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tes C00 (buy) Key Research: Investec downgrades LLOY LN, MS downgrades LINTA/WLP/CERN/MCK & upgrades FM/WAG Key Research: Citi downgrades BAER VX, Macquarie downgrades XTA LN, UBS downgrades DPW GY, Capstone cuts DGI Key Research: GS downgrades GENL LN & AFR LN, GS upgrades OPHR LN, CS & Numis downgrade
nnon H1 IMS, overall inline, SW Water strength continues (trading -1.9%) German July producer prices +0.0% Wm vs est +0.3% (+0.9% y/y vs est +1.2%) Bank of Spain says Spanish banks bad loans rise to 9.42% in June (vs 8.95% in May) Samsung (-3.7%) weighed down the KOSPI on profit taking ahead of patent decisio
des CPHD (buy) & MYGN & downgrades DGX (sell) & reinstates TMO (buy) FBR initiates EIX (op) & downgrades AHT/DRH, MBlair initiates ALTR/XLNX (op's) Macquarie initiates EXPE (neutral) & PCLN (op), CLSA upgrades SREV (buy) KeyBanc initiates VECO & AIXG (holds), Piper upgrades AMRS, KBW upgrades ASBC Opco i
rnings (MU) Friday: Month/Quarter End, Personal Income & Consumption, Chicago PMI, Michigan Confidence, China PMI, US gas tax expires, Deadline for Bank of Spain announcement on Spanish bank recapitalization Saturday: China's National Day holiday begins Ike Groff 1680 Washington Blvd Stamford, CT 069011 • (
h: • Barcap upgrades UNM & initiates ALLT (ow), DB downgrades F, Imperial initiates EAGL (op) • Jeff initiates HRG (buy) & reiterates buy for GOOG, Macquarie upgrades Honda Motor (7267 JP) • Piper initiates ELX/OLGC (neut's) & MLNX (ow), Raja upgrades DHI/KBH, CLSA downgrades DD ••• Davenport downgrades
aturity (trading -0.65%) EFTA00397163 • Volvo CEO expects China auto market to grow 7-8% this year, will introduce 6 new car models) (Xinuha) • Bank of Spain says recession deepened in O4 (-0.6% q/q = inline with est) (shrank for a 6th quarter) • BOE's King comments (prepared to provide more OE if needed
Entities connected to both Macquarie and Bank of Spain

Lesley Groff
PERSONIke Groff
PERSON
Bloomberg L.P.
ORGANIZATION
Barack Obama
PERSON
Barron
PERSON
Horizon
ORGANIZATION
Wells
ORGANIZATIONJefferies
ORGANIZATION
Keystone
ORGANIZATION
Angela Merkel
PERSON