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Events Desk (212) 884-8096

THURSDAY 10-17-2013
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Alerts For Today Publish Time 7:15AM

**US FUTURES: (S&P -1.50, DJI -32, NDX +0.50, 10 Year Treasury Yield 2.62%, +10/32). European markets are mostly lower. Most Asian markets closed higher after the Senate passed the bill to end the government shutdown. Gold is Higher. Oil is Lower. US $ is Lower vs. Pound; Lower vs. Yen; Lower vs. Euro (drops most in a month vs. the Euro).

**KEY NEWS: Senate voted overwhelmingly 81-18 in favor of the end of the government shutdown and debt limit extension. In the House, over 80 Republican lawmakers crossed over to vote with the unanimous Democrat bloc for an overall 285 Yea to 144 Nay count. China's Dagong rating agency cut the US sovereign rating to A- from A (one notch); maintains negative outlook. UK: September Retail Sales exceeds expectations (Ex Auto M/M: 0.7% v 0.3%e ;) with a slight upward back-month revision. Spain: bond auction was solid with issuance just above the upper end of indicated range at lower borrowing costs and improved bid-to-cover rations.

**EARNINGS OUT THIS AM (VS CONSENSUS): BBT (-.01), DHR (+.01), FCFS (+.14), FITB (-.02), HBAN (+.03, adj.), IIIN (-.07), ORB (+.03), UNH (In-Line).

**IN THE RAGS/ONLINE: NYT: Republican attempt to undercut healthcare law by stripping it of federal money instead focused harsh scrutiny on its own divisions, hurt its national standing, and undermined its ability to win concessions from Democrats; Gridlock in Washington has cost billions of dollars, taking a bite out of Q4 growth, which will affect employment, business earnings, and borrowing costs, with ramifications felt around the globe; WSJ: Federal Reserve officials are considering imposing new capital surcharge on Wall Street banks that own pipelines, metals warehouses, and other lucrative physical commodities assets; Stockbrokers are increasingly able to erase some customer complaints from their public records, leaving investors in the dark about potentially troubled advisors; Bloomberg: With shutdown and default averted, focus in Washington now shifts to a new series of deadlines--the first for budget negotiations with a Dec. 13 target--that set up more rounds of political combat over taxes and spending on programs including Social Security and Medicare.

**KEY ECONOMICS: 8:30AM: Initial Jobless Claims (w/e 10/12); 8:30AM: Housing Starts/Building Permits (September-Delayed Due to Shutdown); 9:15AM: Industrial Production (September); 9:45AM: Bloomberg Consumer Comfort Index (w/e 10/12); 10:00AM: Philadelphia Fed Manufacturing Survey (October).

**MONETARY POLICY: ECB Governing Council Meeting (No Interest Rate Announcement Scheduled). 7:30AM: Brazil Central Bank publishes minutes from its 10/8-10/9 Monetary Policy Meeting. 8:00AM: National Bank of Poland publishes minutes from its 10/1-10/2 Monetary Policy Meeting. 5:00PM: Chile Central Bank Interest Rate Decision.

**FED SPEAKERS: 7:45AM: Fed Bank of Dallas President Fisher speaks before the Economic Club of New York (NY Fed President Dudley gives introductory remarks); 12:45PM: Fed Bank of Chicago President Evans speaks on current economic conditions and monetary policy before the Wisconsin Real Estate and Economic Outlook Conference in Madison, WI; 1:45PM: Fed Bank of Kansas City President George speaks on the U.S. economy before an Oklahoma City business and community leaders, Oklahoma City, OK; 2:45PM: Fed Bank of Minneapolis President Kocherlakota speaks on "A Time of Testing" before an annual meeting of the Helena Branch, Federal Reserve Bank of Minneapolis in Butte. MT.

**KEY EVENTS TO WATCH: 10:35AM: President Obama delivers a statement; at 11:30AM: holds a bilateral meeting and working lunch with Italian Prime Minister Letta; Biden also attends. 8:00AM: FDA--CDER - Anti-Infective Drugs Advisory Committee meets to discuss susceptibility interpretive criteria for systemic antibacterial drugs and for dosing recommendations in product labeling, as well as discuss revising dosing recommendations in product labeling based on pharmacokinetic data and clinical safety and efficacy data. Business Council begins a 2-day meeting, Menlo Park, CA.

**KEY INDUSTRY RELEASES: 10:30AM: E.I.A. releases weekly Natural Gas Inventories; 11:00AM: E.I.A. releases weekly crude oil inventories; 1:00PM: This Week in Petroleum; 6:00PM: S.E.M.I. posts semi equipment book-to-bill ratio for September Last Reading: 0.98; The Business Council releases its Economic Outlook Survey; (same day as their meeting). AMG and I.C.I. publish weekly mutual fund #'s.

**CONFERENCES: Canaccord Genuity Global Resource Conference, Miami; Fortune Most Powerful Women Summit 2013, Washington, DC; Bloomberg Link Oil & Gas Conference, Houston; FDIC 3rd Annual Consumer Research Symposium, Arlington, VA; Irish Tax Institute Global Tax Policy Conference, Dublin, Ireland

**ANALYST MEETINGS: Drax Group (DRX.UK), Jenoptik AG (Germany-day 2 of 2), Givaudan (GIVN.CH) (day 3 of 3), PETM, SAFM (dinner before analyst meeting).

**COMPANY UPDATES: AMAG (PDUFA date extension for Feraheme), Shoreline Energy Corp. (joint venture with Acceleration Resources LLC), SRPT (Duchenne Muscular Dystrophy development program), UGHS (10-K)

**ANNUAL MEETINGS: DELL, TGX, (re merger with JNPR).

**KEY ANALYST ACTIONS: UPGRADES: AKAM (Davidson), ATK (RBC), BBY (Oppenheimer), CLF (Cowen), ERF (RBC). DOWNGRADES: AMRN (Canaccord, JPM, Aegis, Suntrust), AVIV (Tier1), CSX (RBC), DYN (ISI Group), NSC (RBC), SWK (BCS, MS).


Events Desk (212) 884-8096

European Parliament committee meetings, Brussels. Institutional affairs - European Parliament. ECB Governing Council member Erkki Likanen speaks on banking union and financial integration at inter-parliamentary conference in Vilnius, Lithuania. Bundesbank Board member Rudolf Boehmler speaks on "Germany' Bundesbank: Anchor of Stability in Stormy Times" in Ulm, Germany. 1:00PM: European Council chief Hermann Van Rompuy meets with German Chancellor Angela Merkel. European Medicines Agency Meeting, London. 10/16-10/18: Committee for Advanced Therapies MONETARY POLICY MEETINGS: ECB Governing Council Meeting (No Interest Rate Announcement Scheduled); National Bank of Poland publishes minutes from its 10/1-10/2 Monetary Policy Meeting. ECONOMIC RELEASES: EMU: Balance of Payments (August); Construction Output (August); UK: Retail Sales (September); Poland: Industrial Output (September); PPI (September); Central/Eastern European ZEW Indicator (October); Sweden: Unemployment Rate (September); Portugal: PPI (September). FIXED INCOME: UK: 2018 Treasury Gilt Auction; France: BTAN Treasury Note Auction; Spain: Bond Auction. IN THE PACIFIC RIM RBA Governor Glenn Stevens speaks at the Australian British Chamber of Commerce in Sydney. Australia's Governor General Quentin Bryce meets Chinese President Xi Jinping. London Mayor Boris Johnson delivers a keynote speech at Go Global conference in Shanghai. Philippine President Benigno Aquino meets South Korean President Park Geun-hye in Seoul. South Korean Foreign Minister Yun Byung-se holds bilateral meetings with British Foreign Secretary William Hague, Australian Foreign Minister Julie Bishop and Indonesia's Foreign Minister Marty Natalegawa in Seoul. IN CANADA Nonresidential Construction (Q3); International Securities Transactions (August). IN CENTRAL AND SOUTH AMERICA MONETARY POLICY MEETINGS: Brazil Central Bank publishes minutes from its 10/8-10/9 meeting; Bank of Chile. INDICES RELEASES EXPECTED WEEKLY AEROSPACE/DEFENSE: BA releases orders #s. ENERGY: 10:30AM: E.I.A. publishes US underground natural gas stocks (gas storage report) at 1:00PM: Natural gas update; heating oil, propane residential and wholesale price data report and at 5:00PM: releases coal production report FINANCIAL SERVICES: 1:00PM: Federal Home Loan Mortgage Corporation survey on fixedrate mortgages. RETAIL: 8:00AM:Sportscan publishes athletic footwear sales/trends #'s. TECHNOLOGY: DRAMeXchange releases price changes for DRAM chips. TRANSPORTATION: Association of American Railroads publishes the number of freight carloads on major U.S. railroads. MONTHLY AIRLINES: Thai Airways releases air traffic #'s; Singapore Airlines (SIAL.SG) releases traffic #'s; Ryanair (RYAAY/RYA.UK) releases customer service stats; GOL releases traffic #'s; Cathay Pacific (293.HK). AUTOMOTIVE: F releases European sales #'s; Dongfeng Motor reports September; vehicle sales; ACT Research releases final U.S. Trailers, N.A. Classes 5-8 Vehicles (Truck) for September. ENERGY: RIG releases fleet status report; ESV releases fleet update. FINANCIAL SERVICES: BAC/Merrill Lynch releases fund managers survey for September; USB releases closed end funds report. FOOD/ BEVERAGE: Beer Institute publishes Domestic brewer sales; and import / exports of Malt Beverages. HOTEL/ GAMING: Colorado Division of Gaming publishes gaming revenue #'s; Spectrumetrix publishes Atlantic City Revenue Analysis, East Coast Slot Report, Mid-Atlantic Gaming Report, Midwest Slot Report and US Gross Gaming Revenue Analysis; Atlantic City Press publishes gross gaming results. INDUSTRIAL: Association for Manufacturing Technology / American Machine Tool Distribu-

THURSDAY 10-17-2013
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tors Association publishes U.S. machine tool consumption report to subscribers #'s (public release on Monday). METALS/ MINING: KMT releases order #'s. REAL ESTATE: National Weather Service publishes 30-day weather forecast (Long-Lead Forecast) for November.; DataQuick publishes California Bay Area home sales #'s. RETAIL: International Council of Shopping Centers publishes US Mall sales #'s for August. TECHNOLOGY: Japan Electronics & Information Technology Industries Association publishes Domestic Shipments of major Consumer Electronic Equipment; Nintendo (NTDOY/7074.JP) releases Videogame sales #'s for September. TRANSPORTATION: American Transportation Association releases Passenger Revenue Report for September; Bureau of Transportation Statistics publishes Airline Fuel Cost and Consumption for August. QUARTERLY INDUSTRIAL: Santos Ltd. (STO.AU) releases Key Performance Indicators report. PHARMACEUTICALS: Roche Holding AG releases Q3 sales #'s (with earnings). Sulzer Ltd. (SUN.CH) release order #'s. TECHNOLOGY: UTEK releases Key Performace Indicators (with earnings). SEMI-ANNUAL FINANCIAL: The Business Council releases its Economic Outlook Survey. MACRO CONFERENCES (EDT) 10/17: Bloomberg Link Oil & Gas Conference, Houston. 9:35AM: CLR CEO Harold Hamm. 10:00AM: Outlook for Crude Oil. Speakers: academics, BAC-ML, Railroad Commission of Texas. 10:30AM: PE - Takeover Targets and Other Avenues for Growth. Speakers: Denham Capital, Quantum Energy. 11:00AM: Outlook for Natural Gas. Speaker: Bloomberg New Energy Finance. 11:10AM: NatGas - How Long Can We Stay Here? Speakers: Center for LNG, Americas Natural Gas Alliance, Haynes & Boone. 11:45AM: Transportation - Opportunities in Pipelines vs. Rail. Speakers: Evercore Partners, Swank Capital. 12:15PM: The Fracking Cycle - Next Phase in the Shale Boom. Speakers: Mayer Brown, Parallel Resource Partners, PacWest Consulting Partners. 12:50PM: DoE Acting Assistant Secretary Christopher Smith. 2:20PM: Chesapeake Energy Corp. co-Founder & former SD CEO Tom Ward. 2:45PM: Activist Investors - Good/Bad for Business? Speakers: GS, Okapi Partners, Joele Frank. 3:15PM: Energy Security - From Water to Cyberspace. Speakers: Water Standard, VZ, Booz Allen Hamilton. 3:45PM: E&Ps - Show Me the Money. Speakers: Tudor Pickering Holt, Pine Brook, CS. 4:20PM: EXXI CEO John Schiller. 4:40PM: Incubators - New Creating New Sources of Demand for Domestic Oil & Gas. Speakers: APA, F, Wood Mackenzie. 10/17-10/18: FDIC 3rd Annual Consumer Research Symposium, Arlington, VA. 9:00AM: FDIC Chairman Martin Gruenberg. 9:15AM: Panel 1: Assets and Wealth. Speakers: Federal Reserve Board, academics, the CFPB. 11:10AM: Panel 2: Checking and Prepaid Accounts. Speakers: the FDIC. 2:00PM: Panel 3: Household Choice of Financial Products. Speakers: academics. 3:40PM: Panel 4: Mortgage Performance. Speakers: Federal Reserve staff, academics. 10/17-10/18: Irish Tax Institute Global Tax Policy Conference, Dublin, Ireland. 3:45AM: Shaping Tax Policy - the Global Overview. Speakers: KPMG Ireland, OECD, the EU. 6:15AM: Effective Tax Administration - The Global Challenge. Speakers: academics. 9:00AM: Shaping Tax Policy to Deliver on Economic & Social Change. Speakers: the IMF, academics. 11:00AM: Reshaping Tax Policy. Speakers: PwC, the EU. 10/17: Wisconsin School of Business 2013 Wisconsin Real Estate & Economic Outlook Conference, Madison, WI. 1:45PM: Keynote: Federal Reserve Bank of Chicago President Charles Evans. Other Speakers: academics, Promontory, AGNC Management, Wisconsin Realtors Association, BNP Paribas. IN CONGRESS SYRIA: 9:30AM: Senate Armed Services Committee closed briefing on US military operations in Libya & Somalia. FEDERAL REGULATORY MEETINGS 8:00AM: FDA--CDER - Anti-Infective Drugs

Broker Meetings
DEALS TO BE PRICED Voxeljet (VJET) (IPO) Piper/Citigroup NEW YORK EVENTS Management Lunches: TAXI, Morgan Stanley. 1on1s: Bladex, JPM. Celladon Corp., JPM. Imagination Tech, JPM. PGRX, Roth Capital. T&D Holdings, JPM. OTHER US EVENTS Management Breakfasts: ALNY, Leerink Swann, San Francisco. 1 on 1s: ATBEF, Roth Capital, Dallas. CPB, Morgan Stanley, Baltimore. RNET, Oppenheimer, MidAtlantic. SB, Morgan Stanley, San Francisco. SLW, JPM, Baltimore. SMRT, Avondale Partners, St. Louis. INTERNATIONAL EVENTS 1 on 1s: EI Towers Spa, Berenberg, Paris. Wirecard AG, Berenberg, Scandinavia. Expert Lunches: African Rainbow Metals Engineer Stompie Shiels, BAC-ML, Cape Town. BROKER SPONSORED CALLS 11:00AM: C3Q IT Buyer Survey: BAC-ML hosts call with analysts to discuss the key findings, touch upon relevant developments & forecast the IT outlook. #888-663-2254 , id= 1505336 2:00PM: ALNY Week: ALN-AT3 (Hemophilia): Leerink Swann hosts call with Georgetown University Section Chief of Hematology Dr. Craig Kessler.. #973-528-0045; id=985269.

Todays Focus
ECONOMICS IN THE US 8:30AM: Initial Jobless Claims (w/e 10/12). Consensus Estimate: 337,000 vs. 374,000; Continuing Claims (w/e 10/5). Consensus Estimate: 2.94M vs. 2.905M; 4-Week Average. Last Reading: 325.0K 8:30AM: Housing Starts (September). Consensus estimate: 0.908M vs. 0.891M; Building Permits. Consensus estimate: 0.938M vs. 0.926M. 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%. 9:45AM: Bloomberg Consumer Comfort Index (w/e 10/11). Last Reading: -29.70. 10:00AM: DJ-BTM US Business Barometer (w/e 10/5). Last Reading: -0.2% 10:00AM: Philadelphia Fed Index (October). Consensus Estimate: 15.0 vs. 22.3 4:30PM: Money Supply (w/e 10/14) 4:30PM: Federal Reserve Board releases Condition Statement of Federal Reserve Banks; Factors Affecting Reserves of Depository Institutions; and Money Stock, Liquid Assets, Debt Measures FED SPEAKERS 7:45AM: Federal Reserve Bank of Dallas President Richard Fisher speaks before the Economic Club of New York (NY Fed President William Dudley gives introductory remarks); 12:45PM: Federal Reserve Bank of Chicago President Charles Evans speaks on current economic conditions and monetary policy before the Wisconsin Real Estate and Economic Outlook Conference in Madison, WI; 1:45PM: Federal Reserve Bank of Kansas City President Esther George speaks on the U.S. economy before an Oklahoma City business and community leaders, Oklahoma City, OK; 2:45PM: Federal Reserve Bank of Minneapolis President Narayana Kocherlakota speaks on "A Time of Testing" before an annual meeting of the Helena Branch, Federal Reserve Bank of Minneapolis in Butte. MT. AUCTIONS/ FED ACTIONS 11:00AM: NY Fed will Purchase Treasury Coupons in the 11/15/2020 - 08/15/2023 Maturity Range. 11:30AM: Treasury Announces a 3 & 6 Month Bill Auction as well as the reopening of a 30 Year TIPS Auction. IN EUROPE 10/16-10/17: European Economic and Social Committee plenary session in Brussels. Regions and local development - Committee of the Regions.

Events Desk (212) 884-8096

Advisory Committee meets to discuss susceptibility interpretive criteria for systemic antibacterial drugs and for dosing recommendations in product labeling, as well as discuss revising dosing recommendations in product labeling based on pharmacokinetic data and clinical safety and efficacy data. 10:00AM: FERC Commission Meeting. OBAMA ADMINISTRATION 10:35AM: President Obama delivers a statement; at 11:30AM: holds a bilateral meeting and working lunch with Italian Prime Minister Letta; Biden also attends. 2:00PM: Secretary of State John Kerry meets with Air Force General John Allen, commander of the International Security Assistance Force, at the White House. WASHINGTON EVENT 4:00PM: Bundesbank Board member Andreas Dombret to speak on "The Yin and Yang of Resolving the European Sovereign Debt Crisis" at the Peterson Institute in Washington. 4:30PM: "Troika and the Dynamics of the Washington-Tokyo-Beijing Triangle at the Johns Hopkins University Paul H. Nitze School of Advanced International Studies. 5:00PM: Italy and Europe after the Crisis: A Conversation with Italian Prime Minister Enrico Letta at the brookings Institution 6:00PM: IFC Global Markets & Strategy Groups Jean Pierre Lacombe discusses the recent developments in global economy and market conditions and their implications for emerging markets. UN GENERAL ASSEMBLY Election of five non-permanent members of the Security Council. OTHER REGIONS Business Council begins a 2-day meeting, Menlo Park, CA. LITIGATION In re Oil Spill by the Oil Rig Deepwater Horizon in the Gulf of Mexico: second phase in a suit to apportion fault and liability for the 2012 Macondo oil spill between BP, HAL & RIG continues: there are 2 remaining questions 1) BPs efforts to stop the flow; and 2) how much oil spilled prior to the well being capped, in the US Eastern District Court of Louisians (New Orleans). WILN v. AAPL/DELL/HPQ/HTC America/Novatel Wireless/SWIR: trial continues in the suit alleging patent infringement of 2 systems of transmitting & systematizing data in the U.S. District Court for the Eastern District of Texas. COMPANY EVENTS IN EUROPE Jenoptik AG hosts Capital Markets Day, Germany. (2 days) IN THE US MSFT: Starting at 12:00AM on 10/18 in New Zealand (thats 4AM PST on 10/17), Windows 8.1 will begin rolling out worldwide as a free update for consumers on Windows 8 through the Windows Store. Windows 8.1 will also be available at retail and on new devices starting on 10/18 by market. All DAY: Givaudan (GIVN.CH) hosts Investor Days, Lakeland, FL. (day 3 of 3) 8:00AM: AMAG hosts call to discuss PDUFA date extension for Feraheme. US: #(877) 4126083; Intl: (702) 495-1202 8:30AM: DVAX hosts call to discuss Heplisav, its investigational adult hepatitis B vaccine, regulatory path. #866.428.9517 or 224.357.2389 11:00AM: PETM hosts analyst meeting, Millennium Broadway, NYC. 11:00AM: Shoreline Energy Corp. hosts call to discuss joint venture with Acceleration Resources LLC. #877-941-2068, id=4644740. 12:00PM: SRPT hosts a call to discuss Duchenne Muscular Dystrophy development program. #888-895-5479 or #847-619-6250, id=35883585. 6:00PM: S.E.M.I. posts semi equipment book-tobill ratio for September Last Reading: 0.98. 8:00PM: SAFM hosts dinner prior to tomorrow's analyst meeting, New Orleans, LA. OTHER M&A: MOLX / Koch Industries Hart Scott Rodino expires; ROCM / BCR Hart Scott Rodino expires; Ainsworth Lumber / LPX Hart Scott Rodino due. ANNUAL MEETINGS: 9:00AM: TGX, Atlanta, GA (re merger with JNPR) 10:00AM: DELL, Round Rock, TX. (last meeting before being taken private) OTHER: AWH, MCS, PPHM, TGC, VCBI Stock Splits: EADS NV (EADSY): 4-1. S&P Index Changes: GPOR will replace WMS in the S&P 400. SAIA will replace GPOR in the S&P 600 index. PDUFA DECISIONS EXPECTED ALIM/ PSDV's Iluvien (fluocinolone acetonide) for chronic diabetic macular edema. BROKER SPONSORED CALLS 2:00PM: ALNY Week: ALN-AT3 (Hemophilia): Leerink Swann hosts call with Georgetown University Section Chief of Hematology Dr. Craig Kessler.. #973-528-0045; id=985269.

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8:30AM: Global Banks Perspective. Speaker: UBS. 9:15AM: Keynote: Ecobank Group CEO Thierry Tanoh. 9:45AM: Nedbank Group. 10:15AM: Standard Bank. BROKER FIELD TRIPS (EDT) 10/16-10/18: Jefferies China Auto Tour, China. INDUSTRY CONFERENCES (LOCAL) MEDICAL / PHARMA / HEALTHCARE 10/16-10/19: 14th European AIDS Conference, Brussels, Belgium. 8:45AM: MSD Pharma: Integrase Inhibitors - A Retrospective and a Look Ahead. 4:30PM: GILD: Rooted in Research: The Future of HIV. 6:15PM: ViiV Healthcare Just Another HIV Symposium? Think Again. 10/17-10/18: AHIP 2013 State Issues Conference, Washington, DC. 8:45AM: AHIP CEO Karen Ignagni. 9:15AM: Governors Perspective on Healthcare Reform in the States. Speaker: National Governors Association Executive Director Dan Crippen. 10:15AM: Market Reforms - Regulatory Roles & Responsibilities. Speakers: CMS Acting Oversight Director Teresa Miller, Wisconsin Office of Insurance Commissioner Ted Nickel. 4:00PM: Removing the Roadblocks to Affordability. Speaker: FTC Commissioner Julie Brill. 10/17-10/19: Cystic Fibrosis Foundation 27th Annual North American Cystic Fibrosis Conference, Salt Lake City, UT. Meeting of academics & researchers to discuss the outlook for new treatments for cystic fibrosis. Exhibitors include: ABT, Genentech, GILD, HRC, HOLX, LLY, NVS, Pharmaxis, Respirtech, SAGE Labs, VRTX, Wescor, Yasroo Health. 10/16-10/18: Elsevier Business Intelligence IN3 Med Device 360 Summit, San Francisco. 11:20AM: Medical Devices: What those Paying are Saying. Speakers: Allina Health System, AET, CAMBIA Health Solutions. 1:10PM: Strategics on Deal Priorities: Driving Growth through Different Structures. Speakers: Terumo Medical Corp., ABT, COV. 6:00PM: 2014 MedTech Idol Qualifying Round Produced by RCT Ventures. Speakers: RCT Ventures, Aphelion Capital, JNJ. 10/15-10/18: NovAliX Conference Biophysics in Drug Discovery, Strasbourg, France. Speakers: MRK, Dynamic Biosensors, Astex Pharma, Roche. TECHNOLOGY / TELECOM / MEDIA 10/15-10/17: Computerworld Storage Networking World Fall Conference, Long Beach, CA. Speakers: Starz Entertainment, Sepaton, Skyera, IBM, Pella Corp., RVBD, INTC, EMC. 10/16-10/18: CTIA MobileCon, San Jose. 9:30AM: Keynote Panel. Speakers: JNPR CIO Bask Iyer, CA SVP Ran Varadarajan, Good Technology CEO Christy Wyatt. Other Speakers: BBRY, Integricell, Lacoon Mobile Security, Armor5, VMW, Global Platforms, Caprizia, S, HPQ, Thinaire, Samsung, ALU, ERIC, TMUS. 10/16-10/17: GIGAOM Mobilize 2013 Conference, San Francisco. 9:00AM: The Future of Mobile & the Enterprise. Speakers: MSFT, AirWatch, SAP. Other Speakers: Philips, Shasta Ventures, Atheer Labs, Pebble, Airbnb, FSL, SINET, Vonage, Samsung, Appurify, OnFarm Systems, DropCam. 10/16-10/17: Linley Group Processor Conference, Santa Clara. Speakers: MRVL, XLNX, ALTR, Andes Tech, Imagination, Tilera, Applied Micro, CAVM, LSI. USER GROUP MEETINGS (EDT) 10/16-10/18: FARO 2nd Annual 3D Documentation Conference, Orlando. 8:30AM: Keynote. Speaker: FARO CEO Jay Freeland. 9:30AM: 3D Documentation - Tech. Speaker: FARO CTO Dr. Bernd Becker. 10/14-10/17: VMW World Europe Conference, Barcelona. FINANCIAL 10/15-10/17: 2013 NFC & Mobile Money Summit, Metropolitan Pavilion, NYC. 10/15-10/17: Fortune Most Powerful Women Summit 2013, Washington, DC. 8:35AM: From Big Business to The White House. Speaker: Commerce Secretary Penny Pritzker. 8:55AM: Clinton Foundation Vice Chair Chelsea Clinton. 9:45AM: Tory Burch CEO Tory Burch. 11:00AM: XRX CEO Ursula Burns. 11:20AM: YHOO CEO Marissa Mayer. ENERGY / CLIMATE

BROKER (EDT) 10/17-10/18: BAC-ML Emerging Stars Conference, Melbourne. Presenting Companies: Corporate Travel Management, UCX Ltd., Nufarm, Capitol Health Ltd., Village Roadshow, Sedgman, NIB Holdings, Mermaid Marine Australia. 10/16-10/18: Canaccord Genuity Global Resource Conference, Miami. 8:30AM: Heritage Oil, CRZO, Atacama Pacific Gold. 9:00AM: Afren, GDP, Premier Gold Mines. 9:30AM: President Energy plc, NOG, Fission Uranium Corp. 10:00AM: BTE, XEC, AUY. 10:30AM: MEG Energy, PDCE, PPP. 11:00AM: Crescent Point Energy, MPO, NGD. 11:30AM: Whitecap Resources, GPOR, TAHO. 1:00PM: PXD, BCEI, AUQ. 1:30PM: EOX, DVN, BTG. 2:00PM: SYRG, LPI, Canadian Zinc. 2:30PM: MHR, MTDR, AGI. 3:00PM: Sundance Energy, ARC Resources, TGB. 3:30PM: iGas, Crew Energy, Augusta Resources. 4:00PM: Singapore Stock Exchange, CCJ. 4:30PM: GTE, HBM. 10/17: Citigroup Global Perspectives Conference, London. 3:30AM: Global Theme Machine. 4:30AM: Japan How will Abe-nomics work? 5:30AM: EM and China Rebalance: Winners & Losers. 7:30AM: Global Commodities The Morning After The Sunset. 8:00AM: Europe Is the Recovery On? Speakers: from Citi. 10/17: Credit Suisse Retail Round-Up, San Francisco. 1-on-1s with: COST, TIF, WSM. 10/16-10/17: Deutsche Bank Philippines Conference, Manila. Participating Companies: Aboitz Power, ABS CBN Corp., Alliance Global Corp., Ayala Corp., Banco De Oro, Bank of the Philippine Islands, Belle Corp., Bloombery Resorts, Cebu Air, D & L Industries, DMCI Holdings, East West Bank, Energy Development Corp., First Gen Corp., Globe Telecom, GMA Network, GT Capital, ICTSI, Jollibee Foods Corp., Leisure & Resorts World Corp., LT Group, Manila Electric Co., Manila Water Co., Megaworld Corp., Melco Crown Philippines, Metro Pacific Investments, Metropolitan Bank & Trust Co., Philex Mining, Philippine Long Distance Telephone Co., Philippine Seven Corp., Puregold Price Club, RFM Corp., Rizal Communication Banking Corp., Robinsons Land Corp., San Miguel Corp., Security Bank, Semirara Mining, SM Investments, SM Prime Holdings, Universal Robina Corp., Vista Land & Lifescapes. 10/17: HSBC CEO Ideas Exchange, Menlo Park, CA. Presenting Companies: ERII. 10/15-10/17: Macquarie Western Australia Forum, Perth, Australia. Invite only. 10/17: NYSSA Investment Strategy Roundtable Conference, at NYSSA, NYC. Monthly meeting of investors to discuss topics important to all market participants, including the Eurozone sovereign outcome, movements in rates and currency markets, China hard landing fears, or digging into details on volatility strategies and market technicals. 10/14-10/18: UBS South Africa Week , Johannesburg/Cape Town. 16th Annual Financial Services Conference Testing Times. 2:30AM: Old Mutual. 3:00AM: MMI Holdings. 3:30AM: Alexander Forbes. 4:00AM: Sanlam. 4:45AM: Liberty Holdings. 5:15AM: Discovery. 6:00AM: Keynote: Financial Services Board Leanne Jackson. 7:30AM: Barclays Africa. 8:00AM: FirstRand.

Events Desk (212) 884-8096

10/14-10/18: API Fall Committee on Petroleum Measurement Standards Meeting, San Francisco. Companies: Bell Tech, CAM, Dynamic Flow Computers, FMTI, GR Scientific, Kam Controls, OMNI Flow Computers, Quorum Business Solutions, Rosemount Tank Gauging, Spirit IT. 10/15-10/18: Economic Commission for Africa African Climate Conference, Arusha, Tanzania. Meeting of climate researchers & officials to discuss the impact of climate change on the continent, focusing on agricultural productibity and livable land will be changing. 10/13-10/17: World Energy Council World Energy Congress - Securing Tomorrows Energy Today, Daegu, South Korea. UTILITIES 10/15-10/17: European Utility Week 2013, Amsterdam. focused harsh scrutiny on its own divisions, hurt its national standing, and undermined its ability to win concessions from Democrats, p. A1; Gridlock in Washington has cost billions of dollars, taking a bite out of Q4 growth, which will affect employment, business earnings, and borrowing costs, with ramifications felt around the globe, p. A1; Newark, New Jersey mayor Cory Booker, having just won states senate seat, will arrive in Washington as one of countrys most prominent Democrats and its best-known black politician other than President Obama, p. A1; +/- FB: Social site has eased its privacy restrictions for young people aged 13 to 17, giving them more choice about who sees posts, but also opening them up to more targeted marketing pitches, p. A1; Though many state healthcare exchanges have experienced technical glitches, those who get past them are encountering a different set of problems as they try to make sure policies provide the doctors and medications they need, p. A18; Lobbying groups for nations biggest banks warn new rules being considered by Commodity Futures Trading Commission could have myriad unintended consequences, p. B1; Many investors worry that increasingly frequent budget crises could go on indefinitely, with no long-term resolution, p. B1; Profile of Georgios Provopoulos, governor of the Bank of Greece, who has played a crucial role in keeping country in the eurozone, but faces scrutiny for shady banking deals, p. B1; New journalism venture launched by EBAY founder Pierre Omidyar could end up in tussle with government if it continues to release NSA documents held by journalist Glenn Greenwald, p. B1; Secession talks are growing in Catalonia, but business leaders there remain wary of the potential cost and economic blowback, p. B2; In opinion piece, Topher Spiro of the Center for American Progress says the medical device tax, which the industry can easily afford, is a distraction from reforms that are urgently needed to lower healthcare costs, p. A33. WSJ: Front page story says A potentially crippling U.S. debt default was averted late Wednesday, as Congress passed legislation to end a twoweek political battle that had rattled financial markets, splintered the Republican party, and showcased Washington dysfunction, p. A1; Crisis in Washington that had the U.S. flirting with default has left business and the Republican party, longtime political allies, at a crossroads, p. A1; Lead finance story says Federal Reserve officials are considering imposing new capital surcharge on Wall Street banks that own pipelines, metals warehouses, and other lucrative physical commodities assets, p. C1; Big banks may be suffering from a slowdown in mortgage lending and bond trading, but the asset management business is booming as firms such as BLK and SCHW ride a galloping bull market for stocks, collecting more fees as their customers assets swell, p. C1; Stockbrokers are increasingly able to erase some customer complaints from their public records, leaving investors in the dark about potentially troubled advisors, according to study of 1,600 arbitration cases, p. C1; With a record number of immigrants illegally entering the country, many are using the drawn-out asylum screening process to disappear into the underground economy, p. A1; As negotiations continue with Iran over its nuclear program, some U.S. officials say there is momentum and the outlines of a potential deal, p. A1; Story on cancer research reports on work that has identified genetic mutations common among 12 types of cancer, reflecting the growing understanding that tumors can be defined by their biology rather than their location in the body, p. A2; Newark, New Jersey mayor Cory Booker won the special election for states open Senate seat, becoming the fourth African American popularly elected to that body, p. A7; Attention in Washington will soon turn to a new round of budget negotiations as Democrats and Republicans attempt to reconcile budget documents passed by House and Senate, p. A4; Among OECD countries, overall unemployment is no longer increasing, but the proportion of those out of work for 12 months or more is still rising, p. A8; China to provide financing for a $1.67B oil refinery in Cambodia, the latest sign of support for a crucial ally, p. A11; Germanys biggest companies are looking to invest overseas rather than at home in the year ahead, suggesting low investment in Europes biggest economy wont improve soon, p. B1; +/- AAPL: Tech giant hoped to broaden its appeal with a cheaper version of the iPhone, but the effort appears to be faltering after a few weeks, putting the new strategy in doubt, p. B1; Orchids, once rare, have become a massmarket commodity, led by Taiwanese entrepreneurs leveraging methods used in consumer electronics business, p. B1; - GE: Companys attempt to move machinery the size of the Space Shuttle orbiter over an Idaho highway, despite failure of similar attempts by others to use the road, has been a costly miscalculation, p. B1; Story looks at new federal healthcare exchange and asks why government technology is so poor when a dose of political will and the right talent could remake the nations entire IT infrastructure, p. B1; - BA: The danger of airliner engines abruptly

THURSDAY 10-17-2013
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shutting down from internal ice buildup, a hazard the industry thought had been eliminated, has been present in new generation of companys jets, p. B3; +/- MAT: Toymaker is investigating allegations by a labor rights group its overseas factories are violating Chinas labor laws and abusing workers, p. B3; U.S. Pipeline and Hazardous Materials Safety Administration is spending more on research to spot problems before pipes rupture, after recent spills exposed weaknesses in inspection methods, p. B3; + Asius Technologies: Startup in Boulder, Colo. has developed two kinds of earpieces to help those with hearing impairments listen safely and effectively to sounds at low volumes, p. B7; + LVMH: Delphine Arnault, daughter of chief Bernard Arnault, is creating a stable of new labels to help the luxury group overcome slowdown of flagship Louis Vuitton brand, p. B8; Department of Agriculture data show the U.S. has shipped more wheat abroad this season than a year earlier, meeting demand from China and Brazil, p. C4; Ahead of the Tape: VZ investors should be happy about Q3 earnings today, but many remain lukewarm about deal to buy remaining stake in Verizon Wireless, p. C1; H.O.T.S.: Recent battles in Washington and their effect on economic outlook suggest it may be March before Fed tapering begins; French fashion house LVMH depends heavily on its Louis Vuitton brand, a problem for investors unless company can find another star; Though Softbank shares have been rising on speculation over the value of its stake in Alibaba, there is little upside left to the trade, p. C10. FT: Lex Column: U.S. debt ceiling drama and government shutdown have had economic consequences; SWK shares have fallen 14% amid a cut to earnings target; BAC is in a rain and shine situation as it releases $1.4B of reserves it set aside against loan losses; All that glitters is not gold at fashion conglomerate LVMH, which is having a difficult year; At Dutch semiconductor maker ASML, the future hinges on a new manufacturing technique; The 30th anniversary of the Hong Kong dollar peg offers lessons for Washington, and underlines the importance of confidence; Comment: In opinion piece, John Gapper says AAPLs hiring of Burberry chief Angela Ahrendts demonstrates how the strategies of the two companies are related. IBD: Big Picture: Buyers returned to the market with considerable force Wednesday as Congress appeared to reach a compromise to prevent the worlds No. 1 economy from missing its bond payments; New America: + PRLB: Company that does fast injection molding of parts and faster prototyping is leaving rivals behind and expanding client base; Technology: ITC Investment Research survey finds AAPL iPhone and MSFT Windows phone are likely to gain market share in U.S. in next 12 months, while GOOGs Android and BBRY phones decline; - IBM: Weak sales in China and other growth markets hit companys Q3 earnings; - EBAY: Online retailer posted Q3 revenue and Q4 guidance that missed analyst expectations, leading to a drop in stock. USA: Story says that after cheering a debt deal and the end to political gridlock, Wall Street is shifting its focus from politics to regular market risks such as corporate profits and economic growth; Despite resolution of crisis in Washington, economic uncertainty, which has been high since the 2008 recession, will likely linger. NY POST: John Crudele says government is playing a shell game, moving cash around so that nobody can figure out how much debt country is really in.

Fridays Key Events

ANALYST MEETINGS: Banco Bradesco S.A. (BBD, BBDC4.BR) (Brazil), BMW i3 (BMW.DE) (Launch Event-Amsterdam), Experian (EXPN.UK) (South Africa), Itau Unibanco Holding SA (Brazil), Jenoptik AG (Germany day 2 of 2), Petroleo Brasileiro SA Petrobras (Brazil), SAFM (day 2 of 2) ANNUAL MEETINGS: EV, FOXA, HEB KEY INDUSTRY RELEASES: Nielsen/Netratings Online publishes US Search Share Ranking #'s for September. Double Witching Options Expiration. 8:00AM: FDA--CDER - Anti-Infective Drugs Advisory Committee meets to discuss the safety and effectiveness of Paladin Therapeutics' Miltefosine capsules, for the proposed indication of treating patients with visceral, mucosal and cutaneous leishmaniasis, an infection caused by a parasite. ECONOMICS FED SPEAKERS: "Planning for the Orderly Resolution of a Global Systemically Important Bank" 2013 Resolution Conference in Washington, DC. 8:00AM: Federal Reserve Bank of Richmond President Jeffrey Lacker gives introductory remarks, "Toward Orderly Resolution" 1:00PM: Federal Reserve Board Governor Daniel Tarullo speaks on "Toward Building a More Effective Resolution Regime: Progress and Challenges. 3:40PM: Federal Reserve Bank of New York Presidnent William Dudley speaks on "Resolution is not the Panacea" OTHERS: 2:00PM: Federal Reserve Bank of Chicago President Charles Evans speaks on the current economic conditions and monetary policy before the Financial Management Association International Annual Meeting in Chicago, IL. 4:30PM: Federal Reserve Board Governor Jeremy Stein participates in "Methods for Addressing Financial Imbalances" panel before the National Bureau of Economic Research "Lessons from the Financial Crisis for Monetary Policy" conference in Boston, MA. US: 10:00AM: Leading Indicators (September); 10:00AM: Usual Weekly Earnings of Wage and Salary Workers (Q3-2013); 10:30AM: ECRI Weekly Index of Economic Activity (w/e 10/11). FIXED INCOME: 11:00AM: NY Fed will Purchase Treasury Coupons in the 02/15/2036- 08/15/2043 Maturity Range EUROPE: Greece: Current Account Balance (August); Russia: Money Supply Narrow Def; Belgium: BNB Consumer Confidence (October); Netherlands: CBS Consumer Confidence (October). PACIFIC RIM: Thailand: Foreign Reserves/Contracts. FIXED INCOME: Japan: Enhanced Liquidity Auction. CENTRAL AND SOUTH AMERICA: Argentina: Economic Activity Index (August); Brazil: General Price Index (October-2nd Release); Broad National Consumer Price Index (October); Colombia: Industrial Production (August); Retail Sales (August); Mexico: Unemployment Rate (September). CANADA: CPI (September). CONFERENCES BEGINNING OF NOTE: Federal Reserve Board 2013 Resolution Conference: Planning for the Orderly Resolution of a Global Systemically Important Bank, Washington, DC

BARRONS ONLINE: Inside Scoop: NKE chief Mark Parker exercised options and sold 120K shares for $8.7M on the heels of the stock setting an all-time high. DIGITIMES: Research shows Quark will not be enough for INTC to succeed in wearable or Internet-of-Things market; Server ODMs see changes in product shipments to cloud computing clients; MediaTek to account for 60% of smartphone touch controller IC market in China in 2H13; INTC Broadwell CPU delay to help PC vendors regain pace. WOMENS WEAR DAILY: Galeries Lafayette, in a joint venture with Hong Kong-based I.T. Limited, plans to open 15 department stores throughout China over next few years. ALL THINGS DIGITAL: A look at how Anki brings videogames to life with robotic toy cars. POLITICO: With government shutdown over, debate within the GOP about who blew it is just beginning, with some observers wondering if Republicans have finally learned a lesson. PAIDCONTENT: Story reports it appears that dark search is now the norm at GOOG. TECHCRUCH: Post-Snowden, U.K. parliamentary committee to probe individual privacy vs.

In The Rags
NYT: Republican attempt to undercut healthcare law by stripping it of federal money instead

Events Desk (212) 884-8096

national security; POcode gives small businesses an alternative to GPS; Twitter says a technical issue is preventing URLs from being sent in direct messages for now. CNET: MSFTs Windows 8.1 has some new features, but retains many of its old problems. THE HILL: Republicans will head into next budget battles having borne the brunt of the blame for the shutdown and near-default. NEJM: 1) + CELG: In patients with metastatic pancreatic adenocarcinoma, nab-paclitaxel plus gemcitabine significantly improved overall survival, progression-free survival, and response rate, but rates of peripheral neuropathy and myelosuppression were increased; 2) Bracing significantly decreased the progression of high-risk curves to the threshold for surgery in patients with adolescent idiopathic scoliosis. The benefit increased with longer hours of brace wear. PROJECT SYNDICATE: Ongoing stalemate in Washington has two major implications for international monetary system, says Jose Antonio Ocampo, namely uncertainty about dollar as global reserve currency and further postponement of IMFs 2010 quota and governance reforms. BLOOMBERG SURVEILLANCE: 7:00AM: Stephen Roach of Yale University is guest host; 7:18AM: Alan Miller, CEO of Universal Health Services; 8:00AM: Kenneth Taubes, chief U.S. investment officer, Pioneer Investment Management; 9:00AM: Alan Blinder, former vice chairman of the Federal Reserve. +2.6% (raises guidance); Woodside Petroleum Ltd WPL.AU -1.5% (Q3 results); Linc Energy LNC.AU +5.9% (FY production results) - UTILITIES: Korea Electric Power Corp 015760.KR -6.6% (delays operation);Beijing Jingneng Power Co Ltd 600578.CN +2.9% (provides Q3 guidance) - TELECOM: ZTE Corp 763.HK +4.4% (awarded contract) EUROPEAN / ASIAN ANALYST ACTIONS UPGRADES: Antofagasta (HSBC), Danone Group (ESN), Aurubis (HSBC), Nutreco Holding (GS), PostNL (CS), Synergy Health plc (C), Yara International (DNB Markets). DOWNGRADES: ASML Holdings (MS, HSBC), Danone Group (C, Kepler), Carrefour SA (ESN), Deutsche Telekom (Tier1), GEA Group (ESN), GDF Suez (UBS), MindTree (Jefferies), Neste Oil (BNP Paribas), Stora Enso Oyj (ESN), Ten Network (JPM), Tui Travel (UBS). INITIATES: BMW AG Hold (Berenberg), bpost SA Underperform (CS), Bilfinger Berger Underweight (JPM).

THURSDAY 10-17-2013
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-O names Sumit Roy chief investment officer. -QCOM vice chairman Steve Altman to retire effective January 3, 2014. -Toys R Us appoints Antonio Urcelay CEO, has served as interim chief since May. CORPORATE ACTIONS -ESI holder Blum Capital discloses stake reduced to 10.8% from 14.1% in June. ENERGY -API Petroleum Inventories: Crude: +5.94M vs. +1.5ME; Gasoline: -2.2M vs. 0E; Distillate: 1.32M vs. -1ME. -OGX Petroleo e Gas Participacoes SAs Eike Batista said to be personally reaching out to bondholders to speed up debt restructuring process in effort to avert financial collapse. FINANCIAL -AXP reports is has not felt any direct impact on its business from government shutdown. HEALTHCARE -AMAG receives notice of 3-month extension of PDUFA action date for supplemental new drug application for Feraheme(R) for broader IDA indication. -AMRN: FDA scheduled to make decision on whether to approve ANCHOR sNDA on December 20. -CELG reports positive results from ABRAXANE phase 3 study of patients with metastatic pancreatic cancer. -COST discloses receipt of Drug Enforcement Administration subpoenas and administrative inspection warrants. -VNDA announces FDA advisory committee meeting on November 14 for review of NDA for Hetlioz (tasimelteon). INDUSTRIAL -HOG issues recall of 25.2K touring motorcycles. -LMT said to be laying off 600 workers in Mission Systems and Training division, not related to U.S. government shutdown. TECHNOLOGY -IBM chief Virginia Rometty says China business was down 20% in Q3, with hardware down 40% due to issues with broad-based economic reform programs. -NOK may launch Lumia 2520 on October 22, to be the first Windows RT tablet. -Panasonic confirms joint venture with SNE on OEL TV. JIM CRAMERS MAD MONEY -POSITIVE MENTIONS: GPC, CSCO, ATI, OPK -NEGATIVE MENTIONS: BERY -INTERVIEW: KEY chief Beth Mooney; Cramer is positive; CLB chief David Demshur; Cramer is positive. THE BACK OFFICE -DIVIDEND NEWS: KMI increases dividend 14% to $0.41 from $0.36; KMP raises quarterly distribution by 2.2% to $1.35/unit; EPB raises quarterly distribution by 12% to $0.65 from $0.58; WES increases distribution by 3.5% to $0.58 from $0.56. -FITCH RATINGS: FNMA and FMCC long- and short-term ratings placed on negative watch. -MOODYS RATINGS: CMLP senior secured notes ratings upgraded two notches to B1 from B3, outlook stable. DEALS PRICED -ADXS prices 5.75M share 2ndary at $4/share. -Bollore sets initial pricing range for IPO of batter unit Blue Solutions at 12-14.50/share. -BRX to offer 37.5M shares in rage of $1921/share. -WNRL prices 15.8M common unit IPO at $22/share. OFFERING ANNOUNCEMENTS -CMPX registers 2.48M shares for holders. -CSII files $75M mixed securities shelf offering. -CST files amended S-1 related to 13.11M shares owned by Valero. -LPL said to have hired banks to hold a KRWdenominated debt offering. -MGNX underwriters fully exercise 750K share overallotment option. -MRTX to sell 3M shares of common stock in public offering. -TKMR offering common shares. AFTER HOURS TRADING HIGHER: On Earnings: SNDK, NE, AXP; LOWER: On Earnings: SCSS, IBM, EBAY, XLNX

After the Close Wednesday

-Senate votes 81-18 to end government shutdown, 83-16 to advance fiscal bill that avoids default, putting in motion final steps of a bipartisan solution to the weeks-long budget drama; House passes measure to end government shutdown and raise debt ceiling; President Obama signs bill. -Newark mayor Cory Booker wins New Jersey Senate seat. EARNINGS -BEAT estimates: RLI (+.45); PTP (+.32); SNDK (+.27); BAX (+.20); EXPO (+.18); UFPI (+.17); NE (+.15); XLNX (+.06); CCK, CVCY, SVU (+.05); CNS, DOV, IBM (+.04); ALB, AXP, SNA (+.03); BMI, CLB, HNI (+.02); AF, DHR, EBAY, PCBK, PM, SLM, STLD (+.01) -IN-LINE with estimates: BKMU -DISAPPOINTED: BX, EPB, EWBC, HCCI, KMI, KMP, PENN, POOL, SCSS, UMPQ GUIDANCE -POSITIVE: HNI, IBM, SLM -IN-LINE: CLB -NEGATIVE: EBAY, SCSS, SNDK GLOBAL MACRO NEWS -AUSTRALIA; Q3 NAB Business Confidence: +3 vs. -1 prior; September RBA FX Transactions (A$): 663M vs. 482M prior. -CHINA: Moodys says liquidity rules for banks is credit positive; Peoples Bank of China sets yuan midpoint at 6.1431 vs. 6.1408 prior setting, will not conduct open market operations in todays session, drains CNY44.5B this week vs. injected CNY33B prior; September FDA y/y: +4.9% vs. +0.6% prior; ytd y/y: +6.2% vs. +6.4% prior; September FDI: $8.8B, +4.9%vs. +0.6% prior; ytd y/y: +6.2% vs. +6.4% prior. -JAPAN: Bank of Japan offers to buy 300B in 1- to 3-year JGBs, 350B in 3- to 5-year JGBs, 200B in JGBs with maturity of more than 10 years. -NEW ZEALAND: September ANZ Job Ads m/m: +1.1% vs. -1.3% prior; October ANZ Consumer Confidence: +2.9% vs. -3.4%; Index: 122.3 vs. 118.9 prior. -SINGAPORE: September Electronic Exports y/y: -5.5% vs. +0.2%E; Non-Oil Domestic Exports m/m: 5.7% vs. 2.6%E; y/y: -1.2% vs. 2.8%E. -SOUTH KOREA: September PPI y/y: -1.8% vs. -1.3% prior. -SPAIN: Debt agency sells total 2.545B vs. 1.5-2.5B indicated range in 2016 and 2018 Bono bonds. -UNITED KINGDOM: Bank of Englands Dale sees a chance for rate change in 2014, policy is to remain loose for some time; September Retail Sales Ex Auto m/m: 0.7% vs. 0.3%E; y/y: 2.8% vs. 2.2%E; September Retail Sales Including Auto m/m: 0.6% vs. 0.4%e; y/y: 2.2% vs. 2%E. -UNITED STATES: Fitch notes limited rating actions in U.S. CMBS expected following negative watch; Senate clears procedural hurdle on debt limit and government funding deal; Pimcos Bill Gross sees U.S. rates to increase by 5-10bps (CNN); Treasury Secretary Lew says Senate bill to end crisis is lifting cloud of uncertainty over U.S. credit; Chinese rating agency Dagong cuts U.S. sovereign rating from A to A-, maintains negative outlook. MERGER AND ACQUISITIONS -WMGI to acquire privately held Biotech International in deal valued at $80M. PERSONNEL CHANGES -CTXS chief Mark Thompson to take temporary leave of absence, David Henshall to serve as acting CEO.

US Analyst Actions
UPGRADES: AKAM (Davidson), ATK (RBC), BBY (Oppenheimer), CLF (Cowen), ERF (RBC). DOWNGRADES: AMRN (Canaccord, JPM, Aegis, Suntrust), AVIV (Tier1), CSX (RBC), DYN (ISI Group), NSC (RBC), SWK (BCS, MS). INITIATES: DCT Neutral (C), INAP Buy (Davidson), INSM Market Perform (JMP Securities), SCTY Overweight (JPM), SIAL Underweight (MS), TS Buy (C).

Around The World

US Futures are Mixed. European markets are mostly lower. Most Asian markets closed higher after the Senate passed the bill to end the government shutdown. Nikkei: +119.37; Hang Seng: -133.45; CSI 300: 8.04; Taiwan: +42.50; Kospi: +6.00; FTSE: -8; DAX: -38; CAC: -13; Gold: +23.8; Copper: 0.0230; Oil: -0.49; 10 Year Treasury Yield: 2.62%, +9/32; US$: Lower vs. Pound; Lower vs. Yen; Lower vs. Euro; S&P Futures: -4.00; NASDAQ Futures: +0.8; DOW Futures: -33. IN EUROPEAN OVERSEAS TRADING (BY SECTOR) - CONSUMER DISCRETIONARY: Remy Cointreau RCO.FR -3% (H1 sales declined y/y), Metro MEO.DE -1% (Q3 sales inline); British Sky BSKY.UK +4.5% (Q1 sales rose y/y), Nestle NESN.CH +2% (reaffirmed forecast), Carrefour CA.FR +1.5% (Q3 French sales improved). - TELECOM: KPN KPN.NL -8.5% (America Movil withdrew bid). -FINANCIALS: Man Group EMG.UK +2.5% (reported Q3 net inflows). - BASIC MATERIALS/RESOURCES: Polymetal POLY.UK +3.5% (reaffirmed production forecast), Syngenta SYNN.CH +1.4% (Q3 sales in line) - UTILITIES: E.ON EOAN.DE -2.5% (broker commentary). - INDUSTRIALS: Outotec OTE1V.FI -9% (profit warning); Plastic Omnium POM.FR (Q3 sales +11%). - ENERGY: Cairn Energy CNE.UK +1.5% (share buyback). - EUROSTOXX50 SECTORS: Technology 1.5%, Utilities -1.3%, Consumer Cyclical -0.8%, Energy -0.8%, Telecom -0.7%, Industrials 0.7%, Financials -0.5%; Consumer Non-Cyclical +0.5%, Basic Materials +0.3%. IN ASIAN OVERSEAS TRADING (BY SECTOR) - CONSUMER DISCRETIONARY: Daphne International Holdings Ltd 210.HK -5.3% (Q3 results); Shenzhen Huaqiang Industry 000062.CN -3.1% (Q3 results) - INDUSTRIALS: IHI Corp 7013.JP +2.8% (speculation on H1 results); Boral Ltd BLD.AU +5.9% (JV agreement); Kelin Environmental Protection Equipment Inc 002499.CN +10.0% (pollution management policies) - MATERIALS: Van Shung Chong Holdings Ltd 1001.HK -5.1% (announces acquisition); Fortescue Metals Group Ltd FMG.AU -4.4% (Sept quarter results; provides FY guidance) - TECHNOLOGY: HTC Corp 2498.TW +1.2% (product launch) - ENERGY: Kansai Electric Power 9503.JP