esearch: • UBS downgrade SMIN LN, EUR PW, EMMN SW, upgrade EXPN LN, PFL LN, LISN SW, remove OMV from least pref • BofAML Global Apparel: (downgrade HMB SS, upgrade DEB LN, +ve ITX SM), upgrade VOD LN, -ve UG FP, SPM IM • CS downgrade LMI LN, upgrade DNB NO, ARM LN, JPM upgrade SLHN VX, downgrade UBM LN

YUM (op), Wunderlich downgrade CFR, Piper upgrades DWA UBS downgrades DSV DC & initiates EPAM (buy) & upgrades NUE/STLD (buy's) Enskilda downgrades HMB SS, HSBC downgrades AIXA GY/VIP, Exane positive LLOY Berenberg upgrades IFX GY, Exane upgrades ANTO LN, Jefferies upgrades COF/EXM SocGen initiates IH

A (hold) UBS upgrade IMG LN, HSBC upgrade FNTN GY, DB downgrade MEL SM BofA downgrade RRS LN, UBS upgrade VIE FP, SocGen upgrade BEN FP GS upgrade HMB SS, CS upgrade SECUB SS, SocGen upgrade BARN SW Reporting Pre-Open: DF, DUK, FE, KSS, VMC, WIN, AAON, AAP, ACIW, AINV, ALR, ALTI, AMCX, AMRC, APEI, APU