2013-08-23 Events

2013-08-23 Events

• WHAT TO WATCH:
    * Nasdaq says cause of connectivity issue has been addressed
      * Nasdaq shuts trading for 3 hours after computer errors
      * SEC’s White vows tech safeguards after Nasdaq failure
    * JPMorgan said to face London Whale fines as soon as next mo.
    * CFTC said near releasing high-speed trading regulation plans
    * Amgen said to push for lower Onyx price amid drug-data dispute
    * Koch Industries backs away from bid for Tribune’s newspapers
    * Moody’s mulls downgrade of big banks as U.S. support wanes
    * Mitsubishi aircraft gets U.S. airlines’ backing amid delays
    * AMR, US Airways want trial for U.S. antitrust suit in Nov.
      * Southwest blind spot eroding U.S. bid to bar AMR-US Airways
    * Alibaba said to ask HKEx to allow partners to nominate board
    * Wells Fargo eyes 20% ann. growth in Asia fund-services clients
    * ADM says Graincorp offer extended to Nov 16 from Aug 31
    * Richmond says bondholders’ suit over eminent domain too early
    * Baidu buys 59% stake in Renren website for $160m
    * Amazon said to have tested wireless network in California
    * U.K. economy grows a more-than-estimated 0.7% as exports rise
  
• EQUITY PREVIEW:
•   * Aeropostale (ARO): Sees 3Q adj. loss vs est. profit
    * Autodesk (ADSK): 3Q adj. EPS, rev. views trail ests; 2Q beat
    * Expedia (EXPE): Expedia, Travelocity enter strategic marketing agreement
    * Lions Gate (LGF): U.S. box office open of “You’re Next”
    * Marvell (MRVL): Sees 3Q rev. above est.
    * Net 1 Ueps Tech (UEPS): EPS beats 2 ests.
    * New York & Co (NWY): 2Q loss per shr 4c, est. loss 3c
    * Nordson (NDSN): 4Q view below ests.
    * Pandora (P): 3Q adj. EPS view misses; raises yr view
    * Retailmenot (SALE): 2Q rev. beat est.
    * Ross (ROST): Boosts yr EPS view; 2Q EPS, rev. top ests.
• EARNINGS (all times ET, times are approximate):
    * Hibbett Sports (HIBB) 6:30am, $0.38
    * Foot Locker (FL) 7am, $0.47
    * Ann Inc (ANN) 7:30am, $0.65
• Obama to Act ’Very Deliberately’ on Syria Chemical Arms: Aide
  
       Aug. 23 (Bloomberg) -- President Obama has told intelligence services to gather “facts and evidence” to determine if chemical arms were used by regime of Syrian President Bashar al-Assad, White House spokeswoman Bernadette Meehan says in statement.
    * “Once we ascertain the facts, the President will make an informed decision about how to respond. We have a range of options available, and we are going to act very deliberately”
    * NOTE: Obama said in interview broadcast today on CNN reports of chemical weapons use by Syria “troublesome”
• 
  
• UPGRADES:
    * Autodesk (ADSK) to buy: B. Riley
    * Centurylink (CTL) to neutral: Nomura
    * Children’s Place (PLCE) to buy: Topeka
    * FMC Technologies (FTI) to buy: Societe Generale
    * Exlservice (EXLS) to outperform: Baird
    * First Solar (FSLR) to market perform: Raymond James
    * Kirkland’s (KIRK) to outperform: Wedbush
    * Oneok Partners (OKS) to buy: BofA Merrill
    * Simon Property (SPG) to outperform: BMO
    * SunEdison (SUNE) to buy: Needham
    * Trina Solar (TSL) to market perform: Raymond James
    * VMWare (VMW) to buy: Jefferies
    * Williams Partners (WPZ) to buy: BofA Merrill
  
  
  DOWNGRADES:
    * Abercrombie (ANF) to neutral: Robert Baird
    * Aeropostale (ARO) to underperform: BofA Merrill
    * Aeropostale (ARO) to hold: Topeka
    * Arch Coal (ACI) to hold: Deutsche Bank
    * Brookfield Asset (BAM) to market perform: Wells Fargo
    * Dendreon (DNDN) to sell: Deutsche Bank
    * DFC Global (DLLR) to market perform: William Blair
    * DFC Global (DLLR) to market perform: JMP
    * Dick’s Sporting (DKS) to market perform: Oppenheimer
    * Edwards Group (EVAC) to sector perform: RBC
    * General Growth (GGP) to market perform: BMO
    * Guess? (GES) to neutral: Piper
    * Jiayuan.com (DATE) to perform: Oppenheimer
    * Pandora Media (P) to market perform: Rayond James
    * Pandora Media (P) to hold: Stifel
    * Staples (SPLS) to neutral: Credit Suisse
    * TC Pipelines (TCP) to underperform: BofA Merrill
  
  
  INITIATIONS:
    * Apricus Biosciences (APRI) hold: Cantor, P $2
    * Bancorpsouth (BXS) outperform: RBC, PT $23
    * Hancock Holding (HBHC) sector perform: RBC, PT $35

2013-08-22 Events

2013-08-22 Events

• MAJOR STORY:
    * Nasdaq Reopens After Three Hour Halt From Computer Error
      * Nasdaq to Let Trades Executed 12:14:03pm-12:23:31pm Stand
      * Exchanges to Bust Trades in Nasdaq-Listed Stocks in 3-Hr  Window
• TOP NEWS:
    * Initial jobless claims 336k vs est. 330k; prior week revised to 323k from 320k; 4-wk moving avg. 330.5k
      * 4-wk avg. at lowest since Nov. 2007
    * J.C. Penney adopts 1-yr shareholder rights plan
    * June FHFA House Price Index up 0.7% M/m vs est. up 0.6%; May revised to up 0.8% from up 0.7%
    * U.S. Leading Indicators rose 0.6% in July, est. 0.5%
    * Bloomberg Weekly Consumer Comfort index fell to -28.8 vs -26.6 W/w
    * 30-yr fixed mortgage rate 4.58% vs 4.40% W/w: Freddie Mac
      * 15-yr fixed mortgage rate averaged 3.60% for week
• AM EARNS:
    * Hormel Foods (HRL) 6am, $0.45
    * Sears Holdings (SHLD) 6am, $(1.07)
    * Abercrombie & Fitch (ANF) 6:30am, $0.29 - Preview
    * Children’s Place (PLCE) 6:30am, $(0.53)
    * Patterson (PDCO) 7am, $0.48
    * Buckle (BKE) 7am, $0.52
    * Dollar Tree (DLTR) 7:29am, $0.57
    * Ross Stores (ROST) 8:25am, $0.93
    * GameStop (GME) 8:30am, $0.04
    * Toro (TTC) 8:30am, $0.59
• PM EARNS:
    * Gap (GPS) 4pm, $0.64
    * Autodesk (ADSK) 4:01pm, $0.42
    * Aeropostale (ARO) 4:01pm, $(0.28)
    * Micros Systems (MCRS) 4:02pm, $0.62
    * Pandora Media (P) 4:02pm, $0.02 - Preview
    * Marvell Technology (MRVL) 4:03pm, $0.19
    * Aruba Networks (ARUN) 4:03pm, $0.11
    * Mentor Graphics (MENT) 4:05pm, $0.17
    * Solera Holdings (SLH) 4:07pm, $0.66
    * Nordson (NDSN) 4:30pm, $1.05
• CONFERENCES/CORPORATE EVENTS:
    * Citi One-on-One Midstream/Infrastructure Conf.: EROC, GEL, LGCY, NS, NSH, OILT
    * Raymond James Bank Conf.: BBCN, BXS, FFIN, FMBI, HOMB, NPBC, NYCB, OZRK, PVTB, SCBT, TRMK, WTFC, ZION
    * Annual meeting: MDT, IPL-U CN
• UPGRADES:
    * Brown Shoe (BWS) to positive: Susquehanna
    * Canadian Pacific (CP) to outperform: Credit Suisse
    * Home Depot (HD) to hold: Landesbank
    * Exelis (XLS) to outperform: RBC
    * Marathon Oil (MRO) to outperform: Raymond James
    * Microsoft (MSFT) to buy: Nomura
    * Precision Castparts (PCP) to outperform: Wells Fargo
  
  
  DOWNGRADES:
    * Emerge Energy (EMES) to neutral: Baird
    * H.B. Fuller (FUL) to underperform: Longbow
    * NII Holdings (NIHD) to underweight: Morgan Stanley
    * Target (TGT) to neutral: Baird
    * Target (TGT) to underperform: William Blair
    * Target (TGT) to buy: ISI
    * Target (TGT) to neutral: Janney
    * Vanguard Health (VHS) to sector perform: RBC
  
  
  INITIATIONS:
    * Biocryst Pharma (BCRX) outperform: Wells Fargo
    * Cimarex (XEC) neutral: Citi, PT $81
    * Gran Tierra Energy (GTE) outperform: Stonecap
    * Invensense (INVN) buy: Needham, PT $20
    * Regeneron (REGN) outperform: Oppenheimer, PT $300
    * SM Energy (SM) neutral: Citi, PT $76
    * Tesla (TSLA) hold: Stifel
    * Vertex Pharma (VRTX) outperform: Oppenheimer, PT $105
    * Zynga (ZNGA) hold: Benchmark, PT $2.98

2013-08-21 Events

2013-08-21 Events

• EARNINGS (all times ET, times are approximate):
    * Lowe’s (LOW) 6am, $0.79 - Preview
    * Staples (SPLS) 6am, $0.18
    * JM Smucker (SJM) 7am, $1.20
    * Energy XXI Bermuda (EXXI) 7am, $0.47
    * Sears Canada (SCC CN) 7am, C$0.23
    * Target (TGT) 7:30am, $0.95 - Preview
    * Madison Square Garden (MSG) 7:30am, $0.32
    * American Eagle Outfitters (AEO) 8am, $0.10
    * Eaton Vance (EV) 9am, $0.54
    * PetSmart (PETM) Bef-mkt, $0.86
    * Hain Celestial Group (HAIN) 4pm, $0.62
    * Prospect Capital (PSEC) 4:03pm, $0.30
    * Hewlett-Packard (HPQ) 4:04pm, $0.86 - Preview
    * Synopsys (SNPS) 4:05pm, $0.54
    * L Brands (LTD) 4:30pm, $0.60
    * Semtech (SMTC) 4:03pm, $0.51
    * AFC Enterprises (AFCE) 5pm, $0.31
• ECONOMY:
    * 7am: MBA Mortgage Applications, Aug. 16 (prior -4.7%)
    * 10am: Existing Home Sales, July, est. 5.15m (prior 5.08m)
    * 10:30am: DOE Energy Inventories
    * 2pm: Release of FOMC minutes from July 30-31 meeting
• CONFERENCES:
    * Citi One on One Midstream/Infrastructure Conf.: EPD, EROC,
      GEL, KMP, MPC, NS, NSH, OKS, QRE, TLLP, XTEX
    * CRM Evolution Conf.: DELL, T
    * Knight Capital Midwest Industrials Conf.: TEX
    * Morgan Stanley Semiconductor & Semi-Cap Equipment Corp.
      Access Day: MU, SLAB
• UPGRADES:
•   * Garmin (GRMN) to neutral: Goldman
    * Glaxo (GSK) to outperform: Cowen
    * National Retail (NNN) to outperform: FBR
    * Nasdaq (NDAQ) to strong buy: Raymond James
    * Questcor Pharma (QCOR) to buy: BofA Merrill
    * Royal Caribbean (RCL) to overweight: Morgan Stanley
    * Trina Solar (TSL) to outperform: Cowen
    * Xueda Education (XUE) to neutral: Goldman
  
  
  DOWNGRADES:
    * Agrium (AGU) to neutral: HSBC
    * Caterpillar (CAT) to neutral: Daiwa
    * Chesapeake Energy (CHK) to neutral: Susquehanna
    * Harmony Gold (HMY) to sell: UBS
    * Mosaic (MOS) to underweight: HSBC
    * Potash (POT) to underweight: HSBC
    * Tupperware (TUP) to market perform: BMO
    * Velti (VELT) to underperform: RBC
  
  
  INITIATIONS:
    * First Busey (BUSE) market perform: FBR, PT $5.50
    * Investors Bancorp (ISBC) hold: Deutsche Bank, PT $24
    * Navistar (NAV) neutral: Susquehanna, PT $31
    * Paccar (PCAR) rated new neutral: Susquehanna, PT $56
    * Sanchez Energy (SN) buy: Canaccord, PT $31
    * WCI Communities (WCIC) neutral: JPMorgan, PT $20.50
    * WCI Communities (WCIC) outperform: FBR, PT $21
    * Wesbanco (WSBC) market perform: FBR, PT $33

2013-08-20 Events

• TOP NEWS:
    * Hayman Capital Takes Stake in JCPenney: CNBC
    * Kodak Pans to Formally Emerge from Bankruptcy on Sept. 3
    * Barnes & Noble Holder Riggio Won’t Make Offer for Retail Unit
    * Ally Financial Plans $1b Private Placement, Buyback
• Glencore Says Rio Tinto Australia Coal JV Is a ‘Potential Idea’
  
       Aug. 20 (Bloomberg) -- CEO Ivan Glasenberg comments on
  conference call after co.’s earnings.
    * Co. hopes to complete Las Bambas sale by year end
    * NOTE: Glencore Said to Study Combining Australian Coal
      Assets With Rio
  {NSN MO8MSH6VDKI4 <go>}
•  UPGRADES:
•   * Ann Taylor (ANN) to buy: Janney
    * Cash America (CSH) to buy: Janney
    * Chipotle (CMG) to hold: Jefferies
    * Red Robin (RRGB) to buy: Jefferies
    * Spirit Airlines (SAVE) to outperform: Raymond James
    * Urban Outfitters (URBN) to outperform: Wedbush
    * Weyerhaeuser (WY) to buy: Longbow
  
  
  DOWNGRADES:
    * Arcelormittal (MT) to underweight: Morgan Stanley
    * Bravo Brio (BBRG) to hold: Jefferies
    * Cliffs Nautral (CLF) to hold: BB&T
    * Diamond Offshore (DO) to neutral: UBS
    * Edwards Group (EVAC) to neutral: Piper Jaffray
    * Ensco (ESV) to neutral: UBS
    * GTX Inc. (GTXI) to neutral: Lazard
    * Lightinthebox (LITB) to underperform: Credit Suisse
    * Noble Corp. (NE) to neutral: UBS
    * Panera (PNRA) to hold: Jefferies
    * Riverbed Tech (RVBD) to sell: Deutsche Bank
    * Royal Gold (RGLD) to hold: BB&T
    * Target (TGT) to neutral: Susquehanna
    * Teck Resources (TCK) to hold: BB&T
    * Transocean (RIG) to neutral: UBS
    * Wal-Mart (WMT) to neutral: Susquehanna
    * Xcel Energy (XEL) to underweight: JPMorgan
  
  
  INITIATIONS:
    * Anadarko (APC) buy: Canaccord, PT $115
    * Apache (APA) buy: Canaccord, PT $106
    * Ares Capital (ARCC) buy: Sterne Agee, PT $19
    * Bloomin Brands (BLMN) overweight: Barclays, PT $29
    * Bridge Bancorp (BDGE) buy: Guggenheim, PT $25
    * Cabot Oil (COG) buy: Canaccord, PT $45
    * Central European Media (CETV) buy: Wood & Co., PT $7
    * Cloud Peak Energy (CLD) hold: Stifel
    * Devon Energy (DVN) buy: Canaccord, PT $75
    * Facebook (FB) buy: Janney, PT $50
    * John Bean Tech (JBT) speculative buy: Global Hunter, PT $31
    * Laclede (LG) overweight: JPMorgan, PT $50
    * Marlin Midstream (FISH) outperform: Robert Baird, PT $23
    * Pandora Media (P) buy: B. Riley, PT $26
    * Pioneer Natural (PXD) buy: Canaccord, PT $220
    * QEP Resources (QEP) hold: Canaccord, PT $31
    * Qihoo 360 (QIHU) neutral: Goldman
    * Range Resources (RRC) buy: Canaccord, PT $93
    * Salesforce.com (CRM) overweight: First Analysis, PT $55
    * Southwestern Energy (SWN) buy: Canaccord, PT $50
    * Ultra Petroleum (UPL) hold: Canaccord, PT $22
    * Unit Corp. (UNT) hold: Canaccord, PT $49
    * Washington Trust Bancorp (WASH) buy: Guggenheim, PT $38
    * Zynga (ZNGA) sell: Janney, PT $2.50

2013-08-16 Events

• ECONOMY:
    * 8:30am: Non-farm Productivity, 2Q prelim est 0.6%
    * 8:30am: Housing Starts, July, est. 900k (prior 836k)
    * 9:55am: UMich Consumer Sentiment, Aug. prelim., est. 85.2
    * 11am: Fed to purchase $2.75b-$3.5b debt in 2020-2023 sector
    * 1pm: Baker Hughes rig count
• EQUITY PREVIEW:
    * Applied Materials (AMAT): 3Q sales miss; Dickerson named CEO
    * Aspen Technology (AZPN): 1Q adj. EPS view above est.
    * Bally Technologies (BYI): 4Q rev. beat est.
    * Dell (DELL): 2Q net fell 72%; adj. EPS beat est. by 1c
    * First Marblehead (FMD): IRS proposes $300m adjustment
    * Jos A Bank Clothiers (JOSB): 2Q prelim. EPS trails est.
    * Mandalay Digital (MNDL): Secondary via Ladenburg Thalmann
    * Nordstrom (JWN): Cuts yr EPS, comp. sales forecasts
    * Pixelworks (PXLW): Secondary via Roth Capital
    * PowerSecure International (POWR): $44m secondary
    * Universal Truckload Services (UACL): 1m-shr secondary
• UPGRADES:
•   * Anadarko Petroleum (APC) to strong buy: ISI Group
    * Linear Technology (LLTC) to overweight: Morgan Stanley
    * JetBlue (JBLU) to market perform: Raymond James
    * Pandora Media (P) to buy: Goldman Sachs
    * Xilinx (XLNX) to overweight: Morgan Stanley
  
  DOWNGRADES:
    * Alcoa (AA) to underperform: BofA Merrill
    * Aviva (AV) to neutral: BNP Paribas
    * General Mills (GIS) to underperform: Jefferies
    * Maxim Integrated Products (MXIM) to equalweight: Morgan Stanely
    * Noble Energy (NBL) to buy: ISI Group
    * Nordstrom (JWN) to neutral: Sterne Agee
    * Portugal Telecom (PT) to neutral: Goldman Sachs
    * Portugal Telecom (PT) to neutral: Natixis
    * Red Robin Gourmet (RRGB) to neutral: B. Riley
    * STMicroelectronics (STM) to underweight: HSBC
    * Volterra Semiconductor (VLTR) to sell: B. Riley
    * Volterra Semiconductor (VLTR) to hold: Deutsche Bank
    * Volterra Semiconductor (VLTR) to hold: Needham
  
  INITIATIONS:
    * Aercap (AER) outperform: RBC Capital, PT $28
    * Aircastle (AYR) sector perform: RBC Capital, PT $20
    * Atmel (ATML) overweight: Morgan Stanley, PT $10
    * Fairchild Semiconductor (FCS) overweight: Morgan Stanley, PT $16
    * Freescale Semiconductor (FSL) underweight: Morgan Stanley, PT $14
    * Fly Leasing (FLY) outperform: RBC Capital, PT $18
    * Glu Mobile (GLUU) hold: Benchmark Co., PT $2.42
    * Movado Group (MOV) buy: Brean Capital, PT $44
    * Microchip Technology (MCHP) equalweight: Morgan Stanley, PT $43
    * ON Semiconductor (ONNN) underweight: Morgan Stanley, PT $7
    * Semtech (SMTC) outperform: RBC Capital, PT $40
    * Tronox (TROX) outperform: RBC Capital, PT $28

2013-08-15 Events

• EARNINGS (all times ET, times are approximate):
    * Wal-Mart Stores (WMT) 7am, $1.25 - Preview
    * Kohl’s (KSS) 7am, $1.04
    * Estee Lauder (EL) 7:30am, $0.21
    * Perrigo (PRGO) 7:44am, $1.56
    * Pan American Silver (PAA CN) Bef-mkt, $0.05
    * E-Commerce China Dangdang (DANG) Bef-mkt, $(0.15)
    * Applied Materials (AMAT) 4pm, $0.19
    * Dell (DELL) 4:01pm, $0.24
    * Bally Technologies (BYI) 4:01pm, $0.94
    * Aspen Technology (AZPN) 4:02pm, $0.08
    * Nordstrom (JWN) 4:05pm, $0.88 - Preview
• EARNINGS All times CET, estimates where available:
    * Zurich Insurance (ZURN VX) 6:45am, 2Q adj. EPS est. $5.68
    * Holcim (HOLN VX) 7am, 2Q adj. EPS est. CHF1.24
    * Boskalis (BOKA NA) 7am, 1H adj. EPS est. EU1.04
    * Oriflame Cosmetics (ORI SS) 7:15am, 2Q adj. EPS est. EU0.44
    * GSW Immobilien (GIB GY) 7am, 2Q adj. EPS est. EU0.38 (2 ests)
    * Ratos (RATOB SS) 8am, 2Q adj. EPS est. SK0.50 (1 est.)
    * Aalberts (AALB NA) 7:30am, 1H adj. EPS est. EU0.71
    * Mobimo Holding (MOBN SW) TBD, 1H
    * Nordex (NDX1 GY) 8am, no ests.
    * Talvivaara Mining (TALV LN) 8am, 2Q adj. loss/shr est. EU0.015
    * Derwent London (DLN LN) 8am, 1H adj. EPS est. GBP0.27
    * AZ Electronic Materials (AZEM LN) 8am, 1H adj. EPS est. GBP0.13
    * Ophir Energy (OPHR LN) 8am, 1H adj. loss-shr est. $0.14 (1 est.)
    * Meyer Burger Tech (MBTN SW) 1H adj. loss-shr est. CHF1.66 (1 est.)
    * Imperial Tobacco (IMT LN) 8am, 3Q sales, IMS
    * Hennes & Mauritz (HMB SS) 8am, July sales
• IPO WATCH:
    * Priced yday:
      * Third Point Reinsurance (TPRE) priced 22.05m shrs at  $12.50
    * No IPOs expected to price today: Bloomberg data
• CONFERENCES:
    * Canaccord Genuity Growth Conf.: AEGR, ANGI, ATML, CREE, DWRE, ELGX, IPXL, ISIS, ISRG, ITRI, MKSI, MKTO, NVDA, OLED,
      PLB CN, PODD, QCOM, SRPT, TQNT, TUMI, ULTI, UNFI, VOLC
    * EnerCom Oil & Gas Conf.: PDCE
    * Jefferies Global Industrials Conf.: AGCO, AVY, CDE, CIR, CVA, HL, IPHS, KALU, MTZ, RKT, SEE, SEE, SON, TRS
• CORPORATE EVENTS:
    * Annual meeting: ATA CN, FRX, QSII
    * Analyst meeting: F
• EQUITY PREVIEW:
    * Agilent (A): Raises low end of yr adj. EPS view
    * AMR (AAMRQ): Hearing on reorganization plan
    * Biolase (BIOL): Cuts registration statement to $5m vs $30m
    * Buckeye (BKI): Vote on Georgia-Pacific (GP) takeover offer
    * Cisco (CSCO): Cutting 5% of staff, 4Q adj. EPS beat by 1c
    * Dillards (DDS): 2Q EPS tops est. on gross margin improvement
    * Hollysys (HOLI): 4Q rev. $113.4m, up 29% Y/y
    * J.C. Penney (JCP): Aug. comp. sales turn positive: N.Y. Post
    * Mannkind (MNKD): Working with Greenhill & Co. on partnering talks
    * Netapp (NTAP): 2Q EPS view midpoint in line
    * Netease (NTES): 2Q profit/ADS, rev. beat ests.
    * Tesla (TSLA): Secondary offer lock-up expires
    * Vipshop (VIPS): 2Q rev. beats; 3Q rev. est. within forecast
• 
  WHAT HAPPENED:
    * Initial jobless claims 320k vs est. 335k; 4-wk moving avg 332k
      * Lowest level since Oct. 2007
      * Continuing claims fell 54k to 2.969m
    * U.S. July CPI Up 0.2%, Matches Est.; Ex. Food, Energy Matches
    * July industrial production unchanged vs est. up 0.3%; capacity utilization 77.6% vs est. 77.9%
    * Bloomberg Weekly Consumer Comfort index fell to -26.6 vs -23.5 W/w
    * U.S. August Home Builders’ Confidence Rises to 59 vs Est. 57
    * U.S. Aug. Philadelphia Fed Index Falls to 9.3, Est. 15.0
    * U.S. Aug. New York Fed Empire Report Falls to 8.2, Est. 10
    * Treasury 30-year bond yield, 10-year bond yield rise to highest since August 2011
      * U.K. 10-Year Gilt Yield Rises to 2.71%, Highest Since Aug. 2011
    * U.S. Net Long-Term Portfolio Securities Outflow $66.9b in June
• 
  
• UPGRADES:
    * Akorn (AKRX) to buy: Gabelli & Co.
    * Baker Hughes (BHI) to outperform: RBC Capital
    * Carnival Corp. (CCL) to buy: Goldman Sachs
    * Cisco (CSCO) raised to neutral at ISI Group
    * Infosys (INFY) to buy: Nomura
    * Integra Lifesciences (IART) to overweight: Piper Jaffray
    * JinkoSolar (JKS) to buy: Roth Capital
    * Martin Midstream (MMLP) to outperform: Raymond James
    * MDC Holdings (MDC) to buy: Sterne Agee
    * Medicines Co. (MDCO) to buy: BofA Merrill
    * National Oilwell (NOV) to outperform: RBC Capital
    * Nexstar Broadcasting (NXST) to overweight: Evercore
    * SunTrust Banks (STI) to buy: Drexel Hamilton
  
  DOWNGRADES:
    * AstraZeneca (AZN) to underweight: Morgan Stanley
    * Anixter (AXE) to market perform: William Blair
    * Avago Technologies (AVGO) to hold: Brean Capital
    * GlaxoSmithKline (GSK) to underweight: Morgan Stanley
    * Green Dot (GDOT) to neutral: Compass Point
    * Helmerich & Payne (HP) to sector perform: RBC Capital
    * Houston Wire & Cable (HWCC) to market perform: William Blair
    * Oceaneering (OII) to sector perform: RBC Capital
    * PulteGroup (PHM) to outperform: RBC Capital
    * Renren (RENN) to underperform: Jefferies
    * United Microelectronics (UMC) to sell: Goldman Sachs
  
  INITIATIONS:
    * ArcelorMittal (MT) underweight: Barclays
    * Agnico Eagle (AEM) hold: Desjardins Capital
    * Agilent Technologies (A) neutral: Janney Capital, PT $50
    * Bruker Corp. (BRKR) neutral: Janney Capital, PT $22
    * BazaarVoice (BV) buy: B. Riley, PT $15.25
    * First Majestic Silver (AG) buy: Desjardins Capital
    * Idex Corp. (IEX) buy: Janney Capital, PT $75
    * Illumina (ILMN) neutral: Janney Capital, PT $86
    * Mettler-Toledo (MTD) neutral: Janney Capital, PT $255
    * New Gold (NGD) top pick: Desjardins Capital
    * National Instruments (NATI) neutral: Janney Capital, PT $33
    * Neogen (NEOG) neutral: Janney Capital, PT $61
    * PerkinElmer (PKI) neutral: Janney Capital, PT $40
    * Pall Corp. (PLL) neutral: Janney Capital, PT $79
    * Qiagen (QGEN) neutral: Janney Capital, PT $24
    * Quantum Fuel (QTWW) buy: Ascendiant Capital, PT $3.50
    * Safeguard Scientifics (SFE) neutral: Janney Capital, PT $18
    * Sigma-Aldrich (SIAL) buy: Janney Capital, PT $103
    * Thermo Fisher (TMO) buy: Janney Capital, PT $113
    * Techne (TECH) neutral: Janney Capital, PT $85
    * Waters Corp. (WAT) neutral: Janney Capital, PT $118
    * Westport Innovations (WPRT) sector perform: RBC Capital, PT $28