Epstein Secrets

affech Intl cut 2014 Ebitda, operating cash flow & capex (new restructuring) (trading -23%) • Steelcase profit rose in Q2 on higher revenues in the Americas (eps view below) (trading higher) • AAR Corp earnings light (eps/revs missed) & guidance below ests (trading -3.5%) • KCG to cut workforce by 4%

rades REL LN, Macquarie downgrades TSCO LN • Davy upgrades WOS LN, Beka upgrades EBRO SM, Equinet downgrades VIH GY, Citi initiates ZPLA LN (n) ••• Canaccord upgrades AKSO NO, Citi upgrades JPR LN & TNI LN and resumes COB LN (n), LBBW downgrades ASML NA ••• Macquarie upgrades NYR BB, Oddo upgrades ALPHY

) K&S Q2 inline (pre announced July 30th), adopt earning based dividend policy, guides in line (trading +0.80%) CRH H1 EBITDA inline, sales below, Americas slowing, cautious on economic growth (trading -5.0%) Hochtief Q2 revs better, net income misses, guidance maintained, "difficult environment" (tra

DB downgrades SGMS & initiates KYAK (buy), Bofa downgrades VALE, GS cuts DOM LN Key Research: 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 i

41095>) Hocthief Q1 loss inline, confirms FY guidance, good order backlog, Leighton poor (trading +0.63%) Adecco Q1 overall better, good growth in N America, strong EM, keeps FY targets (trading +2.1%) DSM Q1 small beat, cautious on outlook, pharmas remain tough, Europe weak (trading -1.2%) Luxottica

IPO's (filed/priced): N/A Key Research: Barcap upgrades VECO & downgrades BP & initiates RXN (ow) and MM few), Wells upgrades VRTX Key Research: Canaccord initiates UTEK (buy) & upgrades XEC (buy), upgrades NNN Key Research: DB upgrades LPX (buy), Imperial initiates URS (op) & downgrades NCMI, Atlanti