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esearch: Janney downgrades NWY, CLSA initiates ARW/AVT/TECD (op) & IM (uw) Key Research: UBS initiates PANW (neut) & upgrades MCRO LN and ELN (buy), Piper initiates KYAK (neut) Key Research: DB downgrades SGMS & initiates KYAK (buy), Bofa downgrades VALE, GS cuts DOM LN Key Research: Nomura upgrades
LN (buy), Piper initiates KYAK (neut) Key Research: DB downgrades SGMS & initiates KYAK (buy), Bofa downgrades VALE, GS cuts DOM LN Key Research: Nomura upgrades ITV LN, Vontobel downgrades BAER VX, Canaccord downgrades AV/ LN Key Research: Citi upgrades DELB BB, MS downgrades PSON LN, Berenberg upg
upgrades BIG & initiates AL/VNET (ew's), DB upgrades FOE (buy) Key Research: Atlantic upgrades MOS, JPM downgrades SMG, Janney upgrades CRAI (buy), Piper upgrades RDN Key Research: JPM upgrades NVTL, Jefferies upgrades FST (buy), Bofa reinstates ADI (buy), Auriga assumes NVDA (buy) Key Research: Bofa
s), JPM upgrades GS, Think upgrades EBAY Key Research: JMP initiates MKTG (op) & upgrades TOL & downgrades MDC/NVR, KBW upgrades EDR Key Research: Nomura upgrades STAN.LN (buy), Wells upgrades APC & initiates TLLP (op), RBC downgrades IPXL Key Research: Baird upgrades AMAG, Barclays upgrades BIG & in
ced/priced): MDW, ROSG IPO's: N/A Key Research: Stifel assumes RTN (buy) & GD/LMT/NOC/LLL (holds), Cantor initiates ZMH/SYK (holds) Key Research: Piper downgrades VCLK & initiates TITN (ow), Canaccord initiates MM (buy), Jefferies downgrades PEG Key Research: DB upgrades AZO (buy), JPM downgrades D
upgrades JPM & cuts MS Key Research: GS upgrades LPS/PBI & downgrades CTSH/SAPE, RBC initiates SLW (op), Sterne initiates AIG (buy) Key Research: Nomura cuts top 3 Greek banks, Exane lowers f's European Capital Goods Key Research: Citi downgrades BMW GY, SocGen & Panmure upgrade SHP LN, JPM upgrades
s (announced/priced): CNDO, CNCO, HIS, AEC IPO's: N/A Key Research: Barcap downgrades CIM, Imperial initiates TPC (op), Nomura initiates FB (buy), Piper upgrades TFM Key Research: Canaccord initiates SWKS (buy) & TQNT/RFMD (holds), Telsey initiates ADS/DFS/COF/AXP/V/MA Key Research: GS adds VOW GR
study meets goal Secondaries (announced/priced): CNDO, CNCO, HIS, AEC IPO's: N/A Key Research: Barcap downgrades CIM, Imperial initiates TPC (op), Nomura initiates FB (buy), Piper upgrades TFM Key Research: Canaccord initiates SWKS (buy) & TQNT/RFMD (holds), Telsey initiates ADS/DFS/COF/AXP/V/MA Ke
MO downgrades CMA Key Research: Jefferies upgrades CNOOC (883 HK), Stifel initiates BX (buy), Nomura upgrades GPN (buy) Key initiates WIRE (hold), Piper initiates Wunderlich downgrades FSLR (sell), Reporting Pre-Open: ABT, APH, BK, BLK, DGX, HAL, HBAN, PNC, STJ, TXT, ASML, BLX, CTBI, FCFS, FRC, JAK
esumes ETP (neut), SocGen adds BN FP to Premium List, BMO downgrades CMA Key Research: Jefferies upgrades CNOOC (883 HK), Stifel initiates BX (buy), Nomura upgrades GPN (buy) Key initiates WIRE (hold), Piper initiates Wunderlich downgrades FSLR (sell), Reporting Pre-Open: ABT, APH, BK, BLK, DGX, HAL,
ch: Leerink upgrades ALNY, UBS upgrades CCE (buy), CLSA upgrades COP, Auriga upgrades SPWRA (buy) Key Research: RBC downgrades FDX & upgrades FITB, Piper upgrades INAP & initiates VIVO (uw), MS initiates GS (ew) Key Research: Chardan upgrades MON (buy), Barclays downgrades HSP & initiates AYR (ow), U
businessNews+(News+/+US+/+Business+News)>) Republican Tea Party debate last night on CNN (no real surprises, a lot of candidates went after Perry) Nomura is said to plan to cut about 5% of jobs in Europe (reductions may be announced tomorrow) Peugeot (Europe's 2nd biggest carmaker) to cut jobs & incr
NT/SUPN (hold) ••• KBW upgrades LION, Raja initiates ERIC (mp), Roth initiates GSVC (buy) ••• Stifel initiates EVDY (buy), Citi upgrades AZN (buy), Piper assumes RKUS (ow) EFTA00370850 • Stifel cuts CWH (sell), Raja upgrades MAIN/RUTH and GRGI (strong buy) and cuts DFRG • Roth initiates GSVC (buy),
des BION SW (buy) • JPM upgrades EVR LN & initiates PLND LN (neut), Bankhaus Lampe downgrades LXS GR • KBC downgrades RES BB, ABN upgrades AKZA NA, Nomura initiates PETS LN (buy) • Espirito downgrades NUM FP (sell), SocGen upgrades KPN NA (buy) & downgrades RMS FP • Swedebank downgrades MEO1V FH/NCC L
es target VRUS Key Research: ISI Group initiates BMY (hold), Wedbush initiates CERS (op), Wells downgrades FRO Key Research: Barcap upgrades ARUN, Piper upgrades ZQK, Janney upgrades NWY, CS downgrades FDO Key Research: Jeff initiates FINL/SGNT/NKE (buy) & CSCO/VFC (hold), Merriman initiates IRDM (
052702304563104576361671054501968.html>, For- Profit Edu Sector WSJ<http://online.wsj.com/article/SB10001424052702303745304576361803286692710.html> Nomura cuts top 10 Executives' pay 38% as earnings slump after Lehman buy Bloomberg<http://www.bloomberg.com/news/2011-06-03/nomura-cut-top-10-executives-p
RX/MHS (op's) & QSII/SXCI (neutrals), Auriga downgrades JNPR & NETL Key Research: MS initiates VMED (ow) & upgrades ANTO.LN, Soleil downgrades PSS, Piper upgrades CECO Key Research: Bofa upgrades CNW/RMD (buys) & downgrades KNX & reinstates CHA/CHU (buys) / CHL (neutral) Key Research: Davenport upgra
ey Research: Bofa upgrades CNW/RMD (buys) & downgrades KNX & reinstates CHA/CHU (buys) / CHL (neutral) Key Research: Davenport upgrades SCHN (buy), Nomura downgrades VOD.LN, JPM upgrades NTLS, BofA upgrades DMND Reporting Pre-Open: COST, HRL, RL, AEO, BMO, BWS, CONN, FRO, LTXC, MDCI, NPD, PTNR, SCMR,
cap reinstates NDAQ (ow), Citi downgrades MOSNHS, DB initiates ADS (buy) ••• Jefferies upgrades ADBE (buy), JPM upgrades BSAC & downgrades RBCN ••• Piper upgrades ARMH, Roth adds DGIT to focus list, Stifel upgrades MLNX (buy) ••• SunTrust initiates APD/PX (buys) & upgrades ADS (buy) & cuts AXLL, GS cu
NTGR (sell) ••• Wells cuts HPQ/LUFK & upgrades RAX/GLP, Key upgrades FIX (buy), Janney initiates GOOG (buy) ••• CS upgrades HNT, BMO upgrades KEY, Nomura upgrades MGM, UBS cuts VHS, Opco assumes CPHD (op) Europe Key Research: ••• Citi upgrades the Spanish Banks (SAN SM, BBVA SM, BKT SM, CABK SM) & up
Entities connected to both Piper and Nomura

Lesley Groff
PERSONIke Groff
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Bloomberg L.P.
ORGANIZATION
Barack Obama
PERSON
Barron
PERSONBaird
PERSON
Ghislaine Maxwell
PERSONBarcap
ORGANIZATION
Jeffrey Epstein
PERSON
Michigan
LOCATION
Horizon
ORGANIZATIONJefferies
ORGANIZATION
Samantha Power
PERSON
Stanford University
LOCATION
Michael Jackson
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Eric Trump
PERSONStifel
ORGANIZATION
David Cameron
PERSON
Angela Merkel
PERSON
United States
LOCATION