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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
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 upgrades TDC DC, Key Research: UBS upgrades ELN ID, BofA i
upgrades ARE/BXP/DRE & downgrades BDN/PDM, Wunderlich upgrades SPWRA Key Research: DB upgrades BIIB (buy), KBW downgrades PNC & initiates WY (op), Piper upgrades WSO Key Research: JPM initiates CRM (neutral), CRT initiates WYNN (fairly valued), UBS upgrades PLD (buy) Key Research: Edward Jones dow
er initiates BBG (accumulate), MS removes UBS best ideas Key Research: GS initiates MDR (conviction buy) & removes CVE & adds SNCR conviction buy, Canaccord assumes SM (buy) Key Research: Rodman & Renshaw initiates MTSN (mop), CS downgrades MMI/RIMM & reduces target NOK Key Research: Maxim initiates AF
uarie initiates MMI (op), Stifel initiates JPM (hold) & downgrades ARO, Wells downgrades KNX Key Research: Citadel upgrades UTHR & downgrades SVNT, Piper assumes AHII (ow) & TOMO (neutral) Key Research: Piper initiates LH/MWIV/INMD (ow's) & DVA/AMSG/WOOF/DGX (neuts) & PETS (uw), UBS downgrades PDCO
initiates APO/PCBK (op's) Key Research: GS upgrades WBMD (buy) & downgrades AIV/LRY, RBC initiates BP.LN (op) & RDSA.LN (top pick) Key Research: Canaccord downgrades INTO & upgrades YELL.LN, Bernstein upgrades GILD Reporting Pre-Open: ANN, CIS, DANG, DCI, HIBB, KIRK, YGE Reporting Post-Close: BH Econ
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
rch: 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 DOW, UBS downgrades EW, GS upgrades JPM & cuts MS
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
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 & VOD LN to Conviction Buy List & cuts
wngrades UBNT, Sterne Agee initiates ANF WWW Key Research: PSX (neut) Key Research: MAS, Canaccord cuts PLX valued) and (neut), Jeff upgrades Piper initiates VIPS (ow), Bofa downgrades COP/AIZ & upgrades TRI & initiates CS upgrades IHG LN (global hotel note), BMO downgrades KSU/PSB, Citi upgrade
y GD/LMT/NOC/IRBT (sell's) Key Research: Wunderlich downgrades UBNT, Sterne Agee initiates ANF WWW Key Research: PSX (neut) Key Research: MAS, Canaccord cuts PLX valued) and (neut), Jeff upgrades Piper initiates VIPS (ow), Bofa downgrades COP/AIZ & upgrades TRI & initiates CS upgrades IHG LN (glob
RO/WSH & reiterates MMC/AON (buys), JPM upgrades CLH Key Research: Citi initiates ADS.GR (buy) & upgrades Transports & Household Personal Products, Piper downgrades DGIT Key Research: GS adds ORCL to conviction buy list & downgrades IPI (sell) / DAR & upgrades AGU/MOS/SAFM Key Research: HSBC upgrade
r Key Research: MS initiates ALGN (uw) & XRAY/TFX (ew) & HRC/SIRO (ow), Baird upgrades IRET Key Research: Roth downgrades CYCC/SPPI/CLDX/DNDN/REGN, Canaccord initiates ZLCS (buy) Key Research: Auriga upgrades MYGN (buy), Bankhaus upgrades PAH3.GR & downgrades HEI.GR Key Research: Citi cuts Bank estimates
SONS (op) • Drexel initiates CRM (hold), JMP initiates ITCI (mp), Topeka initiates CCC (buy), Webush assumes PTCT (op) ••• Baird downgrades ACHN, Piper upgrades CRY, Stifel upgrades DEI, JMP initiates ITCI (op) ,Drexel Hamilton initiates CRM (hold) Europe Key Research: • Banca Akros upgrades CVAL
0% of outstanding), TCP International (TCPI) 20.6M shares (71.5% of outstanding) IPO's (filed/priced): Infraredx (REDX) files $55M IPO through RBC, Canaccord, and BMO US Key Research: • Ascendiant initiates JCI (buy), Barcap initiates AXTA (ew) & reinstates FLT (ow), CS initiates FUN (op), Wells initiate
d/priced): NRG Yield (NYLD) 19.6M class A share IPO priced at $22 US Key Research: ••• William Blair initiates CIEN/INFN (op's) & JDSU/FNSR (mp's), Piper cuts HOLX ••• RBC initiates FIG (op), Susq initiates NOW (positive) & WDAY/DATA (neutral) ••• DB cuts JNJ/TWTC/JMI/ANH & initiates BXMT (buy), Ever
(buy), Evercore initiates GOGO (ow) ••• Miller Tabak initiates AREX/FANG (buys), KBW upgrades TAYC/MBFI ••• FBR upgrades ADBE, Baird upgrades BWA, Canaccord downgrades GSS (sell) ••• Raja downgrades ININ, BMO cuts PKG, Williams Capital cuts NVE Europe Key Research: • CS downgrade ULVR LN, JMAT LN, GS c
Entities connected to both Piper and Canaccord

Lesley Groff
PERSONIke Groff
PERSON
Barron
PERSON
Barack Obama
PERSONBaird
PERSON
Bloomberg L.P.
ORGANIZATION
Michigan
LOCATIONBarcap
ORGANIZATION
Jeffrey Epstein
PERSON
Ghislaine Maxwell
PERSONStifel
ORGANIZATIONJefferies
ORGANIZATION
Michael Jackson
PERSON
Angela Merkel
PERSONNomura
ORGANIZATION
David Cameron
PERSON
Samantha Power
PERSON
Las Vegas
LOCATION
Bernanke
PERSON
François Hollande
PERSON