Epstein Secrets

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 Key Research: GS upgrades LPS

aising VAT from 8.0% to 18.0% in certain products Local chatter that Spain will have 20yrs to pay back European aid (interest only in first 5yrs) Adecco launches €400 million share buyback, planned to begin around mid-July (trading +3.3%) Vivendi may have to pay €765M in damages to Liberty over 2001

w), Berenberg downgrades TATE LN, BofA remains cautious Greek Banks ••• UBS upgrades TATE LN & downgrades ERICB SS, JPM downgrades TATE LN & THR BB, Jefferies downgrades UNA NA EFTA00361842 ••• UBS adds FRES LN to most preferred list & removes POLY LN from least preferred list, DB downgrades OGKE RX ••

Face Capital out of the name (Globe & Mail) • TNT Express overall conditions in Europe have deteriorated, scraps 2015 guidance (trading -11.2%) • Adecco sales +5.0% organically in July/Aug, Sep seasonal pick up slightly weaker (trading -3.6%) • United Utilities (UU/ LN) trading statement inline with

s) & SONS (neut) & ADTN (up) ••• GS initiates PF (neut) & MDVN/BMRN (buys) & initiates INFI/PCYC/SGEN (neut's) & INCY (sell) • ISI downgrades HOLX, Jefferies assumes MTD/LIFE (hold), Stifel initiates OMTH (buy) ••• Wells initiates CHS/KORS/ANF/GPS/URBN (op) & ANN/JWN/KSS/LULU/M/RUE/TJX/TIF/AEO (mp) & JCP

flavors, reiterates forecasts (trading +4.9%) • Dufry O1 sales inline, EBITDA light, net misses, seeing better H2 performance (trading -0.30%) • Adecco sales inline, considering economic conditions in Europe should see solid O, stabilizing market (trading +2.8%) • Oerlikon Q1 revs light, EBIT misse