Epstein Secrets

y/y vs est +3.0%) helped extend gains in the ASX200. Europe an markets mostly higher on the follow-thru with Telecom, Autos, Tech leading the way. Vodafone +6.5% following yesterday's ADR move on the back of reports of potential Verizon merger. Peripheral yields pulling back with the Italy 10yr -9bps to

NH/Samsung (sells), Atlantic initiates COV & VAR (ow's) ••• Multiple BFAM initiations, Citi downgrades JCP, GS removes QCOM from conviction buy ••• Jefferies downgrades MR, Piper initiates PPHMNNDANVUS (ow's) & CLVS (neut) & NAVB (uw) ••• KBW upgrades ICE, Roth initiates CYTX (buy), WBlair initiates BMY (

aranoid worldview WSJ • Gold plunge is cause for optimism WSJ • IBM Finds Itself Singing the Growth Blues WSJ Heard on the Street • Optimism of Vodafone deal as buyer sees tax light The Times • Carney warns Britain is a 'crisis economy" Telegraph • Financial transaction tax contravenes G20 agreeme

s at $23.00 EFTA00391982 US Key Research: • BMO upgrades NOK, Compass Point downgrades PAY, Wells initiates CHDN/COF (op's) • GS upgrades VRTX, Jefferies upgrades EE (buy) & initiates WCG (hold) and GASS (buy) • RBC initiates MITL (sp), Jeff initiates WCG (hold) and GASS (buy)b. Riley intiates ADBE (b

ow) (trading +2.0%) EFTA00386142 • PostNL O2 ebit better, revs touch light, sees FY addressed mail volume drop 9-11% = worse (trading -10.3%) • Vodafone's Italian unit has started litigation against Telecom Italia seeking damages > €1 billion • Veolia H1 adjusted operating cash flow misses, revenues

hrough JPMorgan, Deutsche and BofA US Key Research: ••• Barcap downgrades FOSL, Citi downgrades AMP, DB downgrades ALL, GS upgrades SHOO (buy) ••• Jefferies downgrades KRFT, Roth initiates CSIQ (buy) & upgrades MSTR (buy) • Piper downgrades QCOM, Raja downgrades EAT & upgrades TCBK, MS downgrades TEVA •