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

2013-08-13 Events

• IPO WATCH:
    * Expected to price:
      * Envision Healthcare Holdings (EVHC); Sees 35m shares priced at $20-$23 via Goldman, BofAML, Barclays
      * Independence Realty (IRT); Sees 4m shares priced at $10- $11 via Ladenburg Thalmann, Compass Point, JMP
• CONFERENCES:
    * EnerCom The Oil & Gas Conference: WPX, CRR, DNR, CXO, EPL, BCEI, HERO, SD, HAL, ARX CN, CPG CN, APC, HK, ERF CN, EQT, RES, CLR, PDCE, EGN, QRE, OAS
    * Jefferies Global Industrials Conference: ITW, BEAV, ECL, ASH, POL, UTX, CYT, HUN, WLK, AAWW, WAIR, CAT, NSC, DGI, GRA, FMC, LSTR, ARG, USG, MLM, CHMT, HXL, PX, R, OSK
    * JPMorgan Auto Conference: KAR, TRW, DAN, VC, AXL, BWA, PAG, GT, TSLA, LAD
    * Needham Advanced Industrial Technologies Conf.: COHR, CGNX, DDD, IPGP, TDY, FEIC
    * Oppenheimer Technology Conference: T, FTR, PMCS, JNPR, SCOR, FSL, MSCC, VECO, BDC, JNPR, CCOI, NCR, RKUS, CA, AKAM, SYNT, OSIS, VRNT, VZ, VZ, RVBD
    * Pacific Crest Global Technology Leadership Forum: NOW, SYNA,  EQIX, ADBE, MXIM, AKAM, BRCM, KLAC, ATML, NOW, RHT, RVBD, AKAM, TXN, SLAB, XXIA, GWRE, SNDK, GIMO, IMPV, INFA, CDNS, ITRI
    * Piper Jaffray Semiconductor Summit: POWI
    * UBS Metals & Materials Mini Conference: RS
    * Wedbush Securities Life Sciences Conference: LXRX, SRPT, NPSP, GEVA, PCRX, MDVN
• CORPORATE EVENTS:
    * Acquisition Call: IHS
    * Annual General Meeting: CSC, PCP
    * Board Meeting: 2012 HK
    * Investor Meeting: EFX, HUM
    * Special Meeting/M&A Vote: STEI
• EQUITY PREVIEW:
    * Accretive Health (AH): Files to delay 10-Q
    * Avanir (AVNR): To co-promote Merck’s sitagliptin products
    * Genmark Diagnostics (GNMK): Proposed sale of $60m in shrs
    * NQ Mobile (NQ): Boosts yr rev. view, 2Q beats ests.
    * Orchid Island (ORC): Lock-up expires
    * Phoenix New Media (FENG): 3Q rev. view, 2Q top ests.
    * Rose Rock Midstream (RRMS): Offering 4.75m units
    * Sina (SINA): 3Q rev. view beats est.
    * Spirit Aerosystems (SPR): 2Q loss wider than est.; wing unit
      has attracted potential buyer interest
    * Wageworks (WAGE): Registers 2.97m-shr offering by holders
    * Xoom (XOOM): Lock-up expires
    * Xoma (XOMA): Rated new overweight at Piper Jaffray
    * Yum Brands (YUM): China July same-store sales miss est.
• UPGRADES:
    * Advanced Photonix (API) to buy: B. Riley
    * Constant Contact (CTCT) to buy: Lazard
    * Credicorp (BAP) to overweight: JPMorgan
    * Cubesmart (CUBE) to neutral: UBS
    * Extra Space Storage (EXR) to neutral: UBS
    * Marvell Technology (MRVL) to top pick: RBC
    * Public Storage (PSA) to neutral: UBS
    * Rockwell Collins (COL) to buy: Sterne, Agee
    * Sovran Self Storage (SSS) to neutral: UBS
    * Teck Resources (TCK) to outperform: Cowen
    * Xerox (XRX) to buy: Citi
  
  
  DOWNGRADES:
    * Allot (ALLT) to sector perform: RBC
    * Fifth Third Bancorp (FITB) to neutral: Credit Suisse
    * Microsoft (MSFT) to hold: Stifel Nicolaus
    * Nordic American Tankers (NAT) to underperform: Jefferies
    * Nordic American Tankers (NAT) to market perform: Cowen
    * Seadrill (SDRL) to hold: Danske Bank
    * Smith & Nephew (SNN) to neutral: Citi
    * Ultra Petroleum (UPL) to underperform: Jefferies
    * Vical (VICL) to neutral: Credit Suisse
  
  
  INITIATIONS:
    * Blackstone (BX) outperform: RBC, PT $32
    * Diamond Resorts (DRII) buy: Cantor Fitzgerald, PT $23
    * Diamond Resorts (DRII) overweight: JPMorgan, PT $20
    * Diamond Resorts (DRII) outperform: Credit Suisse, PT $21
    * Dorman Products (DORM) buy: BofAML, PT $60
    * E2open (EOPN) outperform: Northland, PT $25
    * Physicians Realty Trust (DOC) buy: Wunderlich, PT $14
    * RetailMeNot (SALE) outperform: William Blair
    * Retailmenot (SALE) buy: Jefferies, PT $40
    * Retailmenot (SALE) sector perform: RBC, PT $33
    * Retailmenot (SALE) neutral: Credit Suisse, PT $31
    * Retailmenot (SALE) neutral: Goldman, PT $31
    * Rexford Industrial Realty (REXR) outperform: FBR, PT $16
    * Rexford Industrial Realty (REXR) outperform: Wells Fargo
    * Rexford Industrial Realty (REXR) buy: BofAML, PT $15.75
    * Sequential Brands (SQBG) buy: Brean Capital, PT $8
    * Xoma (XOMA) overweight: Piper, PT $8

U.S. ANALYST RATINGS: Upgrades, Downgrades, Initiations

UPGRADES:
  * Apollo Group (APOL) to hold: Deutsche Bank
  * EV Energy (EVEP) to outperform: Credit Suisse
  * MGIC Investment (MTG) to overweight: Barclays
  * MicroStrategy (MSTR) to outperform: FBR Capital
  * Radian Group (RDN) to overweight: Barclays
  * Seadrill (SDRL) to overweight: HSBC
  * Stratasys (SSYS) to buy: Needham
  * Yahoo (YHOO) to buy: Cantor Fitzgerald


DOWNGRADES:
  * AmeriSourceBergen (ABC) to buy: ISI Group
  * Cliffs Natural (CLF) to market perform: BMO Capital
  * Fresenius Medical (FMS) to equalweight: Barclays
  * Impax Labs (IPXL) to market perform: Leerink Swann
  * Impax Labs (IPXL) to hold: Canaccord Genuity
  * Standard Motor (SMP) to hold: BB&T Capital
  * Sandridge Mississippian Trust (SDT) to sell: Wunderlich
  * THL Credit (TCRD) to market perform: Keefe Bruyette
  * Texas Roadhouse (TXRH) to hold: Miller Tabak


INITIATIONS:
  * Acuity Brands (AYI) buy: UBS
  * Anthera (ANTH) buy: Jefferies
  * Aegerion Pharma (AEGR) buy: BofA Merrill
  * Agilent Technologies (A) outperform: Credit Suisse
  * AG Mortgage (MITT) neutral: Credit Suisse
  * Diana Shipping (DSX) neutral: JPMorgan
  * Dyax (DYAX) buy: Jefferies
  * E2Open (EOPN) buy: Benchmark Co.
  * Finish Line (FINL) buy: Tigress Financial
  * Health Insurance (HIIQ) outperform: Credit Suisse
  * Health Insurance (HIIQ) buy: BofA Merrill
  * Intuitive Surgical (ISRG) underperform: Northland
  * LTD Brands (LTD) neutral: Tigress Financial
  * Men’s Wearhouse (MW) neutral: Tigress Financial
  * Netflix (NFLX) outperform: RBC
  * Oxford Industries (OXM) buy: Tigress Financial

Druckenmiller on CNBC

Mark Yusko Of Morgan Creek: 2013 Market Outlook

keynote address at the North Carolina Bankers Assoc. by Mark Yusko, head of Morgan Creek Capital Management... by

U.S. ANALYST RATINGS: Upgrades, Downgrades, Initiations

UPGRADES:
  * Citigroup (C) to outperform: Keefe Bruyette
  * Cisco (CSCO) to buy: MKM Partners
  * Kinross Gold (KGC) to outperform: RBC Capital
  * Kilroy Realty (KRC) to hold: Cantor
  * Lennar (LEN) to neutral: Citigroup
  * Liberty Media (LMCA) to buy: Citigroup
  * Methanex (MEOH) to outperform: Raymond James
  * Mercer (MERC) to buy: TD Securities
  * Microchip Technology (MCHP) to buy: ThinkEquity
  * On Semiconductor (ONNN) to buy: ThinkEquity
  * PNC Financial (PNC) to buy: Deutsche Bank
  * Tornier (TRNX) to outperform: BMO Capital
  * Westport Innovations (WPRT) to sector outperformer: CIBC
  * Zoltek (ZOLT) to buy: Needham


DOWNGRADES:
  * Allegheny Technologies (ATI) to neutral: Cowen
  * Agrium (AGU) to hold: TD Securities
  * BB&T (BBT) to hold: Deutsche Bank
  * Brooks Automation (BRKS) to underweight:  Barclays
  * Baidu (BIDU) to outperform: Raymond James
  * Barclays (BCS) to neutral: UBS
  * Basic Energy (BAS) to accumulate: Tudor Pickering
  * Core Labs (CLB) to accumulate: Tudor Pickering
  * Formfactor (FORM) to underweight: Barclays
  * Fifth Third (FITB) to market perform: Wells Fargo
  * Goldcorp (GG) to hold: Deutsche Bank
  * Healthcare Services Group (HCSG) to hold: Benchmark Co.
  * Idex (IEX) to perform: Oppenheimer
  * KB Home (KBH) to sell: Citigroup
  * MK Instruments (MKSI) to underweight: Barclays
  * Old Dominion Freight (ODFL) to sector perform: RBC Capital
  * Parkway Properties (PKY) to hold: Cantor
  * RenaissanceRe (RNR) to neutral: Goldman Sachs
  * Radisys (RSYS) to neutral: D.A. Davidson
  * ServiceNow (NOW) to sell: UBS
  * Starwood Hotels (HOT) to outperform: Raymond James
  * Thor Industries (THO) to neutral: Robert Baird
  * Telefonica (TEF) to sell: Espirito Santo
  * Wells Fargo (WFC) to hold: Deutsche Bank
  * Winnebago (WGO) to neutral: Robert Baird
  * Whiting Petroleum (WLL) to neutral: SunTrust Robinson
  * WR Berkley (WRB) to sell: Goldman Sachs
  * XL Group (XL) to neutral: Goldman Sachs


INITIATIONS:
  * Aruba Networks (ARUN) outperform: Wells Fargo
  * API Technologies (ATNY) buy: C.K. Cooper
  * American Express (AXP) buy: Drexel Hamilton
  * Bank of America (BAC) buy: Drexel Hamilton
  * BB&T (BBT) buy: Drexel Hamilton
  * Citigroup (C) buy: Drexel Hamilton
  * Capital One Financial (COF) buy: Drexel Hamilton
  * CIT Group (CIT) hold: Drexel Hamilton
  * Cepheid (CPHD) outperform: Cowen
  * Caesars Entertainment (CZR) sell: ISI Group
  * Dresser-Rand (DRC) buy: Natixis
  * Genomic Health (GHDX) neutral: Cowen
  * Hologic (HOLX) outperform: Cowen
  * HSN Inc. (HSNI) hold: Topeka Capital
  * Hillshire Brands (HSH) market perform: Wells Fargo
  * Humana (HUM) outperform: Raymond James
  * JPMorgan (JPM) buy: Drexel Hamilton
  * Kraft Foods (KRFT) equalweight: Morgan Stanley
  * Kraft Foods (KRFT) buy: Jefferies
  * Kraft Foods (KRFT) buy: UBS
  * Kraft Foods (KRFT) buy: Stifel Nicolaus
  * Kraft Foods (KRFT) neutral: Citigroup
  * Kraft Foods (KRFT) outperform: RBC Capital
  * Kraft Foods (KRFT) outperform: Credit Suisse
  * Kraft Foods (KRFT) outperform: BMO Capital
  * Las Vegas Sands (LVS) hold: ISI Group
  * Liberty Interactive (LINTA) buy: Topeka Capital
  * Morgan Stanley (MS) buy: Drexel Hamilton
  * Meridian Bioscience (VIVO) outperform: COwen
  * Mead Johnson (MJN) outperform: Wells Fargo
  * Mondelez Intl (MDLZ) buy: BofA Merrill
  * Mondelez Intl (MDLZ) overweight: Barclays
  * Mondelez Intl (MDLZ) buy: Citigroup
  * Mondelez Intl (MDLZ) buy: Stifel Nicolaus
  * Mondelez Intl (MDLZ) outperform: RBC Capital
  * Mondelez Intl (MDLZ) market perform: BMO Capital
  * MYR Group (MYRG) buy: D.A. Davidson
  * MGM Resorts (MGM) hold: ISI Group
  * New York Community Bancorp (NYB) hold: Drexel Hamilton
  * Orasure (OSUR) neutral: Cowen
  * PerkinElmer (PKI) neutral: Cowen
  * Pinnacle Entertainment (PNK) hold: ISI Group
  * Penn National (PENN) hold: ISI Group
  * PNC Financial (PNC) hold: Drexel Hamilton
  * Palo Alto Networks (PANW) market outperform: JMP Securities
  * Quidel (QDEL) neutral: Cowen
  * Regions Financial (RF) hold: Drexel Hamilton
  * Radware (RDWR) market perform: Wells Fargo
  * Sparks Networks (LOV) buy: Canaccord Genuity
  * Synovus Financial (SNV) buy: Drexel Hamilton
  * SunTrust Banks (STI) buy: Drexel Hamilton
  * Tyler Technologies (TYL) buy: ThinkEquity
  * U.S. Bancorp (USB) buy: Drexel Hamilton
  * Wells Fargo (WFC) buy: Drexel Hamilton
  * Wynn Resorts (WYNN) buy: ISI Group
  * Yandkin Valley (YAVY) to hold: Stifel Nicolaus