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

Economists in Jackson Hole Say QE Less Potent Than Fed Believes

Arvind Krishnamurthy (Northwestern) and Annette Vissing-Jorgensen (UC Berkeley) wrote a paper which scrutinized the Fed's support of QE.  The authors believe that the Fed's participation in the mortgage market (via purchases of MBS) had a greater impact on the private economy than buying government securities, the traditional method in which the Fed influences rates.

It may be a tell tale sign that most of FOMC members that have taken part in the decision making process for QE will be leaving the Fed over the next year or so.  There has been great debate not only on who will be the next head at the Federal Reserve (Yellen or Summers), but also whether or not Bernanke is leaving by his own accord.  In any event, I don't view a change in leadership at the Fed as a positive development at this point in the cycle.  If Bernanke is being forced out, you wonder if its because of his public critique of the government's inability to develop expansionary policies.  If Bernanke is quitting, one couldn't help but ponder if its because he doesn't want to be front and center in another crisis.  Especially if it's one that he helped create through unorthodox monetary policies.

Despite working through narrower channels, the Fed’s buying of mortgage-backed securities in QE3 has been more effective at boosting the economy through its effect on mortgage rates, according to the paper.

“The Fed’s cessation of MBS purchases or sale of MBS are likely to be more economically important for the private sector than a sale of Treasury bonds, which by itself will affect mainly government borrowing costs,” according to the paper. “There is little evidence for the operation of a broad channel through which large-scale asset purchases lower the yield on all long-term bonds.”

Via Bloomberg

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

Previewing Jackson Hole

The big news this year at Jackson Hole was known three months ago.  It's not going to be about what is said at the Fed's annual symposium, but rather who will not be attending.  Fed Chairman Bernanke announced a while ago he had a "scheduling conflict" and wouldn't be attending the event.  Besides Bernanke, the head of the ECB and BOE are also not attending this year's meeting.


Fed Jackson Hole, Wyoming, conference. 

The Federal Reserve Bank of Kansas City hosts its annual symposium.

 Panel moderators include former Bank of Israel Governor Stanley Fischer on Aug. 23 and Fed Vice Chairman Janet Yellen on Aug 24. 

Speakers during the three-day event include International Monetary Fund Managing Director Christine Lagarde, Bank of Japan Governor Haruhiko Kuroda, Banco Central do Brasil Governor Alexandre Tombini and Banco de Mexico Governor Agustin Carstens. Federal Reserve Chairman Ben Bernanke, whose term ends in January, is
not attending the conference. Speaker times to be announced on Aug 22. In Jackson Hole, Wyoming. Through Aug 24

Via Bloomberg

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

Bond Markets in Europe

Interesting development in the European bond markets this week.  The yields of Germany and France, typically thought of as the "safer" countries, saw their 10Y yields rise.  Lower grade bonds of Italy, Spain, and Portugal saw their 10Y yields fall.

Bullish interpretation:
The surprise GDP growth of Q2 has led investors to believe that the recession in Europe is over and spreads on the peripheral countries relative to France and Germany should come down.

Bearish interpretation:
The bond market is becoming concerned on a global basis and starting to demand higher risk premium.

My take is that you should be cautious going into the end of the year.  Seeing bonds yields rise in the most liquid markets should lead to a correction in equity markets.  The fact that bond investors are no longer going to be able to sell their bonds to central banks means that pricing should start to normalize and this risk should be reflected in bond yields.

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

2013-08-14 Events

• IPO WATCH:
    * Priced yday:  * Envision Healthcare (EVHC) priced 35m shrs at $23 each
    * Expected to price today:
      * Third Point Reinsurance (TPRE) seen pricing 22.2m shrs at $12.50-$14.50 each
•  CONFERENCES:
    * Avondale Healthcare Conf.: AIRM, AMSG, ASGN, ATHN, FCN, HMA, HURN, LPNT, MDAS, MDRX, MMS, NUAN, SRCL
    * BofA Merrill Lynch ’All Things Home’ Conf.: WHR
    * Canaccord Genuity Growth Conf.: AKAM, AWAY, BDC, CCOI, CONN, DDD, DXCM, ECL, EW, GEVA, GHDX, GMCR, HOLX, HTWR, INCY, LL,
      LOCK, MENT, NPSP, NUS, NUVA, OXM, P, RCII, SSNI, SYK, TRIP, VECO, Z
    * EnerCom Oil & Gas Conf.: ATLS, BBG, COS CN, CRZO, MRO, OXC CN, QEP, ROSE, SWN, TDG CN, UNT
    * J.P. Morgan Automotive Conf.: ABG, GM, HAR, JCI, MCO, MG CN
    * Jefferies Global Industrials Conf.: AXLL, BA, BAH, CBT, CE, CGNX, CSL, CW, EMN, HI, HON, HSC, KMT, MMM, MTX, MX CN, NPO,
      PPG, RBC, SNA, TAM, TDY, TEX, WSO, WTS, XLS
    * JPMorgan LatAm Consumer Conf.: F
    * Oppenheimer Technology Conf.: AMT, ANGI, CAVM, CTL, DWRE, FFIV, FIO, IMPV, NTCT, NVDA, OLED, OPEN, PFPT, QCOM, RHT,
      RHT, SWKS, TRMB, TWTC, TXN, ULTI, VMW, YELP
    * Wedbush Life Sciences Mgmt Access Conf.: CPHD, ITRI
• CORPORATE EVENTS:
    * Annual meeting: RFMD, SJM, VVUS, XLNX
    * Board meeting: CGG CN
    * Investor meeting: SRCL
    * July sales release: KCG, PGR, SCHW
• EARNINGS All times CET, estimates where available:
    * RWE (RWE GR) 7am, 2Q adj. EPS est. EU1.27
    * Swiss Life (SLHN VX) 7am, 1H Gaap EPS est. CHF11.58
    * Hochtief (HOT GR) 7am, 2Q adj. EPS est. EU0.52
    * Celesio (CLS1 GR) 7am, 2Q adj. EPS est. EU0.30
    * United Internet (UTDI GR) 5am, 2Q adj. EPS EU0.23
    * Kabel Deutschland (KD8 GR) 7am, 1Q adj. EPS est. EU0.76 (1 est.)
    * Salzgitter (SZG GR) 7:30am, 2Q adj. loss-shr est. EU0.91
    * DE Master Blenders (DE NA) 7:30am, FY adj. EPS est. EU0.44
    * Balfour Beatty (BBY LN) 8am, 1H adj. EPS est. EU0.07 (3 ests.)
    * Subsea 7 (SUBC NO) 7am, 2Q adj. loss-shr est. $0.43
    * Wirecard (WDI GR) 7am, 2Q adj. EPS est. EU0.17
    * Portugal Telecom (PTC PL) premkt, 1H
    * Holmen (HOLMB SS) TBD, 2Q adj. EPS est. SK1.39
    * GN Store Nord (GN DC) TBD, 2Q adj. EPS est. DK1.15
    * Jyske Bank (JYSK DC) TBD, 1H
    * William Demant (WDH DC) 7am, 1H adj. EPS est. DK11.11
    * Deutsche Euroshop (DEQ GR) 7am, 2Q adj. EPS est. EU0.52 (2 ests.)
    * Rentokil Initial (RTO LN) 8am, 1H adj. EPS est. GBP0.03 (1 est.)
    * Ophir Energy (OPHR LN) 8am, 1H adj. loss-shr est. GBP0.14 (1 est.)
    * Glencore Xstrata (GLEN LN) 8am, 2Q production
• BOND SALES/PURCHASES
    * 11:03am: Sweden to Sell SEK10 Bln 96-Day Bills
    * 11:30am: Germany to Sell EUR4 Bln 1.5% 2023 Bonds
• EARNINGS (all times ET, times are approximate):
    * Towers Watson (TW) 6am, $1.27
    * B2Gold (BTO CN) 6:30am, $0.03
    * Deere (DE) 7am, $2.18 - Preview
    * Metro (MRU CN) 7am, C$1.54
    * Rona (RON CN) 7am, C$0.33
    * Macy’s (M) 8am, $0.78 - Preview
    * Baytex Energy (BTE CN) 8am, C$0.34
    * Pinnacle Foods (PF) 8am, $0.27
    * Linamar (LNR CN) 4pm, C$0.81
    * NetApp (NTAP) 4:01pm, $0.49
    * Vipshop Holdings (VIPS) 4:01pm, $0.18
    * Cisco Systems (CSCO) 4:04pm, $0.51 - Preview
    * Agilent Technologies (A) 4:05pm, $0.62
    * CACI International (CACI) 4:05pm, $1.60
    * Himax Technologies (HIMX) 4:30pm, $0.11
    * Silver Wheaton (SLW CN) 5:53pm, $0.25
    * NetEase (NTES) 6pm, $1.25
    * Renren (RENN) 6pm, $(0.01)
    
• EQUITY PREVIEW:
    * Bioscrip (BIOS): 6.8m-shr secondary
    * Brocade (BRCD): 3Q adj. EPS, rev. beat ests.
    * Cree (CREE): 1Q adj. EPS view misses est.
    * Exone (XONE): Sees 2013 rev. at low end of view
    * Millennial Media (MM): 2Q rev. misses; buying Jumptap
    * Northern Tier Energy (NTI): 11.5m-unit secondary
    * Real Goods (RSOL): 2Q rev $20.7m vs $21.4m yr ago
    * Seaworld (SEAS): Cuts yr rev. view
    * Taylor Morrison (TMHC): 2Q adj. EPS misses
    * Tearlab (TEAR): 2Q net rev. $3.5m
• UPGRADES:
•   * American Woodwork (AMWD) to buy: Longbow
    * Cabot Microelectronics to buy: Topeka Capital
    * Cincinnati Bell (CBB) to neutral: BofA Merrill
    * Cullen/Frost (CFR) to market perform: Raymond James
    * GlaxoSmithKline (GSK) to neutral: JPMorgan
    * Hovannian (HOV) to buy: UBS
    * Infosys (INFY) to buy: Nomura
    * Jakks Pacific (JAKK) to market perform: BMO Capital
    * MarkWest Energy (MWE) to buy: Goldman Sachs
    * Royal Dutch Shell (RDS/A) to overweight: Barclays
    * Statoil (STO) to overweight: Barclays
    * USA Compression Partners (USAC) to outperform: Wells Fargo
  
  
  DOWNGRADES:
    * Cree (CREE) to neutral: Susquehanna
    * CST Brands (CST) to underperform: Credit Suisse
    * Deutsche Bank (DB) to sector perform: RBC Capital
    * Delta (DAL) to neutral: JPMorgan
    * EV Energy Partner (EVEP) to sector perform: RBC Capital
    * Global Payments (GPN) to neutral: JPMorgan
    * Millennial Medial (MM) to hold: Canaccord Genuity
    * Parexel (PRXL) to underperform: Sterne Agee
    * Repsol (REP) to equalweight: Barclays
    * USA Compression Partners (USAC) to neutral: Goldman Sachs
    * U.S. Airways (LCC) to neutral: JPMorgan
    * Western Union (WU) to underweight: JPMorgan
  
  
  INITIATIONS:
    * Athenahealth (ATHN) hold: KeyBanc Capital
    * Acura Pharma (ACUR) buy: MLV & Co, PT $4
    * Cerner (CERN) buy: KeyBanc Capital, PT $19
    * Dresser-Rand (DRC) outperform: Raymond James, PT $72
    * Encana (ECA) accumulate: Global Hunter, PT$24
    * Kite Realty Group (KRG) overweight: Evercore, PT $7
    * Quality Systems (QSII) underweight: KeyBanc, PT $19
    * MedAssets (MDAS) hold: KeyBanc Capital
    * Spectranetics (SPNC) overweight: JPMorgan, PT $23
    * WisdomTree (WETF) neutral: Susquehanna, PT $13