N RM, AVR LN, CHMF RM, +ve PSM GY, -ve SPR GY ••• BofAML downgrade RBS LN, upgrade AQP AU, GS downgrade SAND SS, initiate MSK IM (b) ••• CS upgrade EAD FP, Citi resume GLEN LN (b), JP downgrade EUR PW, upgrade HFD LN ••• UBS initiate MSK LN (b), upgrade GARAN TI, downgrade IMG LN, CBK resume SW1 GY (h)

$70 calls at $4.175. The seller collected 6% of spot, but gets called away with stock up 1.5%. Secondaries (announced/priced): LYB, BCRX, LRY, BYD, EAD FP IPO's (filed/priced): American Homes 4 Rent (AMH) 44.1M-share IPO priced at $16 (low-end), Sprouts Farmers Market (SFM) 18.5M-share (0.8M for holde