L/BWS (hold) ••• JMP initiate HDP (op), RBC upgrades ARMK, Longbow downgrades WDC, Roth initiates WATT (buy) ••• Nomura, DB, JPM, GS initiate AXTA, Mizuho initiates COH/KORS (neut), PacCrest initiates DISCA (sp) & TWX (op) Europe Key Research: KBC reinitiates TESB BB (accumulate), Citi downgrades FLU

owngrades SEIC • JPM initiates ALL/AON/MMC (ow) and ACE/PGR/TRV (neut) and CB/UW (uw) & downgrades SLB • Macquarie upgrades SM, DB cuts DOV (sell), Mizuho downgrades WAG, Northland initiates PMCS (op) • Opco initiates NXPI (op) & upgrades AEO & downgrades APTO/SVU, Roth initiates NDRM/JYNT (buy) • RBC

iles (Q) 23.7M shares priced at $40 (top-end) US Key Research: ••• Barrington downgrades PODD, Evercore downgrades RAX, Janney downgrades CODI ••• Mizuho downgrades OFIX, Wells initiates INFI (op) & upgrades AWK, Brean cuts MFB ••• DB initiates KBR/FLR/CBI/PWR/MTZ (buys) & MDR/JEC (holds), Jefferies c

AXLUPPG (neut's), ISI upgrades LIFE, Piper assumes VCLK (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 do

initiates COP/MRO/MUR (op's) & HES/OXY (mp's) & upgrades ULTA Citi initiates FRX/AGN/LLY/PFE (buy's) and BMY/MRK (neut's), Key initiates CTS (hold) Mizuho upgrades STJ (buy) & initiates QCOR (neut), KBW upgrades WAC, Raja & UBS cuts YUM Longbow initiates UPIP (mp) and CBM/SWK (neut's), Macquarie upgrad

ff upgrades MNT/MOH Key Research: Nomura upgrades MMM, Raja initiates ABMD (mp) & upgrades CCOI, Piper cuts MDRX Key Research: Baird upgrades FAST, Mizuho initiates FRX (buy), JPM upgrades MRO & downgrades CSCO Key Research: Wells initiates PVTB (mp), BB&T initiates WWW (hold), Steme Agree upgrades OZR

s), APO, BIP, FLT, JMI, REN, ISIS, DE NA EFTA00390703 IPO's: Armada Hoffler Properties (AHH) 16.5M-shares priced at $11.50 US Key Research: ••• Mizuho upgrades MYGN (buy), Piper initiates CRI/PLCE (CRI), Citi upgrades AME (buy) & cuts IEX • Barcap upgrades BAX, Opco cuts CA/TWTC, Baird downgrades C

y Research: ADTN Key Research: cuts PRGO Key Research: cuts HRL (sell) Key Research: ISI initiates CVS/MCK/ABC (ow) & CAH/ESRX (mw) & WAG (uw), Mizuho downgrades ADTN Key Research: Stifel initiates TRN/GBX (buys) & ARII/RAIL (hold) & downgrades ADTN, BMO initiates AMZN (mp) Key Research: Raja do

ates CSL (mp), DA Davidson cuts MDU ••• Susquehanna initiates GES (neut), Key downgrades PZZA, Brean downgrades ITRI (sell) • Longbow upgrades RBC, Mizuho downgrades ENTR, RBC downgrades RBC, JPM upgrades YELP ••• FBR initiates GPS/CRI (op) & ASNA (up) & ANN/CHS/PLCEJLTD (mp), Evercore initiates EVC (o

7362 IR/KMT/OAS (buys) Key Research: Citi downgrades ZMH (sell), Barclays downgrades GR/EW & upgrades NOVA Key Research: GS initiates VIP (sell), Mizuho downgrades STP/TSL & initiates INAP (buy), Ticonderoga initiates FEIC (buy) Key Research: UBS resumes Retailers & initiates PPG/NLY (neutrals) & AG

market and one of the big losers, suffering billions of dollars in losses from subprime loans when the housing bubble burst. The SEC's inquiry into Mizuho still is months from completion and might not result in charges being filed against the company. Mortgage-bond deals under scrutiny include Tigris,

$125.0 $92.5 7.4% Wells Fargo $125.0 $125.0 $92.5 7.4% BMO $75.0 $75.0 $55.0 4.4% BNP Paribas $75.0 Bank of Tokyo-Mitsubishi $75.0 Mizuho $75.0 $75.0 $55.0 4.4% Nomura $75.0 $75.0 $55.0 4.4% Societe Generale $75.0 $75.0 $55.0 4.4% Sumitomo $75.0 Total $1,925.0 $1,700.