Favorite Market Quotes

These are some of my favorite quotes regarding the market and investing...

"In the short run, the market is a voting machine.  In the long run, it is a weighing machine."
~ Benjamin Graham

"Price is what you pay, value is what you get."
~ Benjamin Graham

"A cynic is a man who knows the price of everything and the value of nothing."
~ Oscar Wilde

"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria."
~ Sir John Templeton

"Fish see the bait, but not the hook; men see the profit, but not the peril."
~ Chinese Proverb

"If we knew what it is we were doing it would not be called research, would it?"
~ Albert Einstein

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

13-F Roundup

Via Bloomberg

• 13-F Roundup
    * TUDOR INVESTMENT Boosted HYG, LYB, BAX, ATVI, MCK Stakes in 2Q
      * TUDOR INVESTMENT Cut Stakes in XLF, PFE, ABBV, BIIB, ZTS in 2Q
      * TUDOR Exited Stakes in IYT, EWJ, COV, WAG, KO in 2Q
      * TUDOR INVESTMENT Took Stakes in XLY, XLI, XLE, ENDP, ADP in 2Q
• 
    * TRIAN FUND MANAGEMENT Boosted Stakes in PEP, LAZ, MDLZ in 2Q
      * TRIAN FUND MANAGEMENT LP Cut Stake in STT to Less than 1%
      * TRIAN FUND MANAGEMENT Took Stakes in DD, BID, GNC in 2Q
• 
    * FAIRHOLME CAPITAL Exited MBI, CNQ, OSHWQ, AGO Stakes in 2Q
      * FAIRHOLME CAPITAL Cut CHK, BRK/B, LUK, JOE Stakes in 2Q
      * FAIRHOLME CAPITAL MANAGEMENT Boosted Stakes in AIG, BAC, GNW
      * FAIRHOLME CAPITAL MANAGEMENT Took Stakes in LNC, HIG in 2Q
• 
    * Moore Capital Boosted Stakes in HIG, JPM, CIT, DFS, CBS in 2q
      * Moore Capital Cut Stakes in C, TWX, LVS, FOXA, XLI in 2Q
      * Moore Capital Took Stakes in BRY, LULU, HFC, AMP, WFC in 2Q
      * Moore Capital Exited Stakes in BAC, XRT, MS, IBM, AZO in 2Q
• 
    * PAULSON & CO Exited Stakes in MUR, NRG, XL, ABX, PBH in 2Q
      * PAULSON & CO Took Stakes in FDO, HES, IOC, MTG, VOD in 2Q
      * PAULSON & CO Cut Stakes in DLPH, HIG, MYL, HCA, RHP in 2Q
  
      * PAULSON & CO Boosted Stakes in PXD, AET, BPOP, RDN, CVC in 2Q
  
    * PERSHING SQUARE CAPITAL Exited Stake in MDLZ in 2Q
      * PERSHING SQUARE 13F Shows Reduced Stakes in PG, GGP, MATX
  
  
    * RBS PARTNERS Cut Stakes in SHOS, GPS in 2Q
      * RBS PARTNERS LP Exited Stakes in GNW, SFI, OSHWQ, COF in 2Q
• 
    * GREENLIGHT Exited Stakes in STX, MSFT, CBS, HES, ABX
      * GREENLIGHT CAPITAL INC Took Stakes in VOYA, LBTYA, RAD
      * GREENLIGHT Boosted Stakes in AET, IACI, SPR, BIOF, GDX
      * GREENLIGHT CAPITAL Cut Stakes in CI, CSC, DLPH, DST, AHL
• 
    * Soros Fund Boosted Stakes in GOOG, UAL, DISH, NTAP, UAL in 2Q
      * Soros Fund Management Sold Entire SPDR Gold Trust Stake in 2Q
      * Soros Fund Cut Stakes in PXD, ACTG, DAL, RHT, CTXS in 2Q
      * Soros Fund Took Stakes in HLF, CA, OXY, OUTR, OXY in 2Q
      * Soros Fund Exited Stakes in LCC, GDX, MOS, GLD, HAL in 2Q
• 
    * GATES FOUNDATION Cut BRK/B Stake in 2Q
      * GATES FOUNDATION Exited Stakes in FMX, WSH, SIG, ALV, ORBK
      * GATES FOUNDATION Boosted Stakes in BP, CAT in 2Q
• 
      * LONE PINE Exited Stakes in LULU, AIG, COF, DVA, DIS in 2Q
      * LONE PINE Took Stakes in HTZ, CCI, COH, AXP in 2Q
      * LONE PINE Cut Stakes in GOOG, VRSN, TRIP, FOXA, DLTR in 2Q
      * LONE PINE CAPITAL LLC Boosted Stakes in VRX, EBAY, CTSH in 2Q
• 
    * JANA PARTNERS LLC Took Stakes in HMA, URS, EMN, EQIX in 2Q
      * JANA PARTNERS LLC Cut Stakes in ODP, FNP, VRSN, KMI, LVNTA
      * JANA PARTNERS Boosted Stakes in ASH, GRPN, BA, AET, EXPE in 2Q
        * JANA PARTNERS Exited Stakes in BMC, ROC, BIG, CCE, RHP in 2Q
• 
    * Third Point Boosted Stakes in TMO, TIBX, BID, TPOU@LN in 2Q
      * THIRD POINT LLC Cut Stakes in IP, AIG, TIF, FOXA, APC in  2Q
      * THIRD POINT LLC Took Stakes in CF, ELN, DIS, MPC, WMB in  2Q
      * THIRD POINT LLC Exited Stakes in MUR, DLPH, ABBV, LNG, AGU
      * Third Point Sold Its Entire Stake in SPDR Gold Trust in 2Q
• 
    * RELATIONAL INVESTORS Boosted Stakes in BG, MDLZ, MDY, IWS
      * RELATIONAL INVESTORS Took Stakes in EMN, TEX
      * RELATIONAL Exited Stakes in MDT, ASH, TYC, CVS, JOSB
• 
    * SAC CAPITAL ADVISORS Exited Stakes in PNRA, CLF, DOW, SFD, MDVN
      * SAC CAPITAL Took Stakes in SIG, CLVS, SLCA, PF, LII in  2Q
      * SAC CAPITAL Boosted Stakes in CLR, SLB, GILD in 2Q
      * SAC CAPITAL Cut Stakes in EQT, SIRI, KORS, BA, SBUX in  2Q

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