Epstein Secrets

r pressure as H1 profit & margins miss estimates (COLR BB trading -2.3%) • Lufthansa aims to cut long-haul unit costs by 10% by 2015 & 20% by 2025 (Bloomberg) • Bahrain Telecom (Batelco) to buy Cable & Wireless Monaco business for $680 million • French car registrations for November weaker at -22.9% (R

es UBM LN Key Research: Raja initiates Prada (1913 HK) (mp), CS initiates ITX SM (up), Exane upgrades ARM LN, DB downgrades RDSA LN Key Research: Berenberg downgrades SAN FP, Berenberg downgrades RBI AV & EBS AV, Berenberg initiates KBC BB (buy) Reporting Pre-Open: CONN, LDK Reporting Post-Close: CWST

a initiates Prada (1913 HK) (mp), CS initiates ITX SM (up), Exane upgrades ARM LN, DB downgrades RDSA LN Key Research: Berenberg downgrades SAN FP, Berenberg downgrades RBI AV & EBS AV, Berenberg initiates KBC BB (buy) Reporting Pre-Open: CONN, LDK Reporting Post-Close: CWST, PBY Economic Data: Markit

grades ENEL IM, Swedbank downgrades YAR NO, DB upgrades FP FP, HSBC upgrades EFTA00400427 Key Research: RBC upgrades ERICB SS, DB upgrades ETI FP, Berenberg initiates JAZ SM, Investec downgrades UBM LN Key Research: Raja initiates Prada (1913 HK) (mp), CS initiates ITX SM (up), Exane upgrades ARM LN, DB

on Thomson Reuters Breakingviews.com Greylock Bloomberg Businessweek Thomson Reuters Accenture Busines

ent Fluor Corporation USA Nikolai Dobrinov Vice-President ICT Group of Companies Russian Federation Daniel Doctoroff Chief Executive Officer Bloomberg LP USA Evgeny Dod Chief Executive Officer JSC RusHydro Russian Federation Volkert Doeksen Chairman and Managing Partner Alpinvest Partners BV Nether

itto Mist and President Britto Central USA Sir Richard Chairman Tesco Plc United Kingdom Broadbent Andreas Brodtmann Managing Partner Joh. Berenberg, Gossler & Co. Germany KG Matthew Bromberg Vice-President, Corporate Strategy & United Technologies USA Development Corporation (UTC) Beth A.

ales and net light, confirms FY guidance (trading -6.2%) HF's & PE have amassed an unprecedented $74B to invest in distressed situations in Europe (Bloomberg) Eurozone GDP contracted in Q2 on Italy/Spain (GDP -0.2% q/q = inline with median estimates) French GDP comes in slightly better than expected (un

earch: 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 initiates GENL LN (buy), Commerzbank downgrades EOAN GY Reporting Pre-Open: EL, HD, TJX,

ty & Unit Labor Costs / Jobless Claims @ 8:30am, Bloomberg Consumer Comfort @ 9:45am, Factory Orders / Durab

pgrades SDF GY & ICL IT, Jefferies initiates SRG IM (buy), Citi downgrades G IM (sell), Barcap downgrades CCH LN • Alpha Value downgrades SWEDA SS, Berenberg initiates IFX GY (buy) & STM FP (sell), Mediobanca downgrades GAS SM • Berenberg initiates ELIS FP (buy), Macquarie initiates LGEN LN (up), Nordea

els of the after-hours strength in the US following earnings beats from the likes of AAPL, FB, CTXS, TXN, etc. On the M&A front, Alstom +13% on the Bloomberg story that GE is interested in buying them for $13B although Alstom says they are unaware of any potential bid. Other than that it is the heaviest e

••• Kepler upgrades LNZ AV (buy), Swedebank downgrades ERICB SS, Pareto cuts HEX NO (sell) DB upgrades PHOR RU (buy), Mediobanca upgrades MSK IM, Berenberg upgrades TKA AV ••• HSBC downgrades RRS LN/HOC LN & upgrades ABG LN, MS downgrades UMI BB ••• SEB Enskilda upgrades TLSN SS and UNR1V FH (buy) & cu

revs beat but profit fell (declared 18c dividend) (trading up small) • Burger King issues $2.25B of debt to fund Tim Hortons (THI CN) acquisition (Bloomberg) • MI Q3 ebit margin light, September sales so far +7.0% (mkt at +14.4% for month) (trading -3.5%) • Telecom Italia: Sol Trujillo said to seek $9.

Capital One upgrades BXP • Piper initiates ASGN/TW/MAN (ow) and KFY/RHI (neut), RBC downgrades KBH Europe Key Research: ••• RBC downgrades HL/ LN, Berenberg upgrades IT IM, JPM downgrades BN FP & upgrades BSPB RU & NVTK LI EFTA00361932 •••• SocGen upgrades DCG LN, UBS upgrades AMEC LN, Barclays upgrade

from 46.3% in the latest US Investors Intelligence poll EFTA00394115 • UBS said to face O'Connor hedge fund ($6B AUM) defections over bonus caps (Bloomberg headline) • VodafoneNerizon: Verizon said to seek resolution of its relationship with Vodafone this year (VOD LN +6.5%) • KPN says it still plans

RI, MHO, EDEN FP, DANSKE DC IPO's: Tetraphase Pharmaceuticals (TTPH) pricing 3/19, Enanta Pharmaceuticals (ENTA) pricing 3/20 US Key Research: ••• Berenberg downgrades AAPUCNH/Samsung (sells), Atlantic initiates COV & VAR (ow's) ••• Multiple BFAM initiations, Citi downgrades JCP, GS removes QCOM from con

Long S&P 500 / Short AUD (reflects key macro themes for 2014) • Barclays said to plan "role-based pay" for some employees to counter EU bonus caps (Bloomberg) (trading +0.54%) • Fresenius: US scraps medicare cuts, keeps 2014/15 dialysis bundles flat & allow for inflation adjusters (trading +8.4%) • Bab

nitiates PX (neut) ••• Jefferies downgrades SCHN, Bernstein upgrades SYK, Wells initiates UMBF (mp) Europe Key Research: • DNB downgrade MEO1V FH, Berenberg initiate LNZ AV (h) • Citi cut SDR LN from most pref, cut EMG LN from least pref, upgrade TALK LN ••• CBK upgrade FME CY, CS assume LISN SW (n), Ex

fense and Rep. Tom Cole says they are prepared to let them trigger even if the Dems don't agree to restructure them to fall less heavily on Defense (Bloomberg). Tech +0.95% strong in Europe, helped by solid numbers from GOOG, IBM, CREE after the close in the US (note XLK in US has underperformed only +2.1

TEF SM) • CS upgrades (STMN SW, NOBN VX, EVR LN), Citi upgrades ALU FP and downgrades KPN NA • DB downgrade ANDR AV & BNP FP and upgrades BAER VX, Berenberg downgrades BAER VX • Commerzbank German TMT (top picks IFX GY, UTDI GY, FNT GY, SKYD GY) • Barclays upgrades RMV LN and downgrades SIS IM, MS upgra