• Piper assumes SNDK (ow) & upgrades RALY, RBC upgrades AA & cuts SO, Raja downgrades HBAN • SunTrust initiates KRO (reduce), Citi downgrades MDP, PacCrest upgrades NFLX • Jefferies cuts NGLS/EPD, Baird upgrades SCTY, Stifel cuts R, Sterne Agee upgrades BOFI (buy) Europe Key Research: :••• Bofa downgr

(sell) & initiates AAL (buy) & upgrades ADI, BMO cuts MAT ••• Opco downgrades ANN, HSBC upgrades C, ISI upgrades EGN (strong buy), MS cuts RDC ••• PacCrest upgrades INTC, RBC upgrades KND, GS upgrades JBLU, Wells upgrades LII Europe Key Research: • Banca IMI upgrades TFI IM, Banco Santander upgrades CA

(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 AV, HSBC downgrades SSE LN, RBC upgr