Epstein Secrets

pgrade SVT LN, Kepler upgrade RCO FP MS upgrade ENI IM, MS downgrade REP SM, GS upgrade SWMA SS, Numis downgrade 117 LN Berenberg downgrade VOD LN, Berenberg downgrade LG FP, CS downgrade ELI1V FH CS upgrade TDC DC, Exane upgrade DELB BB, BofAML upgrade PFG SJ, Akros cuts BMPS IM HSBC upgrade DEB LN, Cit

N, MS upgrade KRKA PW, RBC upgrade SVT LN, Kepler upgrade RCO FP MS upgrade ENI IM, MS downgrade REP SM, GS upgrade SWMA SS, Numis downgrade 117 LN Berenberg downgrade VOD LN, Berenberg downgrade LG FP, CS downgrade ELI1V FH CS upgrade TDC DC, Exane upgrade DELB BB, BofAML upgrade PFG SJ, Akros cuts BMPS

US along with a handful of retail earnings. But all in all fairly quiet so far this morning. SPA's -2 handles = 1395 last. ***Mortgage Apps @ 7am, New Home Sales @ 10am, Fed's Beige Book @ 2pm *** ***AEO & ANN report pre-open / ARO & GES report after close*" ***Jefferies Global Energy Conference (Houston) be

•••• Commerzbank upgrades MRK GY, Barclays strategy downgrades EM & upgrades Japan, Natixis downgrades IAM FP ••• Barclays reinstates ELPE GA (ew), Berenberg downgrades TATE LN, BofA remains cautious Greek Banks ••• UBS upgrades TATE LN & downgrades ERICB SS, JPM downgrades TATE LN & THR BB, Jefferies dow

s 2015 guidance. And Bed Bath & Beyond +7.0% after the close on better numbers. SPA's +3 handles = 1975.30 last. "'MBA Mortgage Applications @ 7am, New Home Sales @ 10arnan "*ACN,PAYX,KBH reporting pre-open I JBL,FUL,WOR it's after close*" • Bed Bath & Beyond topped estimates as eps/comps/profit & sales high

S downgrades DSV DC & initiates EPAM (buy) & upgrades NUE/STLD (buy's) Enskilda downgrades HMB SS, HSBC downgrades AIXA GY/VIP, Exane positive LLOY Berenberg upgrades IFX GY, Exane upgrades ANTO LN, Jefferies upgrades COF/EXM SocGen initiates IHG LN with sell, CLSA upgrades CL, BMO upgrades GPS Reporting

Earnings (GIS, DFS) Thursday: FHFA House Price Index, UBS The Asset Gathering Conference (Boston), Earnings (FDX, GME, LULU, ACN, MU, NKE) Friday: New Home Sales, Fed Conference ("Central Banking: Before, During, and After the Crisis"), Earnings (DRI) Ike Groff 1680 Washington Blvd Stamford, CT 069011 • (203

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

Richmond Fed Manufacturing Index, Earnings (HRL, PLL, TIF, ADI, HPQ, ZLC) Wednesday: Italy Senate to vote on expelling Berlusconi from Parliament, New Home Sales, Mortgage Applications, U. of Michigan Confidence, Leading Indicators, China October Industrial Profits, Earnings (AN, RENN) Thursday: Thanksgiving

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

Manufacturing Index, Leading Indicators, Earnings (ARG, BAX, BMY, DOV, KEY, LUV, MMM, RTN, XRX, ED, ETFC, JNPR, KLAC, MSFT, SBUX, T, VRSN) Friday: New Home Sales, Earnings (COV, HAL, HON, PG, WY) Key Events on the Horizon January 29/30 - FOMC meeting January 30 — Launch date for RIM's Blackberry 10, LTRO re