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Key Research: Citi downgrades APU (sell) & initiates FOSL/SHOO/VRA (buy) and BID (sell), Roth initiates ZQK (buy) Key Research: GS downgrades EDU, Jefferies downgrades ALU.FP & upgrades WFM and assumes FDP (hold) & CQB (buy) Key Research: Wells initiates AKS/STLD/X (mp) and NUE (op) & downgrades JNPR, H
day = 1224 last (Nasdaq futures -0.47% because of AAPL) as European markets near the highs of the session. ***CPI & Housing Starts @ 8:30am, Fed's Beige Book @ 2pm*** ***FCX, MS pre-open & AXP, ERA?, WYNN, CAKE after close*** BOE minutes out (unanimous 9-0 votes at last meeting on interest rates and £75
STLY, TCBI, TSCO, UMPQ, WHG, WSTL, YDNT, ZHNE Economic Data: MBA mortgage Applications 0 7am, CPI / Housing Starts & Building Permits 8:30am, Fed's Beige Book 0 2pm Fed's Lockhart speaks in Atlanta 0 9am Conferences: Citi Greater China Investor (Macau) Analyst/Investor Days: PETD, SNSS Non-Deal Roadshow
/22 1x2 call spread for .03 credit 6k x 12k TBT last traded above 20 in early april12 Secondaries (announced/priced): DG IPO's: N/A Key Research: Jefferies initiates EDG (buy) & downgrades RAX & upgrades CLR (buy) Key Research: Baird downgrades FMER, Citi downgrades NSM, Janney initiates CSE/CIT (buy's)
driven by the long-only community with the UK back online after the Jubilee. III futures +11 handles = 1295.80 last. ***Mortgage Apps @ 7am, Fed's Beige Book @ 2pm*** ***European bank resolution announcement due today*** ***Sweden closed today for National Day Holiday*** Ahold Ql light, sees underlying
arcap upgrades LNC & downgrades RGA, GS upgrades GPC and SFUN (buy) • Imperial upgrades ZBRA/GDP and initiates SBGL (op), RBC initiates ATEN (op) • Jefferies upgrades UNFI (buy) and initiates HLT (hold), Nomura upgrades GHL & cuts MSI EFTA00370916 • Raja initiates NMBL (op), Baird initiates LPI (op), UB
l be most pertinent to the interest rate speculation). SPA's +9 handles = 1848.60 last. 'Mortgage Apps @ 7am, Housing Starts @ 8:30am, IP @ 9:15am, Beige Book @ 2pm*** 'AST, BAC, GWW, HBAN, PNC, STJ, USB, ADTN reports pre-open, GETIB SS #'s @ 7am EST' ***AXP, COF, IBM, KMI, KSU, NE, PBCT, SLM, SNDK, GOOG,
NH/Samsung (sells), Atlantic initiates COV & VAR (ow's) ••• Multiple BFAM initiations, Citi downgrades JCP, GS removes QCOM from conviction buy ••• Jefferies downgrades MR, Piper initiates PPHMNNDANVUS (ow's) & CLVS (neut) & NAVB (uw) ••• KBW upgrades ICE, Roth initiates CYTX (buy), WBlair initiates BMY (
out of the "austerity cage"). SPA's higher again +5 handles = 1542.70 last. "'Mortgage Apps @ 7am, ADP Employment @ 8:15am, Factory Orders @ 10am, Beige Book @ 2pmen "'BF/B, BIG, SPLS report pre-open / PETM #'s after close". "Cid Financial Services Conference (Boston) begins today*" • VeriFone matched e
Entities connected to both Jefferies and Beige Book

Marc Rich
PERSON
Tony Blair
PERSON
William Barr
PERSON
Bloomberg L.P.
ORGANIZATION
Lesley Groff
PERSONIke Groff
PERSON
Barron
PERSONBaird
PERSON
Eric Trump
PERSONFisher
PERSON
Washington D.C.
LOCATION
Barack Obama
PERSONNomura
ORGANIZATIONBarcap
ORGANIZATION
Stanford University
LOCATION
Piper
PERSONUS Key Research
ORGANIZATION
Bernanke
PERSON
Moody's
ORGANIZATION
Ghislaine Maxwell
PERSON