rades CRY, Stifel upgrades DEI, JMP initiates ITCI (op) ,Drexel Hamilton initiates CRM (hold) Europe Key Research: • Banca Akros upgrades CVAL IM, Barcap initiates IEH LN (ew), Bryan Gamier downgrades SOI FP, Handlesbanken cuts DNB NO/RCL • Exane cuts SOI FP/SCMN SW & upgrades AFR LN, GS initiates VM

standing) IPO's (filed/priced): Infraredx (REDX) files $55M IPO through RBC, Canaccord, and BMO US Key Research: • Ascendiant initiates JCI (buy), Barcap initiates AXTA (ew) & reinstates FLT (ow), CS initiates FUN (op), Wells initiates SONS (op) • Drexel initiates CRM (hold), JMP initiates ITCI (mp),

s ML FP/CA FP/CO FP ••• ING downgrades ARCAD NA, JPM upgrades TKAAV/NCSP LN & downgrades AFLT RU ••• Natixis upgrades MTU FP/ALO FP & cuts NOVN SW, Barcap upgrades DANSKE DC ••• Nomura downgrades ERICB SS, Nordea cuts LUPE SS & upgrades OPERA NO/NETB SS EFTA00370758 ••• Kepler upgrades LNZ AV (buy),

onal (FI) files $500M through Barclays, Credit Suisse and Simmons US Key Research: ••• Citi upgrades BEN (buy), FWM initiates FWM (op), DB cuts AZ, Barcap upgrades HIG & cuts MLNX EFTA00390626 ••• GS cuts CTRIP (neut), Jeff upgrades ESRX/DFT (buys), KBW upgrades APO & cuts AB • RBC downgrades HIW &

range), TriVascular Tech (TRIV) 6.5M shares priced at $12 (below range), Anima Holding (ANIM IM) began trading this morning US Key Research: ••• Barcap upgrades LNC & downgrades RGA, GS upgrades GPC and SFUN (buy) • Imperial upgrades ZBRA/GDP and initiates SBGL (op), RBC initiates ATEN (op) • Jeffe

(MRD) files $700M IPO through Citi IPO's (lock-up expires): Antero Resources (AR), MacroGenics (MGNX) Western Refining (WNRL) US Key Research: ••• Barcap initiates TRLA (ew), DB upgrades ANNEM & initiates MCHX (buy) ••• GS downgrades CNVR (sell) & initiates AAL (buy) & upgrades ADI, BMO cuts MAT •••

e and extends the time frame out until November expiration. Secondaries (announced/priced): DW, TRS, MWE, EDR, CLWR, EROC IPO's: N/A Key Research: Barcap initiates SCSS (ow) & ZZ (uw) and PANW (ew), Key downgrades SCSC Key Research: GS downgrades DPZ/ENVI & resumes TIBX (neut) & initiates PANW (buy)

Staples Retailers (uw) Key Research: BMO downgrades AA, JMP downgrades AMMD & initiates BX (op), UBS downgrades ELN & upgrades LVLT Key Research: Barcap initiates US retail softlines industry (ew) & TDSC (ew), DB initiates WES (buy), GS downgrade TX Key Research: MS downgrades FTE & initiates lodgin

K (neut), Bofa upgrades ZNGA (buy) EFTA00396307 ••• Lazard initiates RPRX/NBIXNNDA (buy's), Mizuho upgrades APKT, Opco upgrades CFR & cuts ASBC • Barcap upgrades AWI/DHI & cuts RYUKBH/PHM/RLGY/TOL & initiates HCP/VTR (ew) & HCN (ow) ••• Nomura downgrades CIT, Wedbush initiates DENN (op), Opco cuts AS

K) files for 15.75M shares IPO through Chardan Capital and Maxim Group, Black Knight Financial Services (BKFS) files $100M IPO US Key Research: .' Barcap initiates VA (ow), DB initiates VA (buy), MLB initiates EFC (hold) & HALO (buy) ••• Ladenberg downgrades MMM, Wells initiates ACAT (mp) Europe Key

) and JNPR (neut), Lonbow downgrades LPX & upgrades LECO (buy) Europe Key Research: EFTA00357140 • Bofa downgrades BAYN GR/SHP LN/GSK LN/PGHN SW, Barcap downgrades ALV GRIHNR1 GR/MUV2 GR/PHNX LN & upgrades UNI IM • Berenberg initiates REE SM (buy) and ENG SM (hold), Cantor initiates ADN LN/ASHM LN/S

CDR, RSE, KGX GY IPO's: City Office REIT (OFFC) files for $115M IPO through Janney and Wunderlich US Key Research: Bofa upgrades IART & cuts TCS, Barcap cuts HUMIMGLN, Berenberg cuts VECO • BMO downgrades LLY, BTIG initiates BSX/ELGX/STJ (buy) & MDT (neut) ••• Compass point downgrades KFN, CRT initi

ice range 280p-330p (pricing Nov 12), Savino Del Bene launches IPO (freight forwarder, est market cap €300-350M) EFTA00380438 US Key Research: • Barcap downgrades CRUS, Brean upgrades BIDU (buy) & initiates SKX (buy) ••• BTIG upgrades FB (buy), DB downgrades X, Evercore downgrades DLR ••• GS downgr

0 (below), Green REIT plc IPO launch (€200M+ thru JPM & Davy, pricing July 12) IPO's (lock-up expires): Tumi Holdings (TUMI) US Key Research: ••• Barcap reinstates NDAQ (ow), Citi downgrades MOSNHS, DB initiates ADS (buy) ••• Jefferies upgrades ADBE (buy), JPM upgrades BSAC & downgrades RBCN ••• Pip

(BLUE) files $86.3M through JP Morgan and Bofa, Esperion Therapeutics (ESPR) files for $70M through Credit Suisse and Citigroup US Key Research: • Barcap assumes NYX/AMTD (ew's) & JNS/WDR/ETFC/SCHW (uw's) & reinstates FXCM (ow) • Citi upgrades GPS (buy), GS reinstates SWY (sell) & downgrades GLNG (sel

ce Holdings (1598665) files for $100M IPO through Citi, Papa Murphy's Holdings (FRSH) launches IPO (anticipated pricing May 1) US Key Research: • Barcap downgrades QEP, Brean initiates FSLR/SPWR (buy) & SUNE (hold) ••• Cantor upgrades NFLX (buy), Citi upgrades SRPT, CS upgrades FB ••• GS initiates H

y's) • Stifel upgrades USBNVFC (buy's) & cuts FITB/PDH and CMA/KEY (sell), RBC upgrades AOL ••• KBW upgrades RNST & downgrades PRI and SIAL (sell), Barcap initiates USAC (ow) • Key upgrades KNX/SWFT/HTLD (buy's) Europe Key Research: • Citi downgrade TCG LN, Nomura upgrade ETL FP, JPM upgrade BBVASM,

MT, Piper downgrades PACB Europe Key Research: ••• Liberum upgrades SDF GY & ICL IT, Jefferies initiates SRG IM (buy), Citi downgrades G IM (sell), Barcap downgrades CCH LN • Alpha Value downgrades SWEDA SS, Berenberg initiates IFX GY (buy) & STM FP (sell), Mediobanca downgrades GAS SM • Berenberg i

al $1.52 div — DAL talks to buy Singapore Air Virgin stake — TESS cfo leaves Secondaries (announced/priced): KIPS, TEG GY IPO's: N/A Key Research: Barcap upgrades DUK/NI/OFS & initiates BSMX (ew), Evercore initiates T (ew), Piper cuts CF & upgrades CF, Key Research: GS upgrades EV and DELL (buy) & do

ch: Key Research: Key Research: Key Research: Key Research: Bofa upgrades HIW/SLG and BBT (buy) & cuts ARE/KRCNNO, JPM upgrades DTSI & cuts CAT Barcap upgrades ORA, Jeff cuts JNJ/NKTR & upgrades SQNM (buy) MS upgrades TRIP & cuts IQNT CS downgrades JCP/VRTX, Baird upgrades NAV, JPM and Stifel downg

agement and the caricature of the men and women who make a living on the trading desks. Mr Diamond maintained a glass office on the trading floor at Barcap even after his transition to leadership of Barclays: a gesture heavy with meaning for his critics. Mr Diamond's instincts were to close this gap by