LN, UBM LN from least preferred, RBC initiate SAB SM (up) Key Research: MS remove CON GY from best ideas, RBC initiate POP SM (up) Reporting Pre-Open: KR, TIF, ATV, BECN, BKS, CBRL, DSGX, GBDC, GIL, ISLE, LQDT, LTXC, NJR, SFL, SHIP Reporting Post-Close: AVGO, CBK, CISG, FIVE, MENT, MITL, OVTI, PSUN, SPLK, ULTA, YOKU, ZUMZ EFTA_R1_00819394 EFTA02153652 Economic Data: GDP / Jobless Claims @ 8:30am, Bloomberg Consumer Comfort @ 9:45am, Pending Home Sales © 10am, Kansas City Fed Manufacturing Activity @ 11am EIA natural gas storage @ 10:30am, Treasury auction in 7yr notes © 1pm ($29B) Fed Speakers: Fisher @ 6am (Frankfurt), Dudley @ 9am (NY), Gibson © 10am (Washington), NY Fed holds economic briefing © 11am Conferences: CS Tech (Scottsdale, AZ), CS Aerospace & Defense (NYC), Jeff Global Energy (Houston) Conferences: JPM SMid Cap (NYC), KBW Brokerage & Market Structure (NYC) Analyst/Investor Days: OMI, CPLA, VSAT Non-Deal Roadshows: AEGR, AERL, AMAT, ARMH, BOKF, CA, CAKE, CPSI, CRBC, CRNCY, CS, CTRX, CYOU, DMD, DWRE, EHTH, ELOS, FCN, ICGE, IP, IVZ, KAI, LEG, LMAT, LTRX, M, NLY, ORCL, PEBO, PERY, RBA, SCVL, SGI, SGNT, SOHU, SONC, SYY, TASR, TROW, TVL, UPS, VPRT, WFR Shareholder Meetings: CHOP, MSG, GBR, GMXR, ARUN Equity/Mixed Shelfs: RGP Other Newspaper Articles & Stories • Obama Is Flexible on Highest Tax Rates WSJ • Fed Stimulus Likely in 2013 WSJ • EU Clears Spanish Bank Rescue WSJ • BP Blocked From Deals WSJ EFTA_R1_00819395 EFTA02153653 • Monte Paschi to Request More State Aid WSJ • EU Facing Tough Call on Japan Trade Talks WSJ • How Investors Should Plug Into the Natural-Gas Rally WSJ Heard on the Street • Aging Cars Continue to Stoke U.S. Sales WSJ • BP Is Barred From Taking Government Contracts NYT • Greece Will Borrow to Buy Back Debt NYT • KKR left as the only bidder for Advance Auto Parts NY Post • Dollar Shave Club set to launch in Australia The Australian • Bankia debtholders face bailout losses FT • Megafon — diplomacy in action FT • Japan must revitalise its central bank FT • UK should learn from Canada and Carney FT • Rights and wrongs of the US fiscal cliff FT • Media groups grapple with succession FT • EU agrees E37bn bailout of Spain's banks The Times • Blair warns against 'destructive' euro exit The Times • Germany displaces China as US Treasury's currency villain Telegraph • Have we really seen the end of growth? Telegraph • Eurozone borrowing lift for Spain as it rejigs banks Independent • US 'Fiscla Cliff hopes as parties declare they want deal Daily Mail Key Events This Week Friday: Personal Income and Spending, Chicago PMI, China Manufacturing PMI (8pm), MSCI Semi- Annual Index Rebalance Key Events on the Horizon EFTA_R1_00819396 EFTA02153654 December 3 — Eurogroup meeting, Eurozone PMI's, US ISM Manufacturing December 6 — ECB & BOE rate decisions, US Nov Retail Comps December 12 — FOMC rate decision December 22-January 20 - US Congress scheduled to adjourn January 30 — Launch date for RIM's Blackberry 10 This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this e-mail and any attachment(s) is strictly prohibited. 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