Events Desk (212) 884-8096

THURSDAY 10-31-2013
p. 1 of 4

Alerts For Today Publish Time 7:15AM

**US FUTURES: (S&P -4.50, DJI -25, NDX -15.0, 10 Year Treasury Yield 2.50, +9/32). European markets mostly lower. Asian markets closed lower. Gold is Lower. Oil is Higher. The US $ is Higher vs. Pound; Lower vs. Yen; Higher vs. Euro. **KEY NEWS: FOMC and RBNZ less dovish than expected. BOJ offered a minimal policy statement ahead of the release of semiannual Outlook for Economic Activity and Prices, voting unanimously to increase monetary base at annual pace of 6070T yen - its standard policy setting and as widely expected. Reserve Bank of New Zealand Leaves Official Cash Rate Unchanged at 2.50% (as expected). CHINA: injects liquidity into money markets for 2nd consecutive session. US Treasury's semiannual currency report again declined to name China as currency manipulator, instead shifting more focus to Germany and its large current account surplus contributing to deflationary pressure in the rest of the EZ. ITALY: Unemployment at fresh record high. EURO ZONE: September Unemployment Rate: 12.2% v 12.0%e; October CPI Estimate Y/Y: 0.7% v 1.1%e; CPI Core Y/Y: 0.8% v 1.0%e. SPAIN: 10-year government yield dips below 4.00% for first time since early May. **M & A NEWS: LEAP Announces shareholder approval for proposed combination with AT&T. **EARNINGS OUT THIS AM (VS CONSENSUS): AAWW (-.27), ABC (+.05, adj.), ABX (+.08, adj.), ACOR (+.26, adj), APOL (+.30, ex items), Bombardier (-.01, adj.), CI (+.27, adj.), CPLA (+.08), EPD (-.03), EPL (-.07), EVER (In-Line), GBX (+.09), IRM (+.01, adj.), MD (+.04), MYL (+.04), NIHD (-.39, adj.), NI (In-Line), ORBK (+.08, adj.), ORN (+.05), PCRX (+.06), PWR (+.02), Q (+.04, adj.), SFY (In-Line), STFC (+.11), STRA (+.25, adj.), TDC (-.01), THRM (+.04, adj.), TWC (+.05, adj.), VICL (In-Line), VRX (+.11, adj.), WNR (-.16, adj.). **IN THE RAGS/ONLINE: NYT: State legislatures around the country, facing growing public concern about collection and trading of personal data, are proposing a range of privacy laws that cover everything from tracking students to police monitoring cellphones; WSJ: At end of two-day meeting, Federal Reserve officials emerged with signature easy-money program intact and no clear signal about whether they would begin pulling it back at their December meeting; Londons top traders and bankers could soon see a big boost to their monthly pay as part of an effort by banks to soften the blow of a new EU law limiting annual bonuses; Bloomberg: C. and JPM are putting their top London currency dealers on leave after regulators probing the manipulation of foreign-exchange rates started investigating the traders use of an instant-message group. **KEY ECONOMICS: 7:30AM: Challenger, Gray & Christmas Job-Cut Report (October); 8:30AM: Initial Jobless Claims (w/e 10/26); 9:45AM: Bloomberg Consumer Comfort Index (w/e 10/25); 10:00AM: Chicago PMI (October); TBA: Dallas Fed PCE (September). **KEY EVENTS TO WATCH: Morning: Treasury Secretary Jacob Lew chairs a meeting of the Financial Stability Oversight Council (FSOC) at Treasury and; In The Afternoon: joins Secretary of State Kerry to brief members of Congress on the Administrations efforts to prevent Iran from acquiring a nuclear weapon. 10:45AM: Commerce Secretary Penny Pritzker with WMT CEO Bill Simon hold a news conference to "make a major announcement" at the SelectUSA 2013 Investment Summit in Washington, DC. 1:30PM: President Obama delivers remarks at the first ever SelectUSA 2013 Investment Summit in Washington, DC. **KEY INDUSTRY RELEASES: 9:00AM: International Grains Council releases world grain production #'s for October; 10:30AM: E.I.A. publishes weekly natural gas storage report; 3:00PM: USDA publishes agricultural prices for October. **CONFERENCES: Cato Institute Policy Perspectives Conference, Washington, DC; Ira Sohn Foundation European Investment Conference, London; SelectUSA 2013 Investment Summit, Washington, DC; SelectUSA Investment Summit, Washington, DC **ANALYST MEETINGS: Catlin Group Ltd. (London), EW (at the Transcatheter Cardiovascular Therapeutics Conference). **COMPANY UPDATE: INAP (acquisition of iWeb) **ANNUAL MEETINGS: DOLE (Re Merger with David H. Murdock), ORCL, WBMD. **KEY ANALYST ACTIONS: UPGRADES: ALU (ESN), CAVM (Oppenheimer), CSS (RBC), EXPE (Tier1), HTS (Compass Point), ICLR (ISI), ITRI (Brean), MCHP (Mizuho), SM (Baird), THOR (Canaccord). DOWNGRADES: AJG (Compass Point), BWP (BCS), CVD (RJF), FLR (Canaccord), ITRI (Janney), MDAS (ISI Group), MSM (Baird), NICE (BCS), SAIA (RJF), SEE (Jefferies), UMC (Tier1). **IN AFTER HOURS TRADING. HIGHER: On Earnings: ZLTQ, EXPE, SPRT, PFPT, ISIL, ANIK, QUIK, FLDM, ITMN, UNTD, PPC, SHOR, SWKS, PGTI, THOR, ARRS, AFFX, OI, PRAA, PVA, TRN; Others: XOMA (study results); DSCO (offering); LOWER: On Earnings: WTW, SGI, GLUU, JIVE, ROVI, JDSU, TSYS, RATE, MOH, SPWR, V, AVNW, AXTI, MET, SLRC, SBUX (slower sales growth is Asia), FB

Events Desk (212) 884-8096

IN CANADA

THURSDAY 10-31-2013
p. 2 of 4
national Trade Edward Fast, Magna International Board of Directors J. Trevor Eyton. Part 2: former VP Dick Cheney, GardaWorld Cash Services, RBC Capital Vice Chairman Michael Fortier. 3:00PM: Concluding Plenary - The Financing Infrastructure Imperative: Building a Foundation for the Next Era of Growth. Speakers: Lazard, Toronto Port Authority, AIMCO. 10/31-11/1: SelectUSA Investment Summit, Washington, DC. 9:00AM: Opening / Welcome Remarks: The U.S. is Open for Business. Speaker: Commerce Secretary Penny Pritzker. 9:15AM: A View of the US and Global Economy. Speaker: Treasury Secretary Jack Lew. 9:25AM: Plenary Introduction. Speaker: Undersecretary for Commerce Francisco Sanchez. 9:30AM: Why Select the USA: Perspectives on Investing and Operating in the United States. Speakers: BLK CEO Larry Fink, DOW CEO Andrew Liveris, WMT CEO Bill Simon, National Economic Council Director Gene Sperling. 11:00AM: 1) Why the Economics Favor Investing in the United States. Speakers: Deloitte, Bloomberg, Canada Pension Plan. 2) U.S. Leadership in Advanced Manufacturing. Speakers: GlobalFoundries CEO Ajit Manocha, FLEX President Jeannine Sargent, Rolls-Royce North America CFO William T. Powers III. 3) Taking Advantage of the Worlds Deepest Technology Market. Speakers: Samsung Electronics EVP David Steel, GOOG VP Alfred Spector, CRM Co-founder Parker Harris. 2:15PM: America's Universities: Partnering with the World's Leading Education and Research Institutions. Speakers: Sanofi North America, academics. 3:30PM: 1) U.S. Energy Resources and Regional Opportunities. Speakers: Sasol North America, Iberdrola Renewables, E.ON North America. 2) Opportunities for Private Investment in U.S. Infrastructure. Speakers: Meridiam Infrastructure, Brookfield, Cintra US. 3) Opportunities for Global Firms to Compete in the U.S. Economy. Speakers: Tata Sons North America, Nexteer Automotive, Essar Steel Minnesota LLC, Braskem America. 4:30PM: Closing. Speaker: Labor Secretary Thomas Perez. OBAMA ADMINISTRATION Morning: Treasury Secretary Jacob Lew chairs a meeting of the Financial Stability Oversight Council (FSOC) at Treasury; and; In The Afternoon: joins Secretary of State Kerry to brief members of Congress on the Administrations efforts to prevent Iran from acquiring a nuclear weapon. 10:45AM: Commerce Secretary Penny Pritzker with WMT CEO Bill Simon hold a news conference to "make a major announcement" at the SelectUSA 2013 Investment Summit in Washington, DC. 12:30PM: Secretary of State John Kerry holds a bilateral meeting with Director General of the International Atomic Energy Agency Yukiya Amano; and at 3:00PM: holds a bilateral meeting with Iraqi Foreign Minister Hoshyar Zebari. 12:30PM: Interior Secretary Sally Jewell delivers remarks on the economic value of our national parks at a National Press Club 1:30PM: President Obama delivers remarks at the first ever SelectUSA 2013 Investment Summit in Washington, DC; at 3:15PM: meets with Senator elect Corey Booker 7:00PM: Defense Secretary Chuck Hagel delivers the keynote address at the Anti-Defamation League centennial meeting, Grand Hyatt, NYC. WASHINGTON EVENTS 10:00AM: "China's Third Plenum: Reform and Opening Up 2.0?" at the Brookings Institution. 12:30PM: Interior Secretary Sally Jewell speaks on "conservation priorities, including Interior's role in the President's Climate Action Plan, and strengthening the nation's economy through healthy lands, water and wildlife at the National Press Club. OTHER REGIONS 7:15AM: Women's Leadership Breakfast in conjunction with the Technology Committee at the Executives Club of Chicago. Speakers: BA CIO Kim Hammonds; S&C Electric Company Vice President, Power Systems Solutions Wanda Reder; XRX Chief Technology Officer and President, Xerox Innovation Group Sophie Vandebroek and moderator Nicor Gas President Beth Reese. UN GENERAL ASSEMBLY PLENARY AND RELATED MEETINGS 1) Report of the International Court of Justice. 2) Report of the International Criminal Court; reports of the Secretary-General and note by the Secretary-General. COMPANY EVENTS IN EUROPE 10:00AM: Catlin Group Ltd. hosts Investor Day, London IN CANADA 11:30AM: Teck Resources Ltd hosts call to discuss Fort Hills Oil Sands Project. #800-565-0813. IN THE US 8:00AM: INAP hosts call to discuss acquisition of iWeb in a deal valued at approximately $145M. #866-515-9839. 8:00AM: TQNT hosts Investor and Analyst Day, NYC. 10:00AM: EW hosts an analyst event at the Transcatheter Cardiovascular Therapeutics Conference, San Francicso, CA OTHER M&A: VRNM / BASF Corp - tender offer expires ANNUAL MEETINGS: 9:30AM: WBMD, W NY, Union Square, NYC. 1:00PM: DOLE, Westlake Village, GA (special meeting Re Merger with David H. Murdock) 1:00PM: ORCL, Redwood City, CA OTHER: CEMI, CMRE, DRYS, ORIG, PIKE, TECH. S&P Index Changes: FTDDV (FTD Companies Inc.) will replace UNTD in the S&P SmallCap 600 Index , PBNY will replace STL in the SmallCap 600 Index Stock Split: UNTD: 1-7 reverse split.

Broker Meetings
ROADSHOWS IN NEW YORK Karyopharm Therapeutics (IPO) BofA Merrill Lynch, Leerink Swann, Ritz Carlton DEALS EXPECTED Container Store Group (TCS) (IPO) JPM/ Barclays/ Credit Suisse Qunar Cayman Islands Ltd. (QUNR) (IPO) Goldman Sachs (Asia)/ Deutsche Bank (between $9.50-$11.50) NEW YORK EVENTS Management Lunches: EDU, Morgan Stanley. 1on1s: CMX, RBC Capital. Daimler AG. JPM. GE, BAC-ML. BOSTON EVENTS 1 on 1s: Cairn Energy, Jefferies. GSVC, Oppenheimer. SNN, JPM. OTHER US EVENTS 1 on 1s: ALTR, Piper Jaffray, Minneapolis. Ardmore Shipping Corp, Jefferies, Houston. BABY, Roth Capital, San Francisco. BAE Systems, Jefferies, Los Angeles. California Stem Cell (private), Piper Jaffray, Irvine. China Telecom Corp Ltd., Jefferies, Hong Kong. ECL, Credit Suisse, San Francisco. Gazprom OAO, Goldman Sachs. Home Retail Group, BAC-ML, Edinburgh. LPTN, JMP Securities, San Francisco. Nestle, Morgan Stanley, San Francisco/Santa Fe. St. Jamess Place plc, JPM, San Francisco. TransForce, RBC Capital, San Francisco. Trupanion, Credit Suisse, San Francisco. Tullow, Morgan Stanley, Chicago. XOOM, Needham, San Francisco. INTERNATIONAL EVENTS 1 on 1s: Canam Group, RBC Capital, Montreal. Morrisons plc, BAC-ML, London. Natura, BAC-ML, Tokyo. Redrow, BAC-ML, London. RTL Group, Morgan Stanley, Montreal. Skandinaviska Enskilda Banken AB, RBC Capital. Turk Telecom, Credit Suisse, London. URI, Piper Jaffray, Toronto. WH Smith, BAC-ML, London.

GDP (August); Average Weekly Earnings (August) IN CENTRAL AND SOUTH AMERICA Mexico: deadline for Senators to approve the tax bill before a budget deadline. Mexico: Budget Balance YTD (September); Net Outstanding Loans (September); Brazil: Net Debt % GDP (September); Nominal Budget Balance (September); Primary Budget Balance (September). 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 fixed-rate 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 AGRICULTURE: 9:00AM: International Grains Council releases world grain production #'s for October; 3:00PM: USDA publishes agricultural prices for October AIRLINES: The International Air Transportation Association releases international airline traffic #'s for September; Qantas (QAN.AU) releases air traffic #'s. CHEMICALS: CMAI Global (acquired by I.H.S. Cera) releases chemical pricing (monomers, plastics & polymers, aromatics) reports to clients. ENERGY: E.I.A. publishes Natural and supplemental gas production, supply, consumption, disposition, storage, imports, exports, and prices in the United States. (Natural Gas Monthly); HGT releases distribution report (Record Date). FINANCIAL SERVICES: National Association of Credit Management publishes Credit Managers Index; Mortgage Insurance Companies of America publishes private mortgage insurance #'s for September (reinsurance in force, new insurance written, and the cure-to-default ratio); Fannie Mae (FNMA) monthly summary report including year-to-date activities for gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications for September; AMG Data Services publishes mutual fund inflow #'s and outflow #'s; CLMS Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) announce monthly distribution for November. FOOD/ BEVERAGE: UK Customs & Excise publishes alcohol consumption; National Alcohol Beverage Control Association publishes spirits sales #'s in controlled states recap report. HOTEL/ GAMING: Nevada Gaming Control Board publishes Las Vegas Strip gaming revenue #'s. INDUSTRIAL: Business & Institutional Furniture Manufacturer Association publishes commercial furniture shipments. REAL ESTATE: Radar Logic Inc. releases the RPX Monthly Housing Market Report for August. RETAIL SALES: 8:30AM: RAD. RETAIL: International Council of Shopping Centers publishes Canadian Shopping Center Employment for August; National Restaurant Association publishes restaurant performance #'s. SEMICONDUCTORS: Semico inflection point indicator (IPI) index released for September. TECHNOLOGY: I.P.C. publishes IMS/PCB (Interconnect manufacturing services/Printed circuit board) Book-to-Bill for August. QUARTERLY ENERGY: Glencore Xstrata Plc reports production #s and Interim Management Statement; American Fuel and Petrochemical Manufacturers publishes petrochemical production #'s and inventory #'s for Q3. FINANCIAL SERVICES: Mortgage Bankers Association publishes Q3 commercial/multifamily mortgage loan originations. MEDIA/ENTERTAINMENT: BLC releases advertising #'s (with earnings); JRN releases advertising #'s; (with earnings); NYT releases advertising #'s (with earnings). PHARMACEUTICALS: Lonza Group releases product pipeline update (with earnings). REAL ESTATE: SPF releases order #'s (with earnings). RETAIL SALES: AAP, BODY, CEC, SBUX (with earnings). TELECOM: BT Group Plc releases subscribers #'s (with earnings-Q2 and Half Year). MACRO CONFERENCES (EDT) 10/31: Cato Institute Policy Perspectives 2013, Waldorf-Astoria, NYC. 11:00AM: Welcome. Speaker: Cato Institute VP Jerry Taylor. 11:05AM: Keynote: The Fiscal and Monetary Barriers to Economic Recovery. Speaker: Encima Global LLC President David Malpass. 11:35AM: Obamacare: What We Now Know. Speaker: Cato Institute Senior Fellow Michael Tanner. 11:55AM: Rise of the Surveillance State. Speaker: Cato Institute VP Gene Healey. 12:30PM: Luncheon Address: WSJ Author Peggy Noonan. 10/30-10/31: International Economic Forum of the Americas Annual Meeting, Toronto. 8:30AM: Plenary - The Global Energy Revolution: Beyond the Myth, Confronting Reality. Speakers: Bloomberg New Energy Finance, SWN, JOGMEC. 10:30AM: 1) Financing Infrastructure for Global Growth: The Role of Institutional Investors. Speakers: Toronto Region Board of Trade, AIMCO, Sun Life Financial, Asian Development Bank Institute, Ontario Teachers Pension Plan, Capstone Infrastructure. 2) The Commodities Outlook: Moving Past the Supercycle. Speakers: Scotiabank, GDF Suez Energy North America, World Bank. 3) Leveraging Clean Technologies: Towards Energy Savings. Speakers: Ontario Power Authority, Bloomberg New Energy Finance, BDC Venture Capital, Sustainable Development Tech Canada. 12:00PM: Energy Security and Evolving Geopolitical Realities in the 21st Century. Part 1: Canada Minister of Inter-

Todays Focus
ECONOMICS IN THE US 7:30AM: Challenger, Gray & Christmas Job-Cut Report (October). Last Reading: 40,289. 8:30AM: Initial Jobless Claims (w/e 10/26). Consensus Estimate: 339,000 vs. 350,000; Continuing Claims (w/e 10/19). Consensus Estimate: 2.87M vs. 2.874M. 4-Week Average. Last Reading: 348.25K 9:45AM: Bloomberg Consumer Comfort Index (w/e 10/26). Last Reading: -36.10 10:00AM: Chicago PMI (October). Consensus Estimate: 55.0 vs. 55.7 10:00AM: DJ-BTM US Business Barometer (w/e 10/19). Last Reading: -0.4% 4:30PM: Money Supply (w/e 10/28) 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. TBA: Dallas Fed PCE (September). Last Reading: +1.5% AUCTIONS/ FED ACTIONS 11:00AM: NY Fed will Purchase Treasury Coupons in the 11/15/2024 - 02/15/2031 Maturity Range. 11:30AM: Treasury Announces a 3 & 6 Month Bill Auction IN EUROPE 10/30-10/31: Eurogroup President and Netherlands Finance Minister Jeroen Dijsselbloem visits Latvia. IMF Deputy Head Lipton speaks on Germany in Berlin. Norway Central Bank (Norges) Governor Olsen speaks in Trondheim. ECONOMIC RELEASES: 03:00EDT/08:00GMT Finland Aug Final Trade Balance; 03:45EDT/08:45GMT France Sept PPI; Sept Consumer Spending; 04:00EDT/09:00GMT Hungary Aug Final Trade Balance; Sept PPI; 05:00EDT/10:00GMT Iceland Sept Final Trade Balance; 05:00EDT/10:00GMT Italy Sept Preliminary Unemployment Rate; 05:00EDT/10:00GMT Czech Republic Sept Money Supply M2; 06:00EDT/11:00GMT Belgium Sept Unemployment Rate; 06:00EDT/11:00GMT Italy Oct Preliminary CPI NIC Incl Tobacco; CPI EU Harmonized; 06:00EDT/11:00GMT EU Sept Unemployment Rate; 06:00EDT/11:00GMT EU Oct CPI Estimate; Advance CPI Core; 07:00EDT/12:00GMT Ireland Oct Live Register Level SA; Live Register Monthly Change; Oct Unemployment Rate; 07:00EDT/12:00GMT Italy Sept PPI; 09:00EDT/14:00GMT Poland Oct NBP Inflation Expectations; TBD Spain Aug Current Account Balance; Aug Housing Permits; TBD Greece Aug Retail Sales. FIXED INCOME: 06:00EDT/11:00GMT EU Daily Euribor Fixing; 06:30EDT/11:30GMT Hungary Debt Agency (AKK) to sell Bonds; 07:00EDT/12:00GMT Czech Republic to sell Bills IN THE PACIFIC RIM 10/30-11/1: Australia hosts the 13th Council of Ministers Meeting of the Indian Ocean Rim Association for Regional Cooperation in Perth. MONETARY POLICY MEETING: Bank of Japan.

Events Desk (212) 884-8096

BROKER SPONSORED CALLS 10:00AM: Oracle: Strategic Considerations and Recap of Exadata Opportunity: JPM hosts call with analyst. #888-566-4617 (US); +1-517-623-4811 (outside US); Passcode: software. 2:00PM: DNA Download; Update on Trends in DNA Sequencing: Leerink Swann hosts call with experts. #973-528-0045; ID=635784. (Companies: FLDM, ILMN, LIFE, PACB).

THURSDAY 10-31-2013
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looking to parts of Britain theyd ignored after the financial crisis, p. C1; +/- JPM: Question of how bank came to double-lease land for oil drilling in Eagle Ford Shale and whose responsibility it was to make sure that didnt happen is central to its latest legal headache, p. C1; Hong Kong Stock Exchange considering change in rules regarding shareholder structure, which could open door for Alibaba to list in city, p. C1; As social security payments for 63M retirees and disabled people rise 1.5% in January, debate over federal spending is likely to increase despite the historically small adjustment, p. A2; 2012 financial report from Fresno, Calif. showed city with less than a days worth of available cash in its general fund, but though things have improved, city has little margin for error, p. A3; Columnist David Wessel says Lawrence Summers argument to focus on spurring growth and ignoring the deficit is overly optimistic, p. A4; New WSJ/NBC News poll finds President Obamas job approval rating has sunk to an all-time low, noting he now faces the same discontent that hit Republicans after shutdown, p. A5; Researchers have discovered a potentially powerful new treatment for HIV that would use antibodies to disable the virus, a finding that promises to energize research in both prevention and treatment, p. A7; Study finds a close cousin of the SARS virus that killed more than 750 people a decade ago lives in bats and could jump directly to people, p. A7; Study from Beijings Tsinghua University finds up to 64M households have had their land taken or homes destroyed during urbanization, p. A11; +/- FB: After reporting strong third-quarter results, executives told analysts company wont be able to cram more ads into users news feeds, and that teens, a crucial market segment, are spending less time on site, p. B1; + INFY: Indian outsourcing giant reaches $34M civil settlement with U.S. authorities that resolves all allegations about visa fraud and ends the investigation into the company, p. B2; - TEVA: Chief executive Jeremy Levin said to have lost his job because of ongoing dispute with board, just as worlds largest generic drug maker faces more competition for its top-selling product from Indian upstarts, p. B2; + AMR Corp., LCC: Airlines preparing a settlement proposal to the U.S. Justice Department that would include offers to give up slots at Reagan National Airport, p. B2; FDA, in bid to prevent drug shortages, is setting new rules requiring companies to notify the agency of any manufacturing interruptions of drugs in short supply, p. B3; Ladar Levison, founder of shuttered encrypted e-mail service Lavabit, is partnering with encryption company Silent Circle to create a new kind of messaging called Darkmail, p. B7; +/- XOM: Investors will be watching oil giants earnings report today to see if its output and profit margins have stemmed their declines, p. B7; A number of small manufacturers, facing soaring health insurance costs, will continue to offer coverage to employees even though Affordable Care Act doesnt require them to, p. B8; Ahead of the Tape: The rewards of consistency and capital discipline are enduring for XOM investors, p. C1; H.O.T.S.: Economy may dash expectations the Fed could taper bond buying sooner rather than later; FB is successfully moving with the mobile times, yet it remains a one-trick advertising pony; In China, large banks are pulling away from capital buffers, p. C8; In opinion piece, Ruchir Sharma says Chinas growth numbers are illusory, noting huge new flows of credit and public investment are delaying needed reforms and inflating a real estate bubble, p. A15. FT: Lex Column: Speculators should have fun playing short-term movements in FB; BCS has shown promise in its recovery in many ways, but the investment bank is holding back progress; TEVA may be priced right, but too much strategic detail gives competitors an edge; New drugs at SNY may lead to new growth next year; Volkswagen needs to change gears, rating of shares in Europes biggest automaker remains modest; Comment: Bank of Englands Mark Carney is wise to nurture the city, but it will take a lot of international negotiations to agree on any new bank. IBD: Big Picture: Stocks let mild early gains slip away and the major indexes staged moderate losses in mixed volume Wednesday. Some leading growth stocks continued to rally, but a few succumbed to more heavy selling; New America: Retail experts say Black Friday has lost its mojo, and that worries over jobs, the economy, and other uncertainty threatens to dull the days impact for sector; Technology: +/- FB: Social sites earnings doubled amid growth in mobile, but shares gains were erased after hours on news younger teens are losing interest; Twitters IPO bears a resemblance to companies that went public during the dot-com boom, according to ratings agency Rapid Ratings. USA: Momentum is building in Congress to overhaul the NSA in wake of ongoing revelations about its spying, but some observers fear change could go too far; GoDaddy will abandon the sexual imagery and focus on humor in its two upcoming Super Bowl ads; Budget deficit for FY13 dropped to $680.3B, the first time in five years the shortfall has been below $1T. NY POST: Columnist John Crudele says hes among those who believe market is headed for another crash.

Fridays Key Events

BIG 3 AUTOS REPORT SALES #S FOR SEPTEMBER. US bank stress test (CCAR) criteria could hit around 11/1 (the 12 forms hit on 11/15/12). ANALYST MEETINGS: T (to offer iPad air with Wi-Fi + Cellular) AAPL: iPhone 5s and iPhone 5c will be available in more than a dozen countries including India and Mexico. DEADLINE: Syria completes destruction of its chemical weapons production and mixing/filling equipment. ANNUAL MEETINGS: IIVI, TWER. President Obama meets with Iraqi Prime Minister Nouri al-Maliki in Washington to discuss "the importance of the U.S.-Iraq relationship under the U.S.-Iraq Strategic Framework Agreement (SFA). 8:00AM: Blood Products Advisory Committee meets to discuss MP Biomedicals' biologic license application for the MP Diagnostics HTLV Blot 2.4, a Western Blot intended for use as a confirmatory test for blood donors. In the afternoon, the committee will hear update presentations on: 1) The April 2013 FDA public workshop on multiplex detection of transfusion transmissible agents and blood cell antigens in blood donations and 2) FDA safety communications on new boxed warnings for immune globulin products and hydroxyethyl starch solutions. Following the update presentations: the committee hears presentations on the research programs of the Laboratory of Biochemistry and Vascular Biology, Division of Hematology, Office of Blood Research and Review, Center for Biologics Evaluation and Research, FDA. ECONOMICS FED SPEAKERS: 9:10AM: Federal Reserve Bank of St. Louis President James Bullard speaks on the U.S. economy and monetary policy before the St. Louis Regional Chamber Financial Forum in St. Louis; 11:15AM: Federal Reserve Bank of Minneapolis President Narayana Kocherlakota gives opening remarks before the Minnesota Healthy Communities, St. Paul, MN; 12:00PM: Federal Reserve Bank of Richmond President Jeffrey Lacker receives the 2013 Global Citizen award at a public ceremony hosted by the Global Interdependence Center in Philadelphia, PA. US: 8:58AM: Markit Manufacturing PMI (October-Final); 10:00AM: ISM / Manufacturing Employment/ Prices Paid (October); 10:30AM: ECRI Weekly Index of Economic Activity (w/e 10/25). EUROPE: 01:00EDT/06:00GMT Russia Oct Manufacturing PMI; 02:00EDT/07:00GMT Ireland Oct Investec Manufacturing PMI; 03:30EDT/08:30GMT Sweden Oct PMI Manufacturing; 04:00EDT/09:00GMT Norway Oct Manufacturing PMI; 04:30EDT/09:30GMT Czech Republic Oct Manufacturing PMI; 04:30EDT/09:30GMT Swiss Oct PMI Manufacturing; 05:00EDT/10:00GMT Greece Oct Manufacturing PMI; 05:00EDT/10:00GMT Norway Oct Unemployment Rate; Sept Credit Indicator Growth; 05:30EDT/10:30GMT UK Oct PMI Manufacturing; 06:00EDT/11:00GMT Denmark Oct PMI Survey; TBD Czech Republic Oct Budget Balance; TBD Russia Money Supply Narrow Def; Oct Wellbeing Fund; Reserve Fund; TBD Italy Oct Budget Balance; TBD Ireland Oct Consumer Confidence Index (Expected release 11/1-11/8). FIXED INCOME: 06:00EDT/11:00GMT EU Daily Euribor Fixing; 06:00EDT/11:00GMT France Debt Agency (AFT) to sell combined 7.4B in 3-month, 6-month, and 12-month bills; 07:10EDT/12:10GMT UK DMO to sell 1-month, 3month and 6-month Bills PACIFIC RIM: 00:00 Indonesia Oct CPI; CPI Core; 00:00 Indonesia Sept Trade Balance; Exports; Imports; 01:00 Japan Oct Vehicle Sales; 01:00 India Oct HSBC/Markit Manufacturing PMI; 01:30 Australia Oct Commodity Index; 03:30 Thailand Foreign Reserves; Forward Contracts; 21:00 China Oct Non-Manufacturing PMI (11/2) CENTRAL AND SOUTH AMERICA: Brazil: Industrial Production MoM/ YoY (September); Trade Balance Monthly (October); Exports/Imports Total (October); Vehicle Sales Fenabrave (October); Mexico: Central Bank Economist Survey; Remittances Total (September).

Conferences
BROKER (EDT) 10/30-11/1: Credit Suisse China Investment Conference, Hong Kong. 1-on-1s with: VNET, Agile Property Holdings, Ajisen China, Anta Sports Products, AutoNavi, Bosideng International, China Everbright, China Galaxy Securities, China Lodging Group, China Medical Holding System, China Merchants Bank, China Molybdenum, China Oilfield Services, China Overseas Grand Oceans Group, China Overseas Land & Investment, China Petroleum & Chemical Corp., China Resources Gas Group, China Resources Land, China Shanshui Cement Group, China Telecom Corp., China Unicom Hong Kong, CIFI Holdings Group, CITIC Securities, CNOOC, Country Garden Holdings, E-Commerce China Dangdang, Evergrande Real Estate Group, Focus Media, Founder Securities, Kaisa Group Holdings, Mecox Lane, Peak Sports Products, Petrochina, Phoenix New Media, QIHU, QIYI.com, Samson Holdings, Shenzhou International Group, Shimao Property Holdings, Sihuan Pharma Holdings, SOHU, Sunac China Holdings, XRS, TAOM, Tenfu Cayman Holdings, Tingyi Cayman Islands Holding, Tsui Wah Holdings, Vipshop Holdings. 10/30-10/31: Deutsche Bank Mexican Conference, London. Invite only. 10/31-11/1: Dundee Capital Markets Gold Roundup Conference, Austin. Presenting Company: IAMGold Corp. 10/31: Ira Sohn Foundation European Investment Conference, London. 8:45AM: Edgerton Capital Co-Founder John Armitage, Lone Pine Capital Managing Director Mala Gaonkar, The Childrens Investment Fund Co-Founder Chris Hohn, Tybourne Capital Management Managing Partner Eashwar Viswanathan, Dynamo Capital Co-Founder Bruno Rocha, Naya Management LLP Managing Partner Masroor Siqqiqui, Talisman Global Asset Management Limited CIO Julian Sinclair, AKO Capital CEO Nicola Tangen, Pelham Capital Founder Ross Turner, Weiss Asset Management CIO Andrew Weiss. 10/31: Nomura Hong Kong/China IPO Corporate Day, Hong Kong. 1-on-1s with: China Outfitters Holding, China Yongda Automobiles Services Holding Co., Xiao Nan Guo Restaurants Holdings, Labixiaoxin Snacks Group, CIFI Holdings, Freetech Road Recycling Tech Holdings, Trigiant Group. 10/31: TD Securities Middle-East Geopolitical Forum, London. Participating Companies: Western Zagros. BROKER FIELD TRIPS (EDT) 10/28-11/1: Jefferies Coal, Power & Materials Tour, Beijing/Shanxi/Anhui/Shanghai. INDUSTRY CONFERENCES (LOCAL) MEDICAL / PHARMA / HEALTHCARE 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. 10/27-11/1: Cardiovascular Research Foundation Annual Conference, San Francisco. 7:00AM: Janssen Pharma (JNJ): Improving Clinical Practice in Patients with Atrial Fibrillation. MDT: Innovative Hybrid Therapy for Complex Cardiovascular Problems: Collaborative Care Case Reviews. Tryton Medical: Dedicated Bifurcation Stents: Tryton Medical Randomized Trial Results Establishing the New Standard. VOLC: Putting Appropriateness Within Reach: New Global Clinical Data and Workflows. 12:30PM: Bard Peripheral Vascular: First Look at Outcomes from LEVANT 2, the First IDE Trial for Drug Coated Balloons. MDT: Interventional Cardiovascular Medicine in Asia: Management Today: Current Challenges and Emerging Solutions. Philips Healthcare: New Low Dose Imaging Technology: Experience in Guiding Complex Interventions. 7:00PM: Biosensors: New Concepts for Improved Patient Outcomes. Cook Medical: Drug-Coated Balloon Technologies: Controversies, Current Challenges and Future Trends. InspireMD: The Embolic Protection Stent: A More Effective Solution in STEMI Treatment. 10/31-11/2: Diabetes Technology Society Diabetes Technology Meeting , San Francisco. Speakers: IKFE GmbH, Evidera, Onset Ventures, DJO Global, ABT, MDT, Dexcom, LIFE, Roche, JNJ. TECHNOLOGY / TELECOM / MEDIA 10/29-10/31: OTC Brasil Conference, Rio de Janeiro. Speakers: STO, Petrobras, SLB, RepsolSinopec, ERJ, Keppel FELS, BHI. 10/29-10/31: RSA Security Conference Europe, Amsterdam. Speakers: EMC, MSFT, DELL, SYMC, RMBS. USER GROUP MEETINGS (EDT) 10/29-10/31: ARMH Developer Summit at TechCon, Santa Clara. Speakers: Goo Tech, ARMH, ADSK. 10/29-10/31: UBM Tech TechCon, Santa Clara. Speakers: LSI, SNPS, FSL, CDNS, RHT, IAR Systems, MENT, TXN, GDOT, Samsung. INDUSTRIAL / AEROSPACE / CONSTRUCTION 10/29-10/31: Smart Fabrics Europe Conference, Barcelona. Speakers: Oryon Tech, Lda Tech, Centexbel.

In The Rags
NYT: State legislatures around the country, facing growing public concern about collection and trading of personal data, are proposing a range of privacy laws that cover everything from tracking students to police monitoring cellphones, p. A1; As college degrees increasingly become seen as a tool for job preparation, universities are growing concerned about the drop in interest in humanities, p. A1; Story looks at federal prosecutor Leon Wiedman, who leapt from anonymity to become the scourge of Wall Street as architect of recent legal crackdown on banks dubious mortgage practices, p. A1; FDA finds nearly 12% of the spices being imported into the U.S. are contaminated with insects, rodent hairs, and other things, p. A3; Feds decision about to delay tapering amounted to a declaration it is not yet ready to decide about when to launch process, and shed little light on how soon changes may come, p. B1; Even if President Obama rejects the Keystone XL pipeline, oil companies are already building rail terminals to deliver oil from western Canada to the U.S., and even Asia, p. B1; Many merchants support the idea of using Bitcoins, which they see as a path to lower payment processing and more secure transactions, p. B1. WSJ: At end of two-day meeting, Federal Reserve officials emerged with their signature easy-money program intact and no clear signal about whether they would begin pulling it back at their December meeting, p. A1; President Obama rebuts complaints about the Affordable Care Act, says Americans who are losing insurance under the law would find better coverage under it, p. A1; Lead finance story says Londons top traders and bankers could soon see a big boost to their monthly pay as part of an effort by banks to soften the blow of a new EU law limiting annual bonuses, p. C1; +/- NDQ: Earlier this year, stock market regulators may have missed a chance to head off problems related to an August glitch that stopped trading on Nasdaq-listed securities for hours, p. C1; With Londons real estate market growing increasingly hot, investors are now

Online
BARRONS ONLINE: Barrons Take: + on GM, strong Q3 results, fueled by robust truck sales, suggest automakers stock can drive higher. DIGITIMES: Demand for high-end PCBs promising, says Manz executive Alex Liu in a Q&A; IC backend service company Advanced Semiconductor Engineering looking for 6-8% sequential revenue growth in fourth quarter; Taiwan shipped more than 378M small- to medium-size panels in Q3; United Microelectronics saw Q3 earnings nearly double on-quarter. WOMENS WEAR DAILY: Dutch brand Scotch & Soda has opened six stores this year, with another two to open next month in Denvers Cherry Creek mall and Portland, Ore.s Pioneer Place mall; Hugo Boss Q3 net grew 9% as retail business offset decline for wholesale. ALL THINGS DIGITAL: Move by AAPL to shift its iPad launches to the fall from earlier in the year appears to have undermined its standing versus rival tablet makers. POLITICO: GOPs long-standing message about Affordable Care Act finally broke into the mainstream this past week as people started receiving letters cancelling their insurance policies. PAIDCONTENT: Politico plans to launch a free, bi-monthly print magazine, as well as a new Politico Magazine section of its website that will be updated daily.

Events Desk (212) 884-8096

TECHCRUCH: After nearly five years and 5M backers, Kickstarter gets a new CEO as two founders step back. CNET: GOOGs four-story mystery barge remains docked in the middle of San Francisco Bay, with no clear explanation as to why; Six steps Silicon Valley can take to protect users from NSA spying. THE HILL: President Obama asked Hillary Clinton to stay on for an extra year as Secretary of State after he won reelection over concern about losing her and outgoing Defense Secretary Leon Panetta as the same time. NEJM: 1) Bivalirudin, started during transport for primary percutaneous coronary intervention, improved 30-day clinical outcomes with a reduction in major bleeding but with an increase in acute stent thrombosis; 2) Early autologous stem-cell transplantation improved progression-free survival among patients with high-intermediate-risk or highrisk disease who had a response to induction therapy; overall survival after transplantation was not improved, probably because of the effectiveness of salvage transplantation. BLOOMBERG SURVEILLANCE: 7:00AM: Abby Joseph Cohen, president of global markets at Goldman Sachs; 7:18AM: Kerry Trainor, CEO of Vimeo; 7:34AM: Bernie Marcus, founder of Home Depot; 8:18AM: Arthur Levitt, former SEC chairman; 8:30AM: Danny Blanchflower, president, Dartmouth College. EUROPEAN / ASIAN ANALYST ACTIONS UPGRADES: Avocet Mining plc (Canaccord), Clariant AG (Societe Generale), Eni SpA (Natixis), Henkel KGaA (Jefferies), Pohjola Bank (Seb Enskilda), Sanofi Aventis (Natixis), Travis Perkins (Berenberg). DOWNGRADES: Abertis Infrastructures (Canaccord, RBC), Argonaut Gold (Canaccord), Canadian Utilities (Canaccord), Ebro Foods (Kepler), Fiat (ESN), Iberdrola (ESN, Societe Generale), LOreal (Jefferies), Randstad Holdings (ESN), Technip (RJF). INITIATES: Spirax Overweight (HSBC).

THURSDAY 10-31-2013
p. 4 of 4
-COO names Daniel McBride COO. -CTIB appoints Timothy Patterson CFO. CONTRACT AWARDS -BAE Systems awarded $195M US Army contract. -HON awarded $502M DoD contract. -UTX Sikorsky unit awarded $110.8M and $86.8M US Navy contracts. CONSUMER -KRFT to partner with MCD for sale of McCafe coffee products for U.S. market. -Woolworths Limited reports Q1 revenue A$15.7B vs. A$15.2B y/y. FINANCIAL -BAC: Legal costs related to mortgage investigations may exceed reserves by $5.1B, up from earlier estimate of $2.8B. -ESS reports Q3 FFO $1.91 vs. $1.91E. -National Australia Bank reports FY13 cash profit A$5.94B vs. A$5.9BE, revenue A$18.3B, +3.2% y/y. -UBS, DB, C, BCS, HBC, RBS, JPM, and CS have all either launched internal probes or received information requests from regulators regarding currency trading practices (FT). HEALTHCARE -ABT announces meaningful changes to quality of life for patients treated with MitraClip therapy. -Astellas Pharma granted orphan drug designation by FDA for avuconazonium sulfate as a treatment of zygomcosis. -CLVS announces first patient enrolled in ARIEL2 study of Rucaparib in ovarian cancer. -ESPR announces initiation of phase 2B clinical study of ETC-1002 in patients with or without statin intolerance and hypercholesterolema. -JNJ: FDA grants orphan drug designation to Jannsens flubendazole as treatment of onchocerclasis caused by onchocerca volvulus. -KOOL announces strategic reorganization, cutting 11 positions. -Mesoblast: FDA approves phase 3 trial in patients with chronic congestive heart failure using Mesenchymal Precursor Cells. -XOMA reports positive results from two phase 2 studies in Gevokizuma proof-of-concept program. TECHNOLOGY -AAPL 10-K filing shows company budgeting for a 57% increase in 2014 capex. THE BACK OFFICE -DIVIDEND NEWS: SBUX increases dividend 24% to $0.26/share from $0.21; NRF increases dividend 5% to $0.21 from $0.20. -STOCK BUYBACKS: V sets $5B share buyback program; ATML announces $300M stock buyback program; DEALS PRICED -Bank of Chongqing prices 707.5M shares of IPO at HK$6.00/share, in middle of $5.60-6.50/share range. -CHGG sets IPO at 15M shares in $9.50-11.50/share range. -ESNT Prices 19.7M share IPO at $17/share. -ICLD prices 1.25M shares of common stock in public offering. -MEP to sell 18.5M shares between $19-21/share in IPO. -STAY to sell 28.3M IPO shares between $18-21. -YELP prices 3.75M shares of common stock at $67 in follow-on offering. OFFERING ANNOUNCEMENTS -AVGO files mixed securities shelf of indeterminate amount. -Bank of Queensland plans AUD-denominated bond offering. -CELG registers mixed shelf of indeterminate amount. -DAR files automatic mixed securities shelf. -DSCO offering shares of common stock. -EGAS announces 1.1M share 2ndary by holder. -FUBC files $150M mixed securities shelf. -IBM plans 7- and 12-year euro-benchmarked bond issuance. -IKAN files registration for offering of up to $35M (upsized from $30M) of common stock. -KOG files to sell $350M in 2021 5.50% senior notes. -MHO files $400M mixed securities shelf. -PG registers dollar-denominated notes of indeterminate amount. -TTMI files $250M mixed shelf. -WDC holder to offer 10.9M shares. AFTER HOURS TRADING HIGHER: On Earnings: ZLTQ, EXPE, SPRT, PFPT, ISIL, ANIK, QUIK, FLDM, ITMN, UNTD, PPC, SHOR, SWKS, PGTI, THOR, ARRS, AFFX, OI, PRAA, PVA, TRN; Others: XOMA (study results); DSCO (offering); LOWER: On Earnings: WTW, SGI, GLUU, JIVE, ROVI, JDSU, TSYS, RATE, MOH, SPWR, V, AVNW, AXTI, MET, SLRC, SBUX, FBAFTER HOURS TRADING HIGHER: On Earnings: ZLTQ, EXPE, SPRT, PFPT, ISIL, ANIK, QUIK, FLDM, ITMN, UNTD, PPC, SHOR, SWKS, PGTI, THOR, ARRS, AFFX, OI, PRAA, PVA, TRN; Others: XOMA (study results); DSCO (offering); LOWER: On Earnings: WTW, SGI, GLUU, JIVE, ROVI, JDSU, TSYS, RATE, MOH, SPWR, V, AVNW, AXTI, MET, SLRC, SBUX, FB

After the Close Wednesday

S&P INDEX CHANGES -AOS to replace SKS in MidCap 400. -FF to replace AOS in SmallCap 600. -KORS move to S&P 500 to be delayed until a future date. EARNINGS -BEAT estimates: THG (+.30); WPZ (+.26); AHL (+.25); WTW (+.23); DHT, SSW (+.21); NEWP, SPWR (+.20); ANIK (+.19); PL (+.18); COHR, PVA (+.17); ALL (+.16); ATX, HDSN, KRFT (+.15); CACC, KS, ZLTQ (+.13); INT, SSNI (+.12); CSC, CSII, FIX, LNC (+.11); CHDN, GLRE, SLRC, TRN (+.10); FLT, HBI, ITMN (+.09); CARB, EXPE, FARO, HVT, THOR (+.08); BYI, DXPE, FB, IRF, MAR, RDEN, SHOR (+.07); ELGX, OTEX (+.06); NSIT, POWI, PRAA, WMB (+.05); ARRS, AXS, ISIL, JAH, JIVE, NSR, SKUL (+.04); ACCL, AFFX, AOSL, BOOM, CNL, FLDM, GLUU, GMED, KONA, MCHP, SBUX, SGK, UNTD, XBKS (+.03); CAVM, DRIV, ELX, EXAM, EXEL, HOS, KRNY, OI, PSMT, SGI, SPRT, SWKS (+.02); AXTI, BFIN, EDMC, JDSU, MASI, MDAS, PCTI, PFPT, PGTI, PPC, QUIK, RKUS, SAM, STNR, STR (+.01) -IN-LINE with estimates: ATML, CROX, DRCO, EXP, JBT, MN, MXL, OIS, PGI, PKI, STAA, TFSL, UIHC, V -DISAPPOINTED: ATR, AVNW, BVN, CAR, CHUY, CJES, CNW, COHU, CTIC, CW, CYH, CYTK, DLLR, EEP, EGAN, FISH, FXCB, HY, IDIX, IPI, ISH, ITRI, KEG, KEYW, MANT, MERU, MET, MGRC, MMLP, MOH, MTGE, MUR, NCMI, RAIL, RATE, RCKY, RCPT, RM, ROVI, RRTS, SIGI, SJW, SUNS, TSYS, TTMI, TTS, TUES, VNR, WPRT, XL GUIDANCE -POSITIVE: CSII, ELX, FLT, GLUU, ISIL, NSIT, THOR, TRN, WTW -IN-LINE: ACCL, GMED -NEGATIVE: ARRS, ATR, AVNW, BYI, CAR, CARB, CHUY, CROX, CYH, DRIV, EDMC, ELGX, HBI, ITRI, JAH, JIVE, KONA, MANT, MAR, MCHP, MDAS, MOH, PFPT, PKI, RDEN, RKUS, ROVI, RRTS, SAM, SBUX, SPWR, SWKS, TTMI SAME STORE SALES -PSMT Q4 SSS +12%. -SBUX: Ameicas SSS +8%; Global SSS +7%; EMEA SSS +2%. -TUES Q1 SSS +9.1%. GLOBAL MACRO NEWS -AUSTRALIA: September Building Approvals m/m: 14.4% vs. 2.8%E; y/y: 18.6% vs. 1.2%E; September Private Sector Credit m/m: 0.3% vs. 0.4%E; y/y: 3.3% vs. 3.4%E; Q3 Import Price Index q/q: 6.1% vs. 3.5%E; Export Price Index q/q: 4.2% vs. 3.3%E; -CHINA: Peoples Bank of China to conduct CNY16B in 14-day reverse repos, injects CNY29.1B this week vs. drained CNY58B last week; PBoC sets yuan midpoint at 6.1425 vs. 6.1412 prior setting and 6.0938 prior close. -FRANCE: September Consumer Spending m/m: -0.1% vs. 0.3%E; y/y: -0.1% vs. 0.2%E. -GERMANY: September Retail Sales m/m: +0.4% vs. +0.4%E; y/y; 0.2% vs. 1.1%E; November GFK Consumer Confidence: 7 vs. 7.2E. -JAPAN: October Markit/JMMA Manufacturing PMI: 54.2 vs. 52.5 prior; Japan investors bought net 1.04T in foreign bonds last week vs. 1.41T in prior week; Foreign investors sold net 8B in Japan stocks vs. bought 297.8B in prior week; September Labor Cash Earnings y/y: +0.1% vs. -0.4%E; Bank of Japan policy statement reiterates plan to increase monetary base at annual pace of 60-70T; September Annualized Housing Starts: 1.04M vs. 983KE; Housing Starts y/y: 19.4% vs. 12.1%E; Construction Orders y/y: 89.8% vs. 21.4% prior. -NEW ZEALAND: Bank of New Zealand leaves official cash rate unchanged at 2.5%, as expected; September Building Permits m/m: 1.4% vs. 1.5% prior; October ANZ Business Confidence: 53.2 vs. 54.1 prior; ANZ Activity Outlook: 47.1 vs. 45.3 prior; September Money Supply M3 y/y: 7.3% vs. 6.5% prior. -SINGAPORE: Q3 Preliminary Unemployment Rate: 1.8% vs. 2.1%E; September Money Supply M1 y/y: 15.3% s. 15.7% prior; M2 y/y: 7.5% vs. 7.1% prior; September Bank Loans and Advances y/y: 15.7% vs. 15.4% prior; September Credit Card Bad Debts (SGD): 19.8M vs. 19.2M prior; Credit Card Billings: 3.4B vs. 3.4B prior. -TAIWAN: Q3 Preliminary GDP y/y: 1.6% vs. 2.6%E. -UNITED KINGDOM: October GFK Consumer Confidence: -11 vs. -8E; October Nationwide House Prices m/m: 1% vs. 0.7%E; y/y: 5.8% vs. 5.1%E. -UNITED STATES: Treasury semi-annual currency report says German nominal current account surplus is larger than Chinas in 2012 and export-led growth is creating problems for the eurozone, does not designate China or any other nation as a foreign exchange manipulator; Senators McCain and Graham seek to delay confirmation of Fed chairwoman nominee Yellen in order to gain more information about Benghazi attacks. MERGER AND ACQUISITIONS -ALCO announces proposal to adopt $14/share merger agreement with Mallard Parent and M Acquisition Corporation failed to receive required shareholder vote. -INTU acquires online scheduling company FullSlate, terms undisclosed (TechCrunch). -NYX and ICE postpone closing merger to allow EU regulators to process and issue approvals. PERSONNEL CHANGES -APOL appoints J. Mitchell Bowling CEO effective December 2.

US Analyst Actions
UPGRADES: ALU (ESN), CAVM (Oppenheimer), CSS (RBC), EXPE (Tier1), HTS (Compass Point), ICLR (ISI), ITRI (Brean), MCHP (Mizuho), SM (Baird), THOR (Canaccord). DOWNGRADES: AJG (Compass Point), BWP (BCS), CVD (RJF), FLR (Canaccord), ITRI (Janney), MDAS (ISI Group), MSM (Baird), NICE (BCS), SAIA (RJF), SEE (Jefferies), UMC (Tier1). INITIATES: ATHN Market Perform (FBR), CERN Outperform (FBR), CWST Outperform (Imperial Capital), EHTH Market Perform (FBR), ESNT Buy (BTIG), FEYE Perform (Oppenheimer), MDRX Market Perform (FBR), OMCL Outperform (FBR), PRTA Outperform (RBC), QSII Underperform (FBR), VCRA Market Perform (FBR), WNC Overweight (Piper).

Around The World

US Futures are lower. European markets are lower. Asian markets closed lower. Nikkei: -174.41; Hang Seng: -97.65; CSI 300: -33.75; Taiwan: -15.00; Kospi: -29.49; FTSE: -27; DAX: -15; CAC: +5; Gold: -13.80; Copper: -0.0175; Oil: +0.06; 10 Year Treasury Yield: 2.50%, +8/32; US$: Higher vs. Pound; Lower vs. Yen; Higher vs. Euro; S&P Futures: -4.50; NASDAQ Futures: -15.0; DOW Futures: -25. IN EUROPEAN OVERSEAS TRADING (BY SECTOR) - INDUSTRIALS: Technip TEC.FR -7% (cut outlook), Croda CRDA.UK -6.5% (cautious outlook), Draegerwerk DRW3.DE -3% (Q3 sales below ests); GEA Group G1A.DE +4% (Q3 profits rose y/y), Geberit GEBN.CH +4% (Q3 results above ests) - CONSUMER DISCRETIONARY: Premier Foods PFD.UK -8% (Q3 sales declined), Rentokil RTO.UK -6% (share placement speculation), L'Oreal OR.FR -1.5% (Q3 sales below ests), Lufthansa LHA.DE -1% (Q3 profits declined y/y); Anheuser-Busch +1.5% (Q3 profits above ests). - FINANCIALS: Commerzbank CBK.DE -1.5% (broker commentary); Banco Popular POP.ES +3% (Q3 results above ests), BNP BNP.FR +2.5% (Q3 profits above ests), Credit Agricole ACA.FR +2% (broker commentary). - BASIC MATERIALS/RESOURCES: Wacker Chemie WCH.DE -5% (Q3 results below ests), Antofagasta ANTO.UK -1.5% (lower copper prices), Glencore Xstrata GLEN.UK -0.50% (issued 9-month production); Avocet Mining AVM.UK +6.5% (reported decline in Q3 cash costs). - TECHNOLOGY: Alcatel-Lucent ALU.FR +15% (Q3 loss narrowed) - TELECOM: BT BT.UK -0.30% (Q3 results in line). - HEALTHCARE: Novo Nordisk NOVOB.DK -4% (cut FY outlook), AstraZeneca AZN.UK -2% (Q3 profits below ests, new CFO), Bayer BAYN.DE flat (Q3 profits above ests, Rev below). - ENERGY: Shell RDSA.UK -4.5% (Q3 profits below ests), Total FP.FR -1.5% (Q3 profits declined y/y); BG BG.UK +1% (reported Q2 results). - STOXX50 SECTORS: Utilities -1.4%, Energy -1%, Telecom -0.7%, Industrials -0.5%, Basic Materials 0.4%, Consumer Non-Cyclical -0.2%, Technology 0.1%; Consumer Cyclical +1%, Financials +0.3%] IN ASIAN OVERSEAS TRADING (BY SECTOR) - CONSUMER DISCRETIONARY: Panasonic Corporation 6752.JP +3.5% (confirms staff relocation plans); Suning Appliance Co Ltd 002024.CN -6.8% (Q3 results); Qantas Airways Ltd QAN.AU -2.4% (increases share in Jetstar Japan) - CONSUMER STAPLES: Woolworths Limited WOW.AU +0.7% (Q1 results) - INDUSTRIALS: SAIC Motor 600104.CN +0.4% (Q3 results); Nippon Yusen 9101.JP +2.8% (H1 results); Toyota Industries 6201.JP +0.4% (H1 results); Kawasaki Kisen Kaisha 9107.JP +1.3% (H1 results) - MATERIALS: Marubeni Corp 8002.JP -1.0% (construction plans); Daido Steel 5471.JP -6.5% (H1 results) - FINANCIALS: China Minsheng Banking Corp 1988.HK -2.7% (Q3 results); AgBank 1288.HK +0.3% (Q3 results); ICBC 1398.HK -1.7% (Q3 results); Bank of Communications 3328.HK -2.3% (Q3 results); Bank of China 3988.HK flat (Q3 results); Hua Xia Bank Co 600015.CN 1.4% (Q3 results); CapitaLand Ltd CAPL.SG -1.3% (Q3 results); National Australia Bank Ltd NAB.AU -2.2% (FY results); CITIC Securities 600030.CN -1.7% (Q3 results); Shenyin Wanguo Ltd 218.HK +8.1% (merger speculation); Mitsui & Co Ltd 8031.JP -0.6% (power project) - TECHNOLOGY: Qingdao Haier Co Ltd 600690.CN +0.4% (Q3 results) - HEALTHCARE: Shanghai Fosun Pharmaceutical Group Co Ltd 2196.HK -1.5% (Q3 results)