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

• AstraZeneca brings in Wall Street 'defenders' amid Pfizer bid speculation Telegraph Key Events This Week Wednesday: US Flash Manufacturing PMI, New Home Sales, Eurozone Flash PMI April, Earnings (APD, BA, DAL, DOW, DPS, GD, IR, NOC, PG, AAPL, FB) Thursday: Durable Goods, Kansas City Fed, Obama visits Japa

House Price Index, Wells Healthcare Conference (Boston), Earnings (FDX, KMX, BBBY, PAYX, RHT) Thursday: EU Leaders Summit (23rd-24th), BOE minutes, New Home Sales, Chicago Fed, Earnings (CAG, DFS, LEN, MKC, HRB, ORCL) Friday: Russell Rebalance, GDP, Durable Orders, Michigan Confidence, BOE to release minutes

earlier this week - Cinco Dias Key Events Next Week Monday: Chicago Fed Index, Janney Consumer Conference (Boston), Earnings (CPB, SOLR) Tuesday: New Home Sales, Richmond Fed Manufacturing Index, MS Cloud Computing Symposium, Wells Fargo Consumer/Gaming/Lodging Conference (NYC), Earnings (AZO, MDT, AMAT, CPW

oliday. SPA's — flat = 2072.60 last. ***Durable Goods Orders & GDP @ 8:30am, FHFA House Price Index @ 9am*** ***Michigan Confidence, Richmond Fed, New Home Sales, Personal Income @ 10am*** • Family Dollar special shareholder vote on the proposed merger • Gemalto to issue up to 5% capital over five years to

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

n ODMs DigiTimes< Key Events Next Week Monday: Supreme Court ruling on ObamaCare expected this week, Chicago Fed Index, Dallas Fed Manufacturing, New Home Sales, GHS 100 Energy Conference (SF), Earnings (APOL) Tuesday: III/CaseShiller Home Price Index, Richmond Fed Manufacturing Index, Consumer Confidence,

as City Fed Manufacturing EFTA00419542 Activity, Earnings (AEE, AMT, CMS, DNR, KSS, PCS, SWY, TGT, AIG, GPS) Friday: Michigan Consumer Sentiment, New Home Sales, Earnings (ANR, JCP, NEM, WPO, IPG, PNW, POM) Saturday: G20 finance ministers/central bank governors meet Ike Groff 1680 Washington Blvd Stamford,

kely to be 1470B vs forecast of 1540B - Nikkei Mitsubishi UFJ Morgan Stanley Securities FY net to be (1140B) - Nikkei Key Events Next Week Monday: New Home Sales, Dallas Fed Manufacturing, Earnings (KMB, SIAL, AMP, ESRX, JEC, MAS, NFLX) Tuesday: Case-Shiller Home Price Index, Consumer Confidence, Richmond Fe

52wk highs yesterday, 164/500 members or 33% hit 52wk highs this week). SPAs +4 handles = 1495.40 last. "'HAL, HON, KMB. PG, WY reporting pre-open, New Home Sales @ 10am"" '"Paul Ryan will be on Meet The Press on Sunday"' EFTA00397049 • Microsoft record $21.5B revs (with Windows 8 & ad revs +15%) profit fe

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

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

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

Corporate Credit HY Multi Sector,Media, Cable & Satellite iFigure 14: Sales Distribution by ASP Existing Home Sates Sales Distribution (Oct 2017) New Home Sales 6750-1M 2% 6600-750K 8% 5250-500K 34% SIM+ 3% $0-100K 11% Sant Dann Bra MinnAnentalRani Figure 15: Affordability Index vs. 30Y Mortgage R