Epstein Secrets

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

00329453 • Handelsbanken upgrades BRG NO, SEB downgrades ABBN VX, Akros initiates ANIM IM (accumulate), CBK downgrades WCH GY • Rabobank upgrades ARCAD NA, Danske upgrades MAERSKB DC & LUN DC and downgrades KCR1V FH, CS downgrades MGNT LI ••• Natixis downgrades FUM1V FH, Fidentis initiates INW IM (buy

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

EN (buy), CLSA upgrades AAPL (buy) Europe Key Research: ••• Bofa initiates GMS LN (buy), Exane BNP downgrades ML FP/CA FP/CO FP ••• ING downgrades ARCAD NA, JPM upgrades TKAAV/NCSP LN & downgrades AFLT RU ••• Natixis upgrades MTU FP/ALO FP & cuts NOVN SW, Barcap upgrades DANSKE DC ••• Nomura downgrades

1.5 -2 -2.5 -3 Source: Bloomberg Italian Retail Sales 1.00% 0.00% -1.0094 -2.00% -3.00% -4.00% -5.00% .6.00% cc es. ares, s.)Y Source. Bloomberg Corporate EBIT Margins (ex Financials) close to 10 year low enables strong profit growth BERN DYNAMIC LIP 14.00% 13.0096 12.0096 11.0096 10.00

C 10,285 Arca dis NV (Netherlands) Leading engineering and consultancy firm, with strong leading positions in the US, Europe and the UK (Ticker: ARCAD NA) Recovering end markets (U.S. architect index & early European recovery indicated by permits & planning); high ROIL; large accretive acquisition e