Events Desk (212) 884-8096

MONDAY 10-28-2013
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Alerts For Today Publish Time 7:15AM

**US FUTURES: (S&P +2.25, DJI +25, NDX +8.2, 10 Year Treasury Yield 2.51%, -1/32). European Equity markets open higher following positive leads from the US and Asia. The storms in the UK resulted in light market participation. Gold and Oil are Lower. The US & is Lower vs. Pound; Higher vs. Yen; Lower vs. Euro. **KEY NEWS: CHINA: industrial profits growth slowed on an annual basis from Aug levels but picked up slightly on YTD terms: 18.4% V 24.2% PRIOR; YTD: 13.5% V 12.8% PRIOR. SOUTH KOREA: Consumer Confidence at 17-month high in Oct (106 vs. 102 prior). **M & A NEWS: AMCX to acquire Chellomedia from Liberty Global for $1.0B; NTT Acquires cloud network firm Virtela for $525M in cash; Also buys 80% stake in Raging Wire Data Centers for $350MVirtela **IN THE RAGS/ONLINE: Barrons: Cover story reports on Americas snail economy, noting this new slow-growth era is likley to have broad repercussions for government, business, and investors; Tech Trader says AAPL should ignore Carl Icahns call for a massive share repurchase; Features are positive on KSS, WAG, FRM; With Chinas shift to a consumer economy well under way, investors need to be more discerning about their picks; NYT: FDAs turnaround on prescription law for pain killers involved a rare victory by lawmakers from states hard hit by prescription drug abuse over well-financed lobbyists for business and patient groups; WSJ: Accounts from more than a dozen current and former officials show how a disjointed bureaucracy lead to the disastrous rollout of the Affordable Care Act program and website; Fed is unlikely to change bondbuying program at its policy meeting this week, but may focus on establishing a rule to ascertain when and how to trim the purchases; Bloomberg: Euro-area jobless numbers this week may lay bare a fault line scarring the regions recovery as evidence of Germanys employment muscle contrasts with the scourge of political quagmire destroying work in Italy. **EARNINGS OUT THIS AM (VS CONSENSUS): BWP (-.04), CNA (+.25), EDR (+.01), HAE (+.09), L (+0.6, adj), SBCF (+.45), TGE (-.20), **KEY ECONOMICS: 8:30AM: The Chicago Fed Midwest Manufacturing Index (September); 9:15AM: Industrial Output/Capacity Utilization (September); 10:00AM: Pending Home Sales (September); 10:30AM: Dallas Fed Manufacturing Activity Index (October); 11:30AM: Treasury hosts a $64B 3 & 6 month bill Auction; 1:00PM: Treasury hosts a $32B 2 Year Note Auction. **MONETARY POLICY: 11:30AM: Israel Central Bank Interest Rate Decision. **KEY EVENTS TO WATCH: 11:30AM: Federal Reserve Board of Governors holds Bi-Monthly Meeting. Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. 11:30AM: FCC Open Commission Meeting seeking to approve an order to help enforce violations of its call completion rules. MiMedx Group meets with the FDA to discuss the recent Untitled Letter MiMedx received from the FDA. (rescheduled from 10/16); Monitors from the International Atomic Energy Agency hold talks with Iranian officials on the United Nations request for wider access to Irans nuclear facilities in Vienna. Afternoon: Treasury Secretary Jacob Lew will be in NY to meet with business leaders to discuss the state of the economy. **KEY INDUSTRY RELEASES: 5:00PM: E.I.A. releases Gasoline and Diesel Fuel Update. **CONFERENCES: Samsung Inaugural Developers Conference, San Francisco; Mortgage Bankers Association Annual Convention, Washington, DC **LITIGATION OF NOTE: CMCSA v. Astros: hearing where the cable company argues that CSN Houston (jointly owned tv network) should be allowed to file for bankruptcy protection while the Astros under owner Jim Crane oppose any such move in the US Bankruptcy Court of Houston **ANALYST MEETINGS: Cyrela Brasil Realty SA Empreendimentos E Participacoes (CYRE3.BR) (Brazil), Kemira Oyj (KRA1V.FI) (Helsinki), New Zealand Oil & Gas (Auckland), Renault SA (RNO.FR) (Moscow) **COMPANY UPDATES: P (change in fiscal year End), SCHW (interim business update), SNTA (GALAXY-1 Results from the 15th World Conference on Lung Cancer), ZGNX (FDA approval of ZohydroTM ER for the management of pain). **KEY ANALYST ACTIONS: UPGRADES: AZN (Tier1). DOWNGRADES: EXC (GS), GBCI (RBC), LEA (DB), PEG (GS), PHG (Kepler).

Events Desk (212) 884-8096

facilities in Vienna.

MONDAY 10-28-2013
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Securities, JPM, Royal Bank of Scotland Group, Schroders. 10/28-10/30: African Development Bank African Economic Conference 2013, Johannesburg, South Africa. Meeting of African leeaders and scholars to discuss regional integration as key to Africas continuing growth and development, focusing on how the continent can work together to promote sustainable growth and regional stability. 10/28-10/30: Reuters Middle East Investment Summit, Abu Dhabi. Speakers: Arabtec CEO Ziad Makhzoumi, Abraaj Capital, Mashreq Capital, Algebra Capital, Nasdaq Dubai, Gulf Bank, Egypt PM Ahmed Nazif, Citadel Capital, Shuaa Capital, SODIC, HSBC, Lebanon Finance Minister Raya Hassan, Sorouh Real Estate, Jadwa Investments, Global Investment House, Securities Group, Mobily, Invest AD, CI Capital Holdings, Saudi Arabia Electricity Organisation. FEDERAL REGULATORY MEETINGS MDXG meets with the FDA to discuss the recent Untitled Letter MiMedx received from the FDA. (rescheduled from 10/16) mimedx 11:30AM: FCC Open Commission Meeting. 1) Rural Call Completion: to address problems associated with completion of long distance calls to rural areas. 2) Promoting Interoperability in the 700 MHz Commercial Spectrum: to consider a Report and Order that implements an industry solution to provide interoperable service in the lower 700 MHz band. 3) Implementing Public Safety Broadband Provisions of the Middle Class Tax Relief and Job Creation Act of 2012: to consider a Second Report and Order adopting technical rules for the 700 MHz broadband spectrum licensed to the First Responder Network Authority. OBAMA ADMINISTRATION President Obama attends the installation of FBI Director James Comey. Afternoon: Treasury Secretary Jacob Lew will be in NY to meet with business leaders to discuss the state of the economy. 8:30AM: HUD Secretary Shaun Donovan delivers remarks during a session on "Reflections on a Century of Change," at the Mortgage Bankers Association's 100th annual Convention and Expo in Washington, DC. 11:45AM: Defense Secretary Chuck Hagel hosts an honor cordon to welcome New Zealand's Minister of Defense Jonathan Coleman to the Pentagon to talk about increasing bilateral security cooperation. 11:45AM: Defense Secretary Chuck Hagel hosts an honor cordon to welcome New Zealand's Minister of Defense Jonathan Coleman to the Pentagon. 12:15PM: Commerce Secretary Penny Pritzker participates in a discussion on "The North American Free Trade Agreement - Twenty Years and Beyond," during a luncheon at the North American Competitiveness and Innovation Conference in La Jolla, CA. 6:30PM: Secretary of State John Kerry delivers remarks at the Ploughshares Fund Gala on "the importance of decreasing the global threat of nuclear weapons." Washington, D.C. WASHINGTON EVENTS Irelands FInance Minister Noonan in is Washington for talks with the IMF on Irelands exit from its bailout. The talks will focus on what options may be available to Ireland as it exits the bailout, including potential backstops. 10:00AM: The Brookings Institution holds a discussion on "DOJ's (Justice Department) Role in Combating the Cyber Threat." 5:30PM: The Brookings Institution holds a discussion on "Is Globalization in Need of Global Governance?" with former WTO Director-General Pascal Lamy and former World Bank President Robert Zoellick. IN NY Sweden's Central Bank Governor Stefan Ingves presents the latest interest rate decision in New York. UN The Organisation for the Prohibition of Chemical Weapons is due to submit its report on Syria to the UN Security Council. The OPCW report will look at implementation of the UN resolution which allows monitors into Syria to monitor and place beyond use the countrys arsenal of chemical weapons. LITIGATION CMCSA v. Astros: hearing where the cable company argues that CSN Houston (jointly owned tv network) should be allowed to file for bankruptcy protection while the Astros under owner Jim Crane oppose any such move in the US Bankruptcy Court of Houston. Philadelphia Inquirer: hearing to determine where the bankruptcy proceeedings will take place in the US Bankruptcy Court of Philadephia. COMPANY EVENTS IN EUROPE Kemira Oyj (KRA1V.FI) hosts Investor Group Lunch, Helsinki Renault SA (RNO.FR) hosts Investor Day, Moscow. IN THE PACIFIC RIM New Zealand Oil & Gas (NZO.AU) hosts investor

Broker Meetings
NEW YORK EVENTS 1on1s: BRCM, BAC-ML. Gazprom OAO, Goldman Sachs. HBAN, Guggenheim. OKey Group, Goldman Sachs. Open Minds, BAC-ML. Analyst Lunches: Jason DeRise (US food retailers & wholesalers) UBS. BOSTON EVENTS 1 on 1s: Oil Search, UBS. OTHER US EVENTS 1 on 1s: ABMD, Jefferies, San Francisco. ARMH, Piper Jaffray, Menlo Park,San Mateo. ITMN, Leerink Swann, Chicago. St. James Place plc, BAC-ML, MidAtlantic. STT, Jefferies, Denver. Analyst Lunches: Roxanne Meyer (specialty retail) UBS, Minneapolis. Guillaume van Renterghem (European biotech) UBS, Chicago. INTERNATIONAL EVENTS 1 on 1s: Asukanet Co Ltd., UBS, Tokyo. Christian Hansen Holding, Credit Suisse, London. CVE, RBC Capital, Toronto. FDX, BAC-ML, Seoul. Kuehne + Nagel International AG, Berenberg, Vienna. Matsui Securities, UBS, Tokyo. Natura, BAC-ML, Singapore. Orion, BAC-ML, Toronto. Star Mica Co Ltd., Jefferies, Hong Kong. Analyst Lunches: Stephane Deo (European economics) UBS, Geneva. Patrick Hummel (European utilities) UBS, Frankfurt. Martin Lueck (European economics) UBS, Hamburg. Anuj Mehrotra (real estate, construction & industrials) UBS, Paris. Khairul Rifaie (Malaysia Banks/Construction) UBS, Paris. Worawat Saisuphatphol (Thai Banks) UBS, Frankfurt. Derek de Vries (US large-cap banks) UBS, Frankfurt.

10/28-10/30: Pakistani prime minister, Nawaz Sharif visits the UK. He meets with prime minister, David Cameron, as well as attending the ninth World Islamic Economic Forum. Bundesbank Vice President Sabine Lautenschlaeger takes part in a panel discussion about evolution of banking supervision in Frankfurt. Bank of Spain Governor Luis Maria Linde delivers a speech in Jerez de la Frontera ECONOMIC RELEASES: 03:00EDT/08:00GMT Finland Oct Consumer Confidence Index; Business Confidence; 04:00EDT/09:00GMT Spain Aug Total Mortgage Lending; House Mortgage Approvals; 04:30EDT/09:30GMT Sweden Sept Trade Balance/Retail Sales; 05:00EDT/10:00GMT Italy Oct Business Confidence/Oct Business Confidence; 05:00EDT/10:00GMT Norway Q3 Industrial Confidence; 07:00EDT/12:00GMT UK Oct CBI Reported Sales; TBD Germany Sept Retail Sales (Expected release 10/27-10/31); TBD UK Oct Nationwide House Px (Expected release 10/28-11/1) FIXED INCOME: 6:00EDT/11:00GMT EU Daily Euribor Fixing; 06:00EDT/11:00GMT Italy Debt Agency (Tesoro) to sell I/L Bonds; 06:30EDT/11:30GMT Germany to sell 3.0B in 12-month Bubills; 07:00EDT/12:00GMT Belgium Debt Agency to sell up to 2.5B in Bonds; 08:50EDT/13:50GMT France Debt Agency (AFT) to sell combined 7.3B in 3-month, 6month, and 12-month bills; To sell up to 3.9B of 3month bills; To sell up to 1.8B of 6-month bills; To sell up to 1.6B of 12-month bills; 09:30EDT/14:30GMT ECB calls for bids in 7-Day Main Refinancing Tender at fixed 0.50%; 09:30EDT/14:30GMT ECB announces prior settlements in SMP program to offset bond purchases. IN THE MIDDLE EAST MONETARY POLICY MEETING: Bank of Israel. IN CENTRAL AND SOUTH AMERICA Mexicos Senate may raise a tax on junk food that lower house lawmakers introduced after watering down President Enrique Pena Nietos controversial fiscal reform bill. Senators must approve the tax bill before a budget deadline on Thursday. Brazil: FGV Construction Costs (October), Serasa Business Credit Delinquencies; Outstanding Loans (September); Total Outstanding Loans (September); Personal Loan Default Rate (September); Private Banks Lending (September); Argentina: Industrial Production (September). IN THE PACFIIC RIM Bank of Korea Governor Kim speaks at Watchers Group Meeting. INDICES RELEASES EXPECTED WEEKLY AGRICULTURE: 4:00PM: USDA releases crop progress report. ENERGY: 5:00PM: E.I.A. releases Gasoline and Diesel Fuel Update. HEALTHCARE: IMS Health publishes prescription #'s, RETAIL: NPD Foodworld publishes restaurant sales #'s. MONTHLY AIRLINES: Dubai Airports releases traffic results for September. AUTOMOTIVE: TM releases Global auto production #'s; RV Industry Association releases wholesale shipments for September; HMC Japan releases Global auto production #'s. ENERGY: A.P.I. publishes natural gas liquids and liquified refining gases inventory #'s; Pemex publishes production #'s. FINANCIAL SERVICES: EV reports assets under management; CLMS Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) announce monthly distribution for November; FMD releases trust #'s.| FOOD/ BEVERAGE: National Alcohol Beverage Control Association publishes spirits sales #'s in controlled states recap report. INTERNET: ComScore releases US domain traffic #'s and mobile internet usage for September. METALS/ MINING: Int'l Aluminium Institute publishes aluminum inventories. TECHNOLOGY: Bishop & Associates publishes the Bishop Report, with connector book-to-bill; I.P.C. publishes IMS/PCB (Interconnect manufacturing services/Printed circuit board) Book-to-Bill for August. TELECOM: Indian Telecom Service Providers publishes wireless subscribers #'s. TRANSPORTATION: American Trucking Association publishes truck tonnage index for September. QUARTERLY RETAIL SALES: DENN (with earnings). MACRO CONFERENCES (EDT) 10/26-10/28: 10th China International Finance Forum, Shanghai. 1:30AM: Session 8 Financial Information Security in the Internet Financing Times. 1) Internet Financial Development in the Era of Big Data. Speakers: Bank of Communications, Bank of China, Bank of East Asia. 2) Development Opportunities of Private Equity in the Era of Big Public Funds. Speakers: Alibaba Financial Business Group, Tenpay Co., 99Bill.com, Chinabank Payments. 3:30AM: Closing Ceremony. 1) Construction of Free Trade Zones and Development of Offshore Financial Markets in Shanghai. Speakers: Bank of Communications, DBS Bank, SC Bank. 2) Global Financial Trends and Prospects on Chinas economy and the Global Capital Market. Speakers: Bank of China, BNP Paribas Securities, Mizuho Securities, China Galaxy

Todays Focus
US ECONOMICS 8:30AM : The Chicago Fed Midwest Manufacturing Index (September). Last Reading: 96.7. 9:15AM: Industrial Output (September). Consensus Estimate. +0.4% vs. +0.4%; Capacity Utilization. Consensus Estimate. 78.0% vs. 77.8%. Manufacturing Output. Consensus Estimate: +0.4% vs. +0.7%. 10:00AM: Pending Home Sales (September). Consensus Estimate: -0.1% vs. -1.6%. 10:30AM: Dallas Fed Manufacturing Activity Index (October). Last Reading: 12.8. FED EVENThh 11:30AM: Federal Reserve Board of Governors holds Bi-Monthly Meeting. Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. AUCTIONS/FED ACTIONS 11:00AM: NY Fed will Purchase Treasury Coupons in the 10/31/2017 - 06/30/2018 Maturity Range.? 11:30AM: Treasury hosts a $64B 3 & 6 month bill Auction. 11:30AM: Treasury Announces a 4-Week Bill Auction; 1:00PM: Treasury hosts a $32B 2 Year Note Auction. IN EUROPE External Parliamentary Activities Week: European Parliament - Political Meetings. USA: a nine-strong delegation of Civil Liberties Committee MEPs go to Washington to gather information for its inquiry into electronic mass surveillance of EU citizens by the US National Security Agency. The impact of PRISM and similar programmes on EU citizens' privacy, EU data protection reform and the deals with the US on the transfer of bank data and air passengers' data are among the topics to be discussed with the US authorities. (Monday - Wednesday) United Kingdom: a seven-strong delegation of Economic and Monetary Affairs Committee MEPsmeet policymakers in London, including finance minister George Osborne, and players in financial services. Discussion will focus on banking and insurance regulation, tax evasion and tax fraud. (Monday - Tuesday) China: consumer protection, technical standards and Intellectual Property Rights will be the key issues raised by MEPs from the Internal Market and Legal Affairs committees during a visit in China to meet with Chinese Parliament representatives, authorities and civil society. (Monday - Thursday) 10/27-10/28: Eurogroup President Jeroen Dijsselbloem visits Spain. Iran: Monitors from the International Atomic Energy Agency hold talks with Iranian officials on the United Nations request for wider access to Irans nuclear

Events Desk (212) 884-8096

briefing, Auckland, New Zealand IN SOUTH AMERICA Cyrela Brasil Realty SA Empreendimentos E Participacoes (CYRE3.BR), hosts Analyst Meeting, Brazil. IN THE US 8:00AM: SNTA hosts call to Discuss GALAXY-1 Results from the 15th World Conference on Lung Cancer. US#: 877-407-8035; Int'l: 201-689-8035. 8:30AM: CNX hosts call to make significant announcement. #(US) 800-230-1096 or (Intl.) 612332-0725. @http://photos.prnewswire.com/prnh/20120416/NE87 957LOGO 8:30AM: ZGNX hosts call to discuss FDA approval of ZohydroTM ER for the management of pain. #866202-0886, id=35082590 11:00AM: SCHW hosts interim business update webcast. @www.schwabevents.com/Corporation. 4:00PM: WSUG: 3 Commissioners present to the The Wall Street Utility Group, Roosevelt Hotel, NYC. Commisioners: Kara Brighton, Wyoming Public Service Commission; Sherina Maye, Illinois Commerce Commission; Carolene Mays, Indiana Utility Regulatory Commission 4:30PM: P hosts call to discuss change in fiscal year End. #877-355-0067, id=90306655. OTHER CBOE Holdings, extends trading in futures on the Vix, by 45 minutes beginning today, and by another five hours from November 4th. M&A: Shoppers Drug Mart / Loblaw Competition Canada due; ASCA / PNK FTC hearing ANNUAL MEETINGS: BTX, NCTY, QNST, YOKU IPO Lock-Up Expiration: EARN, GWPH. Quiet Period Expiration: BNFT, VLRS, FPRX, ROIQU. S&P Index Changes: RIG will replace DELL in the S&P 500 Index BROKER SPONSORED CALLS 8:00AM: US Small Cap Weekly Trading Update: JPM hosts call with traders.#800-619-8644, pw=small cap. 8:00AM: Weekly Macro Call: Credit Suisse hosts call with analysts. #877-317-6434, id=56692011 8:15AM: Energy Weekly Update: Jefferies hosts call with analysts. #800-700-8174, pw=jimritterbuschmondaymorningenergycall. 9:00AM: When Will the Fed Taper and What Will Happen to Credit Spreads? Deutsche Bank hosts call with Chief Economist Peter Hooper. 9:00AM: Weekly Energy Update: Deutsche Bank hosts call with Chief Energy Economist, Adam Sieminski, #866-244-4519. 10:00AM: Health Policy, Managed Care and Healthcare Services: Citigroup hosts weekly call with analysts and traders to discuss the weeks events and key events for this coming week. #877-314-6294, pw=Citi Healthcare. 10:00AM: Weekly European Economic Update: JPM hosts call with European economists and strategists. #866-779-1130. 11:00AM: Industrials Weekly Call: Barclays hosts call with analyst. #866-482-7496, id=19326949. 11:00AM: Securitized Product Weekly Group Update call: Citigroup hosts call with traders and analysts. #719-457-2694, id=8994793. 11:00AM: Weekly Equity Strategy Outlook: BACML hosts call with Chief US Economist Ethan Harris & Chief US Equity Strategist David Bianco. #800-2369788, id=3588563. 10/27-11/1: Cardiovascular Research Foundation Annual Conference, San Francisco. 10/27-10/30: International Association for the Study of Lung Cancer (IASLC) 15th World Conference on Lung Cancer, Sydney. 7:00AM: CELG: Tackling the Challenges of Squamous Cell NSCLC Patients. Boehringer Ingelheim: Lets Discuss: Optimising Treatment of Advanced NSCLC. MYGN: Validation of a 46-Gene Expression Signature in Early-Stage Non-Small-Cell Lung Cancer. Peregrine Pharma: Immune Checkpoints in the Tumor Environment: Novel Targets and the Clinical Promise of Combined Immunotherapies. 12:15PM: LLY: The Continuous Evolution of Treatment in Advanced NSCLC. 6:00PM: Roche: Hitting the High Notes in NSCLC Therapy. TECHNOLOGY / TELECOM / MEDIA 10/28-10/30: OReilly Strata Conference & Hadoop World, Hilton Midtown, NYC. Meeting of big data developers to discuss the outlook for networked services and systems. Speakers: Cloudera, Sapient Global Markets, FusionIO, DIS. 10/27-10/28: PEGA Developers Conference, Hyderabad, India. 10/28-10/30: WBR Research Mobile Shopping - The mCommerce Summit, Phoenix. Speakers: Amtrak, Foresee, L, ESPN, WAG, ODP, Twitter, MAR, DIS, BNI. USER GROUP MEETINGS (EDT) 10/28-10/29: Samsung Inaugural Developers Conference, San Francisco. 2:00PM: Keynote: Whats Next. Speakers: Samsung MSCA SVP Curtis Sasaki, Samsung EVP of Open Innovation Center David Eun, B2B R&D Group SVP InJong Rhee. FINANCIAL 10/27-10/29: American Council of Life Insurers Annual Conference, New Orleans. 8:30AM: 1) Presidents Perspective. Speaker: American Council of Life Insurers CEO Dirk Kempthorne. 2) Chairmans Perspective. Speaker: Pacific Life Insurance Co. CEO James T. Morris. 3) Keynote Address: Americas New Direction. Speaker: Author & Historian Nick Howe. 12:15PM: Luncheon: Alls Fair: Love, war, and politics. Speakers: James Carville & Mary Matalin. 10/28-10/30: Association for Financial Professionals Annual Conference, Las Vegas. Meeting of finance professionals to discuss the increasing regulatory burden on the industry. ENERGY / CLIMATE 10/28-10/30: SPE Intelligent Energy International Conference, Dubai. Speakers: Saudi Aramco, HAL, Total, SLB, XOM, CSCO, Maersk Oil, RDS-B, MSFT. METALS / MINING / MINERALS 10/28-10/29: Terrapinn MENA Mining Show, Dubai. Speakers: Africa Middle East Resources, Shalateen Mining Co., Managem, Alara Resources, Natl Mining Corp. REAL ESTATE 10/28-10/30: Mortgage Bankers Association Annual Convention, Washington, DC. 8:30AM: Reflections on a Century of Change. Speakers: DC Mayor Vincent Gray, HUD Secretary Shaun Donovan. 10:45AM: CFPB and FHFA Update. Speakers: CPFB Director Richard Cordray, FHFA Acting Director Edward DeMarco. 11:30AM: Restructuring the Government's Role in Housing Finance. Speakers: WFC Home Mortgage President Michael Heid, EverBank, McCue Mortgage Co. 1:15PM: GSE, Federal Home Loan Bank and Ginnie Mae Update. Spekaers: Federal Home Loan Bank of Chicago CEO Matthew Feldman, Freddie Mac CEO Donald Layton, Fannie Mae CEO Timothy Mayopoulos, Ginnie Mae President Theodore Tozer. 3:15PM: 1) Rebuilding Global Acceptance of U.S. Mortgage Assets. Speakers: LoanLogic, TRI. 2) Brace for Impact: Optimize Your Move to the Purchase Market. Speakers: WFC Home Loans, Zelman & Associates, BAC Home Loans. 3) Defining the Next 100: Regulatory Roundup & Future Outlook Discussion. Speakers: Pulver Mortgage, KY Dept. of Financial Institutions, Natl Community Reinvestment Coalition.

MONDAY 10-28-2013
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ECONOMICS MONETARY POLICY MEETING: Hungary Central Bank US: 7:45AM: ICSC/Goldman Sachs Retail Sales Report (w/e 10/26); 8:30AM: PPI (September); 8:30AM: Advance Retail Trade Survey (September); 8:55AM: Johnson Redbook Retail Sales Report (w/e 10/26); 9:00AM: S&P/Case-Shiller National HomePrice Index Seasonally Adjusted (August); 10:00AM: Manufacturing and Trade Inventories and Sales (August);10:00AM: The Conference Board Consumer Confidence Index (October); 10:00AM: Housing Vacancies (Q3); 10:00AM: Business Inventories (August); 10:30AM: Dallas Fed Service Activity Index (October). AUCTIONS/FED ACTIONS: 11:00AM: NY Fed will Purchase Treasury Coupons in the 02/15/2036 08/15/2043 Maturity Range; 11:30AM: Treasury hosts a 4-Week Bill Auction; 1:00PM: Treasury hosts a $35B 5 Year Note Auction. EUROPE: 03:00EDT/08:00GMT Germany Nov GfK Consumer Confidence; 03:45EDT/08:45GMT France Oct Consumer Confidence; 04:00EDT/09:00GMT Hungary Sept Unemployment Rate; 04:00EDT/09:00GMT Spain Sept Retail Sales; 05:30EDT/10:30GMT UK Sept Net Consumer Credit; Net Lending Sec on Dwellings; Mortgage Approvals; 05:30EDT/10:30GMT UK Sept Money Supply M4; M4 Ex-IOFCs 3M Annualized; TBD Spain Sept Spain Budget Balance YTD. FIXED INCOME: 05:30EDT/10:30GMT Switzerland to sell 91-Day Bills; 06:00EDT/11:00GMT EU Daily Euribor Fixing; 06:00EDT/11:00GMT Norway to sell Bonds; 06:00EDT/11:00GMT Italy Debt Agency to sell Bills; 06:15EDT/11:15GMT ECB allotment in 7-day main Refi Tender at fixed 0.50%; 06:30EDT/11:30GMT Hungary Debt Agency (AKK) to sell 3-Month Bills; 08:00EDT/13:00GMT ECB allotment in 7-day Term Deposit tender; TBD Finland to sell up to 1.5B in Sept 2018 and July 2042 bonds PACIFIC RIM: 01:00 Japan Oct Small Business Confidence; 04:20 Taiwan Sept Bounced Check Ratio; 17:00 South Korea Nov Business Survey Manufacturing; Business Survey Non-Manufacturing; 19:00 South Korea Sept Industrial Production; 19:00 South Korea Sept Cyclical Leading Index Change; 19:50 Japan Sept Preliminary Industrial Production; 22:00 New Zealand RBNZ Publishes Monthly Assessment of Currency Flows. CENTRAL AND SOUTH AMERICA: Brazil: Central Govt Budget Balance (September). CANADA: Industrial Product Price (September); Raw Materials Price Index (September) IN CONGRESS BROADBAND: 2:30PM: Senate Commerce Subcommittee on Communications hearing on broadband adoption. CPFB: 3:00PM: House Financial Services Subcommittee on Financial Institutions hearing on Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau. ENERGY: 10:00AM: House Energy & Commerce Subcommittee on Energy & Power hearing on the North American Energy Infrastructure Act. 2:00PM: House Natural Resources Subcommittee on Water & Power oversight hearing on A Roadmap for Increasing our Water and Hydropower Supplies: The Need for New or Expanded Multi-Purpose Surface Storage Facilities. OBAMACARE: 10:00AM: House Ways & Means Committee hearing on the Status of the Affordable Care Act Implementation. PENSIONS: 10:00AM: House Education & Workforce Subcommittee on Health hearing on Strengthening the Multiemployer Pension System: How Will Proposed Reforms Affect Employers, Workers, and Retirees? HOUSING: 10:00AM: Housing Financial Services Committee hearing on the Federal Housing Administration: Implications of a $1.7 billion Taxpayer Bailout. EPA: 10:00AM: House Science & Space Subcommittee on Environment hearing on EPA Power Plant Regulations - Is the Technology Ready? 2:00PM: House Energy & Commerce Subcommittee on Oversight hearing on the EPAs Regulatory Threat to Affordable, Reliable Energy - The Perspective of Coal Communities. CONFERENCES: Economist The Buttonwood Gathering 2013, NYC.

Conferences
BROKER FIELD TRIPS (EDT) 10/28-10/30: Berenberg Industrials Trip, Germany. Meetings with: Continental AG, LPKF Laser & Electronics, Tom Tailor Holding AG, Jungheinrich AG, CTS Eventim AG, Pfeiffer Vacuum AG. 10/28-11/1: Jefferies Coal, Power & Materials Tour, Beijing/Shanxi/Anhui/Shanghai. INDUSTRY CONFERENCES (LOCAL) MEDICAL / PHARMA / HEALTHCARE 10/25-10/30: American College of Rheumatology Annual Meeting, San Diego. Meeting of rheumatology experts present new research in the field. Exhibitors: ABBV, AMGN, Actelion, Antares Pharma, BMY, CELG, Chugai Pharma, Crescendo Biosciences, EMD Serono, Fidia Pharma, FRX, Ferring Pharma, GE Healthcare, Genentech, Genzyme, GSK, HALO, Horizon Pharma, HOLX, HOSP, Inova Diagnostics, LPDX, LLY, medac pharma, NVS, PFE, QGEN, QCOR, QDEL, RGEN, SNY, Springer, Takeda, UCB, WCRX, ZMH. 10/26-10/31: American College of Chest Physicians CHEST 2013 Meeting, Chicago. Exhibitors include: Bayer, BSX, CFN, Cook Medical, CSL Behring, FRX, GE Healthcare, GILD, GSK, HOSP, ITMN, KND, Lumenis, Morgan Scientific, Nova Medical, Olympus America, MYL, PFE, Philips Healthcare, RMD, Siemens Healthcare, Sunovion, TEVA, TMO, UTHR, TMO, UTX, VIDA Diagnostics.

Weekend Rags
BARRONS: Cover story: In Americas snail economy, government wrangling over deficits is pointless unless Washington confronts a bigger threat: the coming decline in economic growthThe new slow-growth era could have broad repercussions that will affect not only the pugilists in Washington but businesses and investors. Weaker growth will make it harder for companies to improve earnings, fatten dividends, or garner better stock returns. It also threatens to fan social inequality and class tensions and limit the ability of government to fund various entitlement programs, p. 28; Tech Trader: Tiernan Ray says AAPL should not heed Carl Icahns call for a massive share repurchase, noting the move isnt likely to benefit the company and that good corporate governance doesnt require managing the stock price to constantly drive it higher, p. 34; Trader: +/- MCD: Food chain appears to have lost its way, with more complex menus and no new hits, P/E ratio is likely to keep dropping until a turnaround effort succeeds; Companies in the top ten percent of those with both highest dividend yields and highest dividend covers include CVX, ESV, and AGU; - STP: Chinese solar panel maker is in deep trouble, and rising share price suggests many investors are ignoring the companys rapid and fundamental deteriora-

Tuesdays Key Events

9:30AM: FOMC BEGINS A TWO-DAY MONETARY POLICY MEETING. ANALYST MEETINGS: AVNR, HA, Lenovo (992.hk) (with Ashton Kutcher makes a product announcement, to be streamed live on GOOGs YouTube, to promote its smartphones), SSH. ANNUAL MEETINGS: AIT, Ainsworth Lumber (ANS.CA)/LPX special meeting Re Merger), CREE, NAUH IPO Lock-Up Expiration: VOYA, INSY. Quiet Period Expiration: XLRN. NASDAQ Index Changes: VIP will replace DELL and become a component of the NASDAQ-100 Index and the NASDAQ-100 Equal Weighted Index KEY INDUSTRY RELEASES: IMS Health releases pharmaceutical dollar sales#'s for September; 4:30PM: A.P.I. publishes weekly petroleum inventories.

Events Desk (212) 884-8096

tion, p. M3; Follow-Up: + BLK: Though shares are up and another big gain isnt likely in the next 12 months, they still have room to climb, and could see another 15% boost based on firms diverse lineup of active and passive funds, strong cash flow, and good management; +/- GIS: Though company faces growing competition in its yogurt and cereal divisions, commodity costs have eased, overseas sales are strong, and new products are being released, p. 16; Summary of Barrons Art of Successful Investing conference, where panelists top picks include ORCL, SNDK, SWKS, ATLS, SD, NOV, AET, AAPL, JDSU, Orkla, PARR, BERY, Daiwa Securities, CS, gold, SATS, SIA Engineering, ST Engineering), p. 45; Features: 1) + KSS: Stock has remained in a holding pattern for some time, but could rally to the mid-$60s as management works to spur store traffic, boost profits, and reward shareholders with extra cash, p. 19; 2) +WAG: Company is transforming itself into a global chain with Alliance Boots partnership, which should help it lift sales, enhance drug purchasing clout, slash costs, and boost earnings and margins, p. 22; Small Caps: + FRM: Company has undergone a major transformation under CEO Charles Cox, centralizing its previously disparate global operations, and should benefit as refineries catch up on deferred maintenance, p. 21; Hedge Funds: Interview with Gregg Winter, CoFounder, W Financial Fund, which makes bridge loans to well-established real estate owners, operators, and developers primarily in solid New York City neighborhoods, p. 37; European Trader: Spains economy is showing signs of emerging from its prolonged slump, and though investors should exercise caution, now could be a good time for investors to pick up bargains (Positive on Amadeus IT Holdings, Ebro Foods, Repsol), p. M7 Asian Trader: Gaming sector in Macau continues to be strong, with shares up an average of 22% in past month and 45% over past three months (+ Melco Crown, Galaxy Entertainment, MCM China, Sands China, SJM Holdings, Wynn Macau), p. M8; Emerging Markets: China has been undergoing a transition to a consumer economy for some time, but with rally mostly over, investors need to be more discerning about picks; strong sectors include cosmetics and overseas travel (+ Sa Sa International Holdings), p. M8; Commodities: Zinc futures are likely to see a boost because of booming construction in China combined with mine closures, which could propel prices about 20% higher over the next couple of years, p. M13; Streetwise: +/- GIB: Though shares are down for lead contractor of governments new healthcare website, it isnt a buying opportunity, as they are near their all-time high and Canadian tech company is likely to face more blowback from turmoil surrounding Obamacare, p. 11. WEEKEND WSJ: Obama administration is pressing Congress to hold back on new sanctions against Iran, pitting its hopes for a re-energized diplomatic engagement against the growing concern of some lawmakers and foreign allies, p. A1; In an interview with the Journal, Japanese prime minister Shinzo Abe says he envisions a resurgent Japan taking a more assertive leadership role in Asia to counter Chinas power, p. A1; Oil drilling boom in the U.S. is creating resentment in some communities as some property owners gain a windfall while others face the nuisance caused by drilling, p. A1; Member of the Caribbean Community are preparing a lawsuit for the International Court of Justice over slavery reparations from the U.K., France, and the Netherlands, with biggest difficulty to be setting a price tag p. A2; Virginias gubernatorial race is becoming a testing ground for the Democratic datacrunchers who helped President Obama win a second term, p. A4; + UNH: Health giants Quality Software Services unit has been named by Obama administration to oversee repairs to healthcare website and give a specific estimate of when it can be fixed, p. A4; Move by Greenland to end prohibition on mining of radioactive substances and allow London Mining to dig for iron ore will change the Arctic environmentally, economically, and politically for years to come, p. A7; Weekend Interview: Former Peking University professor Xia Yeliang explains his firing and discusses the underside of Chinas elite higher education system, p. A11; Sources say Brazilian commodities tycoon Eike Batistas company, OGX, is preparing to file for bankruptcy protection in Brazil in the coming days, p. B1; Though federal regulators have warned banks not to pad their profits with money set aside to cover bad loans, many of the nations biggest banks did more of it in Q3 than earlier in the year, p. B1; +/- Twitter: Companys executives arrived in New York Friday to meet with investment banks and their sales forces in advance of IPO launch next week, p. B3; Since 2008, Chinese oil companies have been on a global shopping spree, spending $44.2B to acquire U.S. and Canadian energy firms as well as oil and gas fields, according to Dealogic, p. B3; Weekend Investor: Federal estate tax issues are settled for now, but investors still need to deal with state inheritance and estate taxes; Many investors may have a stake in Puerto Rican bonds, popular for their high yields and special tax benefits, without even knowing it; A look at programs offered by some companies that use clients stated life goals to help them create successful investing strategies, p. B6; Chinese investors are moving out of their countrys expensive property market and into U.S. cities such as Manhattan and San Francisco, which offer relative bargains, p. B6; H.O.T.S.: Carl Icahns proposal for AAPL to borrow $150B to fund a share buyback may assume too much on the bond markets appetite; Despite being the only buyer in town, Liberty Global still cant call the shots at Dutch cable operator Ziggo; Samsungs record profits have left investors unimpressed, and it now faces pressure to hand them some cash, p. B8. NY TIMES (Saturday): Saudi Arabia has abandoned its traditional policy of discretion over Obama administrations approach to Middle East, but countrys officials share U.S. view of dilemma in Syrian crisis, p. A1; Push by business executives, conservatives, and evangelical leaders for immigration reform could create another schism in Republican party before midterm elections, p. A1; Obama administration says it will have the troubled healthcare website fixed by November 30, two weeks ahead of deadline for people to sign up for program, p. A1; Face transplants are an experimental process, with about two dozen having been performed worldwide, p. A1; Chinese automaker B.Y.D., courted by Los Angeles officials to open a North American headquarters, has fallen short of expectations and has been slapped with fines over wage violations, p. A10; - TM: Automaker agrees to settlement with families of two women in a fatal crash due to unintended acceleration, a move that could embolden other plaintiffs with suits against it, p. B1; KO, PEP: Soft drink giants increasingly face a threat from makers of bottled water, sales of which are expected to surpass those of carbonated sodas by the end of the decade, if not sooner, p. B1; Law firms Orrick Herrington & Sutcliffe and Pillsbury Winthrop Shaw Pittman are in advanced merger talks, with possible deal expected next week, p. B3; AMZN: Departure of Laurence Kirshbaum, hired to lead retailers publishing imprint, is a sign the program has failed to meet initial expectations, p. B3; (Sunday): Front page story looks at marijuana use in California, where the drug, though legal only for medical use, is widely available but hasnt led to many of the problems critics of its use had predicted, p. 1; The Fed has worked for decades to suppress inflation, but many economists, including chairman-nominee Janet Yellen, argue inflation is valuable when the economy is weak, p. 1; National security advisor Susan Rice is taking a measured stance on Middle East, with goal of preventing events there from overwhelming President Obamas foreign policy agenda as it has for previous presidents, p. 1; +/- DIS: Company, a powerhouse in Florida because of its financial might and sway over tourism, has long fought plans to allow gambling there but still has ties to the industry, though it is seeking to shed them, p. 16; Sunday Business: + GS: Story reports that via its Goldman Sachs Foundation, the bank has staked out a position as one of the nations leading corporate philanthropists, countering its image an exemplar of greed, p. 1; E-cigarette makers such as NJOY are trying to expand their customer base, but face competition from a host of upstarts entering the sector as well as Big Tobacco, which also wants in on the business, p. 1; The governments proposed settlement with JPM offers a teaching moment, says Gretchen Morgenson, about the role banks played in the financial crisis, and risks that remain in the financial system, p. 1; Q&A with economist and recent Nobel laureate Eugene Fama, the father of the efficient-markets theory, who says he believes in regulation, but that Dodd-Frank went too far, p. 6; Nobel Prize winning economist Robert Shiller explains his differences with fellow laureate Eugene Fama, suggesting the efficient markets theory makes little sense, but noting the prize is often given to people who disagree, p. 6; Magazine: Cover story discusses increasing geopolitical tensions in the South China Sea, reporting on how eight serviceman live on a rotting ship to hold territory claimed by the Philippines in the face of Chinas increasingly aggressive behavior, p. 24; One year after hurricane Sandy, questions remain about whether New York Citys subways could be rescued in the event a similar storm hits the city in the future, p. 34. NY POST (Saturday): Story reports on the ongoing feud between Hollywood gossip columnist Nikki Finke of Deadline.com and her boss, Jay Penske, p. 23; +/AAPL: Just weeks after launch of iPhone 5S, Wall Streets attention has turned to the iPhone 6, which insiders say could have a larger screen, p. 24; With demand for in-cinema advertising growing, moviegoers can expect up to five minutes of commercials, up from three to four last year, p. 25; + NLSN: Companys new audience-tracking system gives advertisers the clearest picture yet of the demographics of movie house audiences, p. 25; (Sunday): As Twitter prepares for its IPO, some critics say it isnt doing enough to monitor and remove hate speech from the site, some of which threatens violence, p. 35; + MO, RAI: E-cigarettes, which arent regulated, bring in larger gross profit margins than traditional cigarettes and are seeing higher growth, both of which are spurring Big Tobacco to enter sector, p. 37; New data, including report from Moodys Analytics, shows government shutdown left a mark on consumers and could dampen holiday spending, p. 37. FT WEEKEND: Request by the U.K. to delay introduction of tougher privacy rules in the European Union sparked criticism from privacy advocates, but will be a boon to U.S. tech companies such as AMZN, GOOG, and FB, p. 1; Global banks have started to approach New Yorks attorney general about paying billions of dollars to settle charges over mis-sold mortgagebacked securities, p. 1; Irans middle class has been hit by inflation and declining value of the rial, with many people hoping for reform under president Hassan Rouhani, p. 4; Analysis piece looks at Justice Departments settlement with JPM, noting newly aggressive approach comes after years of what critics claimed was a soft approach to Wall Streets misdeeds, p. 5; Story says consumers are driving change in the food industry, pushing for healthier options at chains such as MCD, p. 9; In opinion piece, Gideon Rachman says though short-term damage to U.S. over spying on foreign officials is serious and growing, there may still be a long-term benefit, p. 7.

MONDAY 10-28-2013
p. 4 of 5
ing, amid revelations the push to spy on chancellor Angela Merkel began as far back as 2002, before she took office, p. A8; Glitches in governments healthcare website could dissuade the young and the healthy, considered vital enrollees, from signing up, p. A14; Cruise ships keep growing bigger, and more popular, but some experts, lawmakers, and regulators are raising safety concerns, p. B1; As Twitter begins road show for its IPO, it will be entering one of the strongest markets for IPOs in three years, especially in the U.S., p. B1; Media companies, struggling financially amid a changing landscape, are racing to add conferences, festivals, and other live events to their business strategy to boost revenue stream, p. B1; Wikipedia in China faces problems stemming from use of two languages, Cantonese and Mandarin, and differing viewpoints on history and language from wide range of contributors and readers p. B1; In opinion piece, Paul Krugman says Affordable Care Act is as complex as it is because of politics, the better approach would have been to simply allow Medicare, which already works well, to apply to younger people, p. A27. WSJ: National Security Agency program to spy on world leaders was ended after an internal White House review this past summer revealed its existence to President Obama, p. A1; Hit by steep drops in state aid, rising pension and healthcare costs, and sluggish property tax revenue, many cities are lagging behind other sectors amid economys slow recovery, p. A1; Accounts from more than a dozen current and former officials show how a disjointed bureaucracy lead to the disastrous rollout of the Affordable Care Act program and website, p. A1; Fed is unlikely to change bond-buying program at its policy meeting this week, but may focus on establishing a rule to ascertain when and how to trim the purchases, p. A2; - JPM: Lead finance story says bank sidestepped many of the subprime-mortgage problems that bedeviled rivals during the financial crisis, but now its own behavior during the housing boom is coming under close examination, p. C1; +/- JPM: Question of whether government will have to refund part of banks expected $13B payment over soured mortgage securities is the biggest hurdle to completing settlement with Justice Department, p. C1; A look at bond-fund managers who won big from buying Greek government bonds at the height of the eurozone debt crisis and holding on, p. C1; Chinese shares are up 15% since a June low, while signs of improved economic growth in the country are boosting global commodity prices and other Asian stock markets, p. C1; Some states are signing up tens of thousands of new Medicaid enrollees in the initial weeks of the health laws rollout, while placing far fewer in private health insurance, p. A4; European Union shifting to a new approach in reinforcing Iran sanctions in bid to prevent legal challenges by companies from undermining the Wests efforts to counter Tehrans nuclear program, p. A9; With shares of Internet companies soaring again, signs of pre-2000 exuberance can be seen in Silicon Valley, with home prices and office rents shooting up, but technology and finance veterans say this time companies going public are more mature, p. B1; +/- Chrysler: When automaker posts third quarter results, investors will be looking for fresh data to feed calculations of what the company could be worth if it goes ahead with an IPO, p. B1; + DIS: ABC and Spanish-language broadcaster Univision to launch today a new English-language cable news and entertainment channel aimed at younger Hispanics, p. B1; + Samsung: With first developers conference opening this week in San Francisco, company is taking a big step toward cultivating a host of software and services for its devices that can compete with those offered by AAPL, p. B2; + GM: Automaker is ramping up plans for China amid growing competition there from Volkswagen and after being slow to jump on market shifts such as surging sales of SUVs, p. B3; Tech columnist Farhad Manjoo says Carl Icahn is wrong to ask AAPL to use its cash pile to buy back shares, since money is better spent improving products and services, p. B3; + Samsung: Signs three year, $100M deal to be NBAs official provider of tablets and televisions for use, among other things, as courtside monitors, p. B5; Major law firms are increasingly seeking to grow stronger through mergers in bid to help boost their position in a tough legal market, p. B7; Ahead of the Tape: Analysts covering AAPL routinely aim too low in making their earnings estimates, but earnings beats dont translate readily into stockmarket gains, p. C1; H.O.T.S.: AMZNs push to keep growing has led to a focus on its Amazon Fresh grocery division; Though Carl Icahn has proposed a buyback at AAPL, a higher, and rising, dividend would send a better signal to investors; Unlike rival LVMH Moet Henessey Louis Vuitton, French conglomerate Kering, which owns Gucci, has more than one star brand, though it needs to secure better retail venues for it, p. C6; In opinion pieces, Gordon Crovitz says FB and Twitter are in many ways a throwback to ancient modes of sharing news, while Robert Morgenthau says even American citizens arent safe as Homeland Security kicks more than 1,000 people out of the country every day, p. A15. FT: Lex Column: Japanese companies need to deliver more than just profit growth, and capex would be a start; Private investment in public equity deals have a number of issues that affect investors, and a surge in them is unlikely; Evidence that a recovery for Spanish banks is around the corner is not convincing; The hard rules of capitalism still apply in peer-to-peer lending; Electricity storage technology that can be used to recharge electric car batteries may start appealing to investors; Politicians are underestimating the case for investment in the U.K. energy utility sector; Comment: In opinion piece, Edward Luce says the glitches in Obamacare rollout are no mere hiccup, adding that President Obama has been caught serially off guard by recent crises, from Syria to spying. IBD: Big Picture: Stocks poked higher Friday, but some top-rated issues--especially China-based U.S. listing--fell in fast trade; New America: + WBMD: After last years turn for the worse, company is recovering

In the Rags
NYT: FDAs turnaround on prescription law for pain killers involved a rare victory by lawmakers from states hard hit by prescription drug abuse over wellfinanced lobbyists for business and patient groups, p. A1; Luxury boom in China has led to a growing art market, but sales data and works are often fake, and market has expanded too fast for regulators to keep up, p. A1; Anger in Germany is growing over NSA spy-

Events Desk (212) 884-8096

under new management team, number of visitors to site is rising, and drug company advertisers are returning; Industry Snapshot: Medical software makers are doing well overall these days, with CERN and ATHN leading the charge; Technology: + TRLA: Online real estate resource company expected to report second straight quarter in the black Tuesday as revenue growth nearly doubles, but concerns about housing and economy have worried some investors; Story criticizes videos made by AAPL design chief Jony Ive in which he discusses the look and feel of new products, saying they have become a parody of themselves. USA: In wake of Washington shutdown, more than half the economists surveyed by USA Today are less optimistic about growth prospects than they were three months ago; Labor Department says federal employees cant get back pay and keep unemployment aid; Restaurants are increasingly seeking to fill empty tables on Halloween by giving away free food to kids in costumes; Story offers tips for how to upgrade to Windows 8.1; Panasonics GM1 digital camera is the smallest of its kind, using mirrorless technology to help shrink size. NY POST: +/- FB: Expectations are high as company prepares to report Q3 earnings Wednesday, since its shares have doubled in the last three months as it gains strength in mobile advertisin - TECHNOLOGY: Phoenix IT PNX.UK -10% (contract cancellation). - HEALTHCARE: Epigenomics ECX.DE +13% (collaboration agreement), Evotec EVT.DE +4% (clinical milestone). - BASIC RESOURCES/MATERIALS: ThyssenKrupp TKA.DE -1.7% (concerns related to US and Brazil asset sales). - STOXX50 SECTORS: Technology +1.1%, Basic Materials +0.7%, Telecoms +0.40%, Consumer Non-Cyclical +0.3%, Energy +0.20%, Utilities +0.10%, Financials +0.1%; Consumer Cyclical 0.50%, Industrials -0.3%] IN ASIAN OVERSEAS TRADING (BY SECTOR) - CONSUMER DISCRETIONARY: Wuliangye Yibin Co 000858.CN -7.2% (Q3 results); Navitas Ltd NVT.AU -9.4% (provides FY14 guidance); KT Skylife Co Ltd 053210.KR +4.3% (Q3 results) - INDUSTRIALS: Zoomlion Heavy Industry Science and Technology Co Ltd 000157.CN +7.2% (Chinese journalist apologizes over previous false speculation); Hyundai Merchant 011200.KR -4.0% (seeks to sell assets); James Hardie Industries JHX.AU +1.3% (provides operating update); Suzuki Motor 7269.JP +1.1% (Sept results); Mazda Motor 7261.JP +0.2% (Sept output results); Mitsubishi Motors 7211.JP +3.3% (share raising plans); ANA Holdings 9202.JP +1.4% (speculation regarding H1 results) - MATERIALS: Kingsgate KCN.AU -4.4% (provides quarterly production results); Tokuyama 4043.JP flat (raises H1 guidance) - FINANCIALS: Chong Hing Bank Ltd 1111.HK 6.8% (Yuexiu acquires 75% stake); Ping An Insurance 601318.CN +0.7% 2318.HK +2.2% (Q3 results); China Construction Bank 601939.CN +0.2% 939.HK +0.7% (Q3 results); Mizuho Financial Group 8411.JP +1.5% (panel finds no wrongdoing) - TECHNOLOGY: Sharp 6753.JP +1.4% (sale of logistic centers) - ENERGY: Xinjiang Goldwind Science & Technology Co Ltd 002202.CN +3.9% 2208.HK +7.2% (Q3 results); China Oilfield Services Ltd 601808.CN +4.9% 2883.HK +7.7% (Q3 results) - TELECOM: NTT DoCoMo Inc 9437.JP +1.1% (news of acquisition) - UTILITIES: TEPCO 9501.JP -1.4% (smart meter installation plans) EUROPEAN / ASIAN ANALYST ACTIONS UPGRADES: Admiral Group plc (Numis), Enquest (Liberum), Eurocash (JPM), Iberdrola (JPM), SEB SA (Tier1), Uponor OYJ (ESN). DOWNGRADES: Samsung SDI (UBS), Cap Gemini (HSBC), Lisi (DB, HSBC), Gemalto (CS), Ansaldo (ESN), Veolia Environment (CS). INITIATES: Gamevil Underweight (JPM), WeMade Entertainment Neutral (JPM), NHN Entertainment Underweight (JPM).

MONDAY 10-28-2013
p. 5 of 5
-ASCMA acquires 351.7K shares for $32.7M in cash from shareholder. -NTT acquires cloud network firm Virtela for $525M in cash, buys 80% stake in Raging Wire Data Centers for $350M. PERSONNEL CHANGES -IRC appoints CEO Mark Zalatoris to board. -STRN appoints Glen Goold interim CFO. -WAB chief financial officer Alvaro Garcia-Tunon to retire. CORPORATE ACTIONS -BBY founder Schultze discloses amended stake of less than 1%. CONSUMER -KRFT recalls 735K cases of string cheese due to premature spoilage program. -MCD drops Heinz as its ketchup supplier citing recent management changes that put company closer to BKW. -Wuliangye Yibin Co. reports Q3 net CNY1.3B vs. CNY2.8B y/y. ENERGY -China Shenhua Energy Co. reports Q3 net CNY9.7B vs. CNY11.4B y/y. -PBR reports Q3 net BRL3.39B vs. BRL5.6BE, revenue BRL77.7B vs. BRL78.5BE. FINANCIAL -China Construction Bank reports Q3 net CNY56.8B vs. CNY51.9B y/y. -JPM: Federal Housing Finance Agency reaches $5.1B agreement to settle mortgage-backed securities cases. -RBS: U.K. government not expected to break up the bank. HEALTHCARE -BMY announces positive long-term follow-up results on Nivolumab, an investigational PD-1 immune checkpoint inhibitor. -DNDN has reportedly hired advisors to seek takeover offers. -GILD: Final FDA decision on Sofosbuvir anticipated by December 8, 2013. -MDGN reports positive data with second generation viral vectors at European Society of Gene and Cell Therapy Congress. -SNTA announces positive one-year results for GALAXY-1 trial of Ganetespib in NSCLC. -ZGNX expects to launch Zohydro ER in approximately four months after Fridays FDA approval. INDUSTRIAL -BA said to be in advanced discussions with Emirates for 777X orders in what could be a $30-40B deal (FT). -ThyssenKrupp said to be considering plans to exit U.S. market and expand in Brazil. -TM reports September global vehicle production of 868K units, domestic production +10.8% y/y. -TSLA expects to begin selling the Model S sedan in the U.K. by March 2014 (FT). -TWI plans to increase European business by nearly doubling companys operations there (FT). TECHNOLOGY -AMZN expanding its AmazonFresh grocery delivery business. -ASX awarded finger ID chip packaging order from AAPL. -FB said to have attempted acquisition discussions with Snapchat. -GOOG said to be investing about $5M to help finance new music label being run by veteran music executive Lyor Cohen. WEEKEND BOX OFFICE 1) Bad Grandpa, Paramount, $32M 2) Gravity, Warner Bros., $20.3M 3) Captain Phillips, Sony, $11.8M 4) The Counselor, Fox, $8M 5) Cloudy With a Chance of Meatballs, Sony, $6.1M. THE BACK OFFICE -DIVIDEND NEWS: DKL increases distribution by 2.5% to $0.405 from $0.395; HEP increases distribution by 1.5% to $0.4925 from $0.485; DPM increases distribution by 1.4% to $0.72 from $0.71; WPZ raises distribution 1.7% to $0.8775 from $0.8625. -STOCK BUYBACKS: CNI intends to purchase for cancellation up to 5M of its common shares. OFFERING ANNOUNCEMENTS -CUR files prospectus for offering of up to $20M shares. -GALT files prospectus for offering of up to $30M in common stock. -GMLP files automatic mixed shelf of indeterminate size. -SNRE announces full exercise of over-allotment option.

Online
BARRONS ONLINE: Barrons Take: +/- on MSFT, sock surged on better-than-expected earnings, but the software giant faces growing competition, restructuring challenges, and the iPad. DIGITIMES: Taiwan ODMs see decrease in Q3 digital camera shipments; PC brand vendors release new Windows 8.1 products; Firefox OS smartphones may struggle to compete with those from Android and AAPL; Brand vendors to be more aggressive with supplies from China in 2014. WOMENS WEAR DAILY: Story reports on how fashion industry is inching toward an omnichannel future in retail; A look at how retailers are focusing on reaching Millennial consumers. ALL THINGS DIGITAL: Investors are looking for some pretty big numbers for AAPLs fourth quarter. POLITICO: Most urgent question Hillary Clinton would face were she to run for president again is whether she can avoid the blunders, including staff rivalries and poisonous relationship with press, that helped doom her campaign five years ago. PAIDCONTENT: IBM information scientist study found Twitter is unreliable in the wake of events such as the Boston bombings. TECHCRUCH: Online auto repair marketplace Openbay launches to connect car owners with local mechanics; Japanese telco NTT makes a big bet on Silicon Valley with launch of its innovation institute. CNET: Floating data center GOOG is said to be building in San Francisco Bay may actually be a Google Glass store. THE HILL: In exclusive interview with The Hill, House minority speaker Nancy Pelosi says shes confident Democrats can re-take the House. BLOOMBERG SURVEILLANCE: 7:00AM: Gilbert Harrison, chairman and founder of Financo, on the real estate market; 7:18AM: Vincent Reinhart, chief U.S. economist at Morgan Stanley; 7:34AM: Columnist Joanna Molloy discusses the business of gossip; 8:05AM: Peter Attard Montalto, emerging markets economist at Nomura.

After the Close Friday

EARNINGS -DISAPPOINTED: GIFI GLOBAL MACRO NEWS -BRAZIL: October FGV Construction Costs m/m: 0.3% vs. 0.4%E. -CHINA: September Industrial Profits y/y: 18.4% vs. 24.4% prior; ytd: 13.5% vs. 12.8% prior; Chinese National Influenza Center said to have successfully developed a vaccine for the H7N9 bird flu virus; Fan Gang, former PBoC advisor and director of the National Economic Research Institute, says Chinese economy has already soft landed and will continue with current level of rapid growth for 20-30 years; Peoples Bank of China sets yuan midpoint at 6.1336 vs. 6.1333 prior setting, gauges demand for 7-day, 14-day reverse repos, 28-day repos, and 91-day bill sales. -GERMANY: Sells 2.195B in 12-month Bubills, average yield 0.1089% vs. 0.0942% prior, bid-to-cover 1.6x vs. 2.6x prior. -EGYPT: Government to receive $3B in aid from the United Arab Emirates. -EUROPEAN UNION: ECBs Noyer says planned EU financial tax may threaten financial stability (FT). -ITALY: Moodys says ECB capital assessment for banks is a negative; Debt agency sells total 2.25B vs. 2.25B indicated in 2015 June CTZ, average yield 1.392% vs. 1.623% prior, bid-to-cover 1.78x vs. 1.77x prior; October Business Confidence: 97.3 vs. 96E. -NORWAY: Q3 Industrial Confidence: 5 vs. 3E. -SOUTH KOREA: October Consumer Confidence: 106 vs. 102 prior; September Discount Store Sales y/y: -5.3% vs. -2.6% prior; Department Store Sales y/y: 2.8% vs. 6.6% prior. -SPAIN: Treasury Minister Montoro to completely overhaul income tax model in 2015, will lower tax contributions. -SWEDEN: September Trade Balance (SEK): 5.6B vs. 6.2BE; September Retail Sales m/m: 0.2% vs. 0.5%E; y/y: 1.6% vs. 2%E. -UNITED KINGDOM: October Hometrack Housing Survey m/m: 0.5% vs. 0.5% prior; y/y: 3.1% vs. 2.4% prior; October CBI Industrial Reported Sales: 2 vs. 32E. -UNITED STATES: FOMC to add more security protocols for statements to prevent premature release from pressroom lockup (CNBC); Federal regulators have growing concerns about mortgage REITs and have launched a probe into them (FT); Fed to implement tighter procedures and policies for releasing FOMC meeting decisions after recent evidence some traders were able to act early on information; JPM says 76% of the 244 S&P 500 companies that have reported Q3 results have beaten Wall Street estimates. MERGER AND ACQUISITIONS -AMCX to acquire Chellomedia from Liberty Global for $1B.

US Analyst Actions
UPGRADES: AZN (Tier1). DOWNGRADES: EXC (GS), GBCI (RBC), LEA (DB), PEG (GS), PHG (Kepler). INITIATES: IRT Market Outperform (JMP), PKG Neutral (JPM), RMAX Buy (Tier1), RMAX Neutral (JPM).

Around The World

US Futures are Higher. European Equity markets open higher following positive leads from the US and Asia. Asia markets were mostly higher. Nikkei: +307.85; Hang Seng: +108.24; CSI 300: 2.61; Taiwan: +61.21; Kospi: +13.75; FTSE: -5.83; DAX: -0.43; CAC: -22; Gold: -1.60; Copper: +0.0055; Oil: -0.06; 10 Year Treasury Yield: 2.51%, -1/32; US$: Lower vs. Pound; Higher vs. Yen; Lower vs. Euro; S&P Futures: +2.25; DOW Futures: +20; NASDAQ Futures: +7.70. IN EUROPEAN OVERSEAS TRADING (BY SECTOR) - INDUSTRIALS: German automakers are mostly lower on broker commentary; Assa Abloy ASSAB.SE +3.5% (Q3 results above ests), TNT Express TNTE.NL +3.5% (Q3 sales in line). - FINANCIALS: Bankia BKIA.ES +2% (reported Q3 results), HannoverRe HNR1.DE +0.50% (broker commentary). - CONSUMER DISCRETIONARY: Pendragon PDG.UK +8% (outlook), Aggreko AGK.UK +3.5% (guided FY margins higher y/y), Lagardere MMB.FR +2% (talks related to Canal+); Intercontinental Hotel IHG.UK -1.5% (Sept Revs slowed). - UTILITIES: Iberdrola IBE.ES +1.5% (broker commentary)