short open interest is high vs. other stocks in our list, suggesting the stocks may outperform in a potential market squeeze higher. • Air Uquide (Al FP) screens inexpensive in our earnings implied move ranking (table in next section) • Light exotic implementation: Oct16 110%F call on an equally wt

O WWI Octineseatt I:J*4406w ISJU-Sh,WWIll Europe: Cheap upside in laggard stocks with bearish positioning Buy Oct16 - 110%F calls on VIE FP STAN LN Al FP ISE SQ and MUV2 GY for an average price of 2.37% (ref C19.39 C96.03 C6.02 £6.087 and f148.7 respectively): • The 5 names screen as the most attra

30 Dec-16 call spread Buy GLD 116/124/130 Dec-16 call spread collar Buy TLT 123/132/137 Dec-16 call spread collar Buy Oct16 110%f calls on VIE FP, Al FP, IBE SQ, STAN LN 18-Jul- and MUV2 GY Buy an Oct16 110%F call on an equally weighted basket {quanto EUR) Buy 0.895x V2X Oct 21 puts, sell 1x VIX Oc

future, short V2X Jan-17 future Buy a 6M ATM worst-of call on XLP & GLD Buy a 6M ATM worstof {SPX put, GLD call} Buy Oct16 110%f calls on VIE FP, Al FP, IBE SQ, STAN LN and MUV2 GY Buy an Oct16 110%F call on an equally weighted basket (quanto EUR) Buy TLS 25-Aug16 95% puts Buy CSL 25-Aug-16 95% pu

earch: • ABG upgrade ERICB SS, Beren upgrade TEL2B SS, CBK upgrade EVK GY, AMP IM • BofAML downgrade WDH DC, SZG GY, AKE FP, BAS GY, upgrade El FP, Al FP, LIN GY • DB initiate AOI SS, GENL LN, OPHR LN (buy), AFR LN, CNE LN, LUPE SS, TLW LN (hold) • Exane upgrade PIC LN, HSBC downgrade HGG LN, HG1 GY,

R VX / positive SFER IM & LUX IM) • MS: u/g CLN VX & AKZA NA / d/g VCT LN, WCH GY, LXS GY, SDF GY / Initiate: OMV AV (ew), EZJ LN (ow — top pick), Al FP (ew), AKE FP (ew), BASF GY (ow) • MS initiates CRDA LN (ow), DSM NA (uw) JMAT LN (uw), KRA1V FH (uw), LIN GY (ew), SYNN VX (uw), URKA LI (ew), SYNT

rade EBS AV, RBI AV, ABN initiates STM FP (h) & IFX GR (b) ••• Kepler re-initiates ASY FP (b), Bankhaus Lampe initiates MLP GR (b), Sarasin upgrades Al FP Reporting Pre-Open: BSET, ISCA Economic Data: MBA Mortgage Applications @ 7am, Challenger Job Cuts / RBC Consumer Outlook Index @ 7:30am, ADP Empl