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Events Desk (212) 884-8096

FRIDAY 10-25-2013
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Alerts For Today Publish Time 7:15AM

**US FUTURES: (S&P -1.25, DJI unch, NDX +7.8, 10 Year Treasury Yield 2.50%, +3/32). European markets are moslty trading lower. Far East equities lower by weaker-than-expected Japanese earning reports and China growth uncertainties. Gold is Lower. Oil is Higher. The US $ is Higher vs. Pound; Lower vs. Yen; Higher vs. Euro. **KEY NEWS: CHINA: money market rates continue to rise; 7 day repo fix +21bps to 4.88%; reports circulated that PBoC could inject liquidity thru reverse repos next week if rates get too high to avoid problems that were seen in June; China PBoC launched prime interest rate for commercial lending to promote interest rate liberalization; China PBoC said not viewing CNY appreciation as too quick but could intervene if it rises too fast. GERMANY: IFO misses expectations with Business Sentiment registering its first MoM decline in six months. UK: Q3 Advance GDP comes in line with expectations (Q/Q 0.8% vs. 0.8%e and Y/Y: 1.5% v 1.5%e); fastest pace since Q2 2010. **M & A NEWS: RIO confirms they have entered an agreement to sell 50.1% stake in JV mine Clermont for $1.015B to GS Coal, Glencore Xstrata to take over management. **EARNINGS OUT THIS AM (VS CONSENSUS): ACO (-.01), AON (+.09), B (-.16), ETN (In-Line), GHM (+.05), IMGN (+.09), LEA (+.13), LM (+.23), LPNT (+.02), MCO (+.01), NOV (+.02), NPBC (In-Line), NWL (+.02), PG (In-Line), SHW (.06), SPG (+.05), WETF (+.02), **IN THE RAGS/ONLINE: NYT: FDA recommendation for tighter controls on how doctors prescribe pain medications containing hydrocodone and OTC painkillers such as aspirin represents a major policy shift amid growing abuse of the drugs; WSJ: Contractors testifying before a congressional committee about construction and launch of government healthcare website say nobody made sure the many complex parts worked together properly, while testing didnt take place until two weeks before launch; Highly rated issuers sold more than $12B in bonds Thursday, taking advantage of robust investor demand and the latest tumble in market interest rates to stock up on cash; NY Post: Sources say Antony Ressler is preparing to take his Ares Capital Management public at a valuation of more than $4B, and has chosen JPM as its underwriter; Bloomberg: Banca Monte dei Paschi di Siena SpA, Italys third-largest lender, is struggling to survive as it seeks to repay a second bailout or face nationalization, while its downfall proved a boon to global investment banks. **KEY ECONOMICS: 8:30AM: Durable Goods Orders (September); 8:30AM: Manufacturers' Shipments, Inventories and Orders Advance Report (September); 9:55AM: Reuters/University of Michigan Consumer Sentiment (October-Final); 10:00AM: Wholesale Trade Survey (August); 10:30AM: ECRI Weekly Index of Economic Activity (w/e 10/18). **MONETARY POLICY: Colombia Central Bank Interest Rate Decision. Bank of Thailand publishes Monetary Policy Report. 10:00AM: Mexico Central Bank (Banixico) Interest Rate Decision **KEY EVENTS TO WATCH: 8:00AM: FDA Antiviral Drugs Advisory Commitee meets to discuss GILDs sofosbuvir for the treatment of chronic hepatitis C infection, in combination with other agents in adult patients with genotypes 1 to 6 and/or adult patients awaiting liver transplantation. 3:45PM: President Obama delivers remarks on the importance of ensuring that the next generation of middle class American workers and entrepreneurs have the skills they need to compete and win in a global economy. Pathways in Technology Early College High School, Brooklyn, NY; at 7:00PM: delivers remarks at a Democratic Congressional Campaign Committee event, NYC; and at 8:10PM: attends a DNC event **CONFERENCES: NYT Global Forum Asia, Singapore; Cambridge House International Silver Summit 2013, Spokane **CONFERENCES OF NOTE BEGINNING THIS WEEKEND: 10th China International Finance Forum, Shanghai **ANALYST MEETINGS: BEAV, MLNX, PTCT. **COMPANY UPDATES: NQ (re false allegations) **KEY ANALYST ACTIONS: UPGRADES: AAP (RBC), AMZN (RJF), CYS (Tier1), ESI (Compass Point). DOWNGRADES: BIN (Canaccord), CAM (Howard Weil), CAT (Atlantic Equities), CCE (Societe Generale), CS (JPM), EMN (GS), NCR (Compass Point), PLXS (Tier1), PTEN (Wunderlich), RYN (Tier1), SIRI (GS), SUSQ (FBR Capital), TCBI (Keefe), TKR (Tier1), UAL (JPM). **IN AFTER HOURS TRADING. HIGHER: On Earnings: DECK, ELY, ZNGA, MKTO, BLDR, AMZN, OUTR, AFOP, MSFT, INFA, MXIM, MXWL, CA; Others: CECO (to sell European properties, Broker upgrade), PBNY (added to SmallCap 600), DD (spinning off chemicals unit); LOWER: On Earnings: HWAY, QLIK, RMD, SYNA, DVAX, FSL, ESRX, CERN, KLAC, WDC, EMN, WYNN

Events Desk (212) 884-8096

FRIDAY 10-25-2013
p. 2 of 5
UN GENERAL ASSEMBLY 10:00AM: New Partnership for Africas Development: progress in implementation and international support [63 (a) and (b)]: reports of the Secretary-General (A/68/222 and A/68/220-S/2013/475); 2001-2010: Decade to Roll. COMPANY EVENTS IN THE US LEAP begins to offer the Apple iPhone 5s and iPhone 5C. AAPL: iPhone 5s and iPhone 5c will be available in Italy, Russia, Spain and more than 25 additional countries as of today. 8:30AM: MLNX hosts analyst meeting, Le Parker Meridien, NYC. 8:30AM: NQ hosts call to address false allegations. #866519-4004. id=92639158. 8:30AM: PTCT holds R&D Day, Four Seasons, NYC. 12:00PM: BEAV hosts investor meeting, NY Palace. NYC OTHER M&A: Nippon Express Co Ltd to buy a 49% stake in NEC Corp subsidiary NEC Logistics; CVC Capital Partners to buy some of Campbell Soup Co's brands. BROKER SPONSORED CALLS 8:00AM: Impact of Regulation on the European Insurance Market and its Players: Bernstein hosts call with EIOPA Chairman Gabriel Bernardino. #800-857-6777, pw=seidl/houghton. 10:00AM: Washington Healthcare Policy Update: Credit Suisse hosts weekly call with Industry expert George Olsen. #866-395-7532, #9630145. 10:00AM: Weekly Corporate Quantitative Highlights. JP Morgan hosts call with quantitative strategist Eric Beinstein. #800-619-8595, pw=strategy. 11:00AM: 3Q Bank Recap: Deutsche Bank hosts call with analyst. #800-309-8606 (US); 706-679-0645 (Intl); ID=91774186.s 11:00AM: Heads Up From Washington: Guggenheim Partners hosts call with analyst. Contact salesperson for dial-in.

Broker Meetings
ROADSHOWS Veracyte (IPO) MS/Leerink, San Francisco, CA NEW YORK EVENTS Management Lunches: ASML Holding NV, UBS. LSI, Morgan Stanley. 1on1s: Aviva plc, BAC-ML. CUB, Credit Suisse. Ocado Group, Goldman Sachs. Expert Lunch: Ophthalmologist Outlook, Goldman Sachs. BOSTON EVENTS 1 on 1s: CMC, Jefferies, Philadelphia/Berwyn. Handelsbanken, BAC-ML. PACB, Maxim Group. Expert Lunches: Hospital CEO, Jefferies. OTHER US EVENTS 1 on 1s: Celladon Corp., JPM, San Francisco. Royal Bank of Canada, RBC Capital, San Francisco. STJ, Oppenheimer, Midwest. INTERNATIONAL EVENTS 1 on 1s: Catlin AG, Berenberg, Frankfurt. JNJ, RBC Capital, Toronto. Romarco Minerals, RBC Capital, Geneva. Seven Generations Energy, RBC Capital, Toronto. Expert Lunches: iResearch Academy Chief Analyst Bob Chao, Jefferies, Hong Kong.

Todays Focus
US ECONOMICS 8:30AM: Durable Goods Orders (September). Consensus Estimate: +2.0% vs.+0.1%; Ex-Transportation. Consensus Estimate: +0.5% vs. -0.1%; Ex-Defense. Last Reading: +0.5%; Nondefense Capital Goods Ex-Air. Consensus Estimate: +0.6% vs. +1.5% 8:30AM: Manufacturers' Shipments, Inventories and Orders Advance Report (September). 9:45AM: Reuters/University of Michigan Consumer Sentiment (October-Final). Consensus Estimate: 75.0 vs. 75.2; Current Conditions. Last Reading: 92.8; Expectations. Last Reading: 63.9. 10:00AM: Wholesale Trade Survey (August) 10:30AM: ECRI Weekly Index of Economic Activity (w/e 10/18). Last Reading: 130.4. IN EUROPE Czech Republic Parliamentary election. A snap general election, after the lower house of parliament voted to dissolve itself in August following a spying and bribery scandal that brought down the centre-right government. 10/24-10/25: Eurozone leaders summit, Brussels. Agenda includes: digital economy, innovation and services; growth, competitiveness and jobs, and the economic and monetary union. Commonwealth of Independent States Foreign Ministers meeting. Russian President Vladimir Putin will be attending. ECB Governing Council member Luis Maria Linde speaks on "Exit From Spain's Economic Crisis" at the conference organized by Instituto Internacional San Telmo, in Granada, Spain. Italian Prime Minister Enrico Letta meets French Prime Minister Jean-Marc Ayrault. ECB Executive board member Joerg Asmussen receives a prize at Bocconi University, ECONOMIC RELEASES: Finland House Price Index (September); Spain PPI (September); Austria Industrial Production (August); Sweden Economic Tendency Survey (October); Manufacturing Confidence; Consumer Confidence (October); Household Lending (September); Netherlands Producer Confidence Index (October); Germany IFO Business Climate; IFO Current Assessment; IFO Expectations (October); Italy Retail Sales (August); EU M3 Money Supply; M3 3-Month Average (September); UK Advance GDP (Q3); Index of Services (August); Iceland CPI (October); Russia Money Supply Narrow Def. FIXED INCOME: 05:00EDT/09:00GMT EU Daily Euribor Fixing; 06:00EDT/10:00GMT ECB announces 3-Year LTRO Repayment; 06:10EDT/10:10GMT UK DMO to sell combined 2.0B in 1-month, 3-month and 6-month Bills. IN THE PACIFIC RIM MONETARY POLICY MEETINGS: Bank of Thailand publishes Monetary Policy Report. IN CENTRAL AND SOUTH AMERICA MONETARY POLICY MEETINGS: Central Bank of Colombia; Bank of Mexico. Brazil: Current Account Balance (September); Foreign Investment (September); Mexico: Preliminary Trade Balance (September). INDICES RELEASES EXPECTED WEEKLY AGRICULTURAL: Commodity Futures Trading Commission reports Commitments of traders report. ENERGY: BHI releases US rig count. FINANCE: Federal Reserve releases Consolidated Condition Report of Large Commercial Banks and Domestic Subsidiaries. MONTHLY AUTOMOTIVE: HMC Japan releases Global auto production #'s; Volvo AV (VOLVA.SE) releases truck sales #'s for September (with earnings); ACT Research releases full report on US. Classes 3-8 Used Trucks for September. ENERGY: E.I.A. publishes Prime Supplier Report. FINANCIAL SERVICES: FMD releases trust #'s. FOOD/ BEVERAGE: National Alcohol Beverage Con-

trol Association publishes spirits sales #'s in controlled states recap report. HOTEL/ GAMING: Smith Travel Research publishes official global Revpar and occupancy #'s. TECHNOLOGY: I.P.C. publishes IMS/PCB (Interconnect manufacturing services/Printed circuit board) Book-to-Bill for August; WitsView publishes Major Regional Street Price Book. TRANSPORTATION: American Trucking Association publishes truck tonnage index for September QUARTERLY INDUSTRIAL: Schneider Electric SA releases sales #'s for Half Year (with earnings). TELECOM: Turkcell Iletsim Hizmetleri A.S. (TKC) releases subscribers #'s (with earnings). MACRO CONFERENCES (EDT) 10/26-10/28: 10th China International Finance Forum, Shanghai. SATURDAY 10/26. 8:30PM: Financial Industry and Real Economy Development. Speakers: from the PBOC, OECD, Asian Development Bank, EBRD, China Investment Corp. SUNDAY 10/27. 1:30AM: Session 1 Investment, Financing and M&A of Corporations. Keynote: European Private Equity and Venture Capital Association Chairman George Anson. 1) Situation and Breakthrough Path in the Large Asset Management Era & How should VC/PE Explore the Opportunity in the Emerging Industries under the Upgrade of Industrial Structure? Speakers: Shenzhen Capital Group, CDH Investments, Adveq. 2) Cross-border Mergers & Acquisitions and Investment Opportunities. Speakers: BAC, DOV, DB, C, Venture Capital. 3) Comparison of Corporate Listing in Home and Oversea Stock Market, and Listing Path Selection in the New Situation. Speakers: Shanghai Stock Exchange, CITIC Securities, NDAQ. 3:30AM: Session 2 New Third Board(OTC) Expansion and High-tech Park Development. 1) Opportunities for the Broker under the New Third Board (OTC) Expansion. Speakers: Shanghai Equity Exchange, Western Securities, Sealand Securities. 2) Expand The New OTC Equity Market for the Upgrading and Development of High-tech Parks. Speakers: govt. officials. 5:00AM: Session 3 Financial Leasing Industrys Future Development Patterns and Innovation. 1) Development of Financial Leasing Industry to Promote the Upgrade and Restructuring of the Real Economy. Speakers: CDB Leasing, Minsheng Financial Leasing, Siemens Financial Service China. 2) Financial Innovation & New Development Models of Shipping and Aviation Leasing Industry. Speakers: HNA Capital, CCB Financial Leasing, Commercial Aircraft Corp. of China, AVIC Leasing. 3) Innovation in Cooperation Model of Leasing Companies and Other Financial Institutions. Speakers: UBS, Golden Bridge United, CITIC Trust. 8:30PM: Session 4 Financial Industry Development Summit. 1) Innovation of Financial Industry to Serve the Corporate Development. Speakers: Agricultural Bank of China, CITIC Securities, China Huarong Asset Management, China Galaxy Financial Holdings Co., Guotai Junan International Holding. 2) Transformation and Innovation of Banking Industry to Support the Real Economy. Speakers: China Banking Association, China Minsheng Banking Corp., SPD Bank, Bank of Beijing. 3) Development and Transformation of Commercial Banks for SME Development. Speakers: Bank of Hangzhou, Jinshang Bank, Bank of Ningbo, Baoshang Bank. 10:00PM: Session 5 Urbanization Construction and Development Opportunity of Commercial Real Estate. Speakers: UBS, CCBI Securities, FOSUN Group. 10:30PM: Nongovernmental Finance Development and Diversified Financing Demands. 1) Outlet of Private Capital and Financing of Small and Medium Enterprises. Speakers: Hangzhou Wahaha Group, QIngda Group, Zheijian Furun. 2) Diversified Financing Demand Promotes the Development of Nongovernmental Finance. Speakers: Shanghai Pudong Development Financial, Shanghai Huijin Financing Guaranty Co., Shanghai Songjiang Junhe Micro Credit Co. FEDERAL REGULATORY MEETINGS 8:00AM: FDA Antiviral Drugs Advisory Commitee meets to discuss GILDs sofosbuvir for the treatment of chronic hepatitis C infection, in combination with other agents in adult patients with genotypes 1 to 6 and/or adult patients awaiting liver transplantation. FDA Briefing documents reflect positive outlook. The data "support a favorable benefit-risk assessment [for use] as part of a combination regimen," the regulator said, adding that "in the HCV GT 2 and 3 populations, the sofosbuvir and ribavirin combination regimen provides the first all-oral, interferon-free treatment, as well as a shorter treatment duration and improved safety profile compared to the current standard of care." 10:00AM: Commodity Futures Trading Commission holds a closed meeting on surveillance, enforcement matters, and examinations. OBAMA ADMINISTRATION 10:00AM: Attorney General Eric Holder delivers remarks at an Equal Justice Works conference in Arlington, VA. 10:00AM: Vice President Biden meets with Italian Senate President Pietro Grasso. 3:45PM: President Obama delivers remarks on the importance of ensuring that the next generation of middle class American workers and entrepreneurs have the skills they need to compete and win in a global economy. Pathways in Technology Early College High School, Brooklyn, NY; at 7:00PM: delivers remarks at a Democratic Congressional Campaign Committee event, NYC; and at 8:10PM: attends a DNC event 1:15PM: Labor Secretary Thomas Perez Delivers remarks at the Latino Leaders Luncheon Series in Washington, DC. 2:30PM: Secretary of State John Kerry meets with Gen. Philip Breedlove, commander of U.S. European Command and NATO Supreme Allied Commander Europe, at the State Department. HHS Secretary Kathleen Sebelius holds events in Austin and San Antonio, TX WASHINGTON EVENTS 9:00AM: The Cato Institute holds a conference on "Dangerous World? Threat Perception and U.S. National Security."

INDUSTRY CONFERENCES (LOCAL) MEDICAL / PHARMA / HEALTHCARE 10/25-10/30: American College of Rheumatology Annual Meeting, San Diego. Meeting of rheumatology experts present new research in the field. Exhibitors: ABBV, AMGN, Actelion, Antares Pharma, BMY, CELG, Chugai Pharma, Crescendo Biosciences, EMD Serono, Fidia Pharma, FRX, Ferring Pharma, GE Healthcare, Genentech, Genzyme, GSK, HALO, Horizon Pharma, HOLX, HOSP, Inova Diagnostics, LPDX, LLY, medac pharma, NVS, PFE, QGEN, QCOR, QDEL, RGEN, SNY, Springer, Takeda, UCB, WCRX, ZMH. 10/22-10/26: American Society of Human Genetics Annual Meeting, Boston. Meeting of geneticist to discuss the latest developments in the field. Over 250 companies exhibit. TECHNOLOGY / TELECOM / MEDIA 10/23-10/25: Consumer Electronics Association CEO Summit, Rancho Palos Verdes, CA. 12:00PM: Theres No Finish Line to Innovation. Speaker: Digital Royalty. 1:00PM: Alsop Louie Partners Co-Founder Stewart Alsop, Misfit Wearables. 10/23-10/25: UBM Tech TelcoVision 2013, Las Vegas. Speakers: Vasona Networks, CSCO, ALU. MACRO CONFERENCES (EDT) 10/23-10/25: Cambridge House International Silver Summit 2013, Spokane. 10:30AM: PAAS. 12:00PM: SLW. 12:20PM: Mines Management. 12:40PM: Endeavour Silver Corp. 2:30PM: US Silver & Gold. 4:30PM: Silvercorp Metals. 4:50PM: Fortuna Silver Mines. 5:10PM: Dolly Varden Silver Corp. 7:30PM: GoGold Resources. 7:50PM: Visual Capitalist. 10/23-10/25: Forbes 9th Annual CMO Summit, Miami. Meeting of CMOs to discuss the fundamental CMO office shift from cost center to business growth driver and contributor to enterprise value creation. Participants: CMOs from V, BBRY, APKT, CSCO, Converse, SCHW, Hilton Worldwide, COTY Inc., IBM, Cargill, Avis, Nationwide, ALL, Edward Jones, Chobani, Amway, NTAP, FORR, UAL, HPQ, AKAM, American Express OPEN, CIEN, NetJets, JMBA, BAC, Hershey Co., AFL. 10/25: NYT Global Forum Asia, Singapore. 8:30AM: What World Are You Living In? Speaker: Thomas L. Friedman. 9:00AM: The Next Disruptors. Speaker: McKinsey & Co. Senior Partner James Manyika. 9:30AM: It Used to Be Containment - the Grand Strategy for a Sustainable Future. Speaker: Smart Strategy Initiative. 10:15AM: How the Digital Revolution is Accelerating Everything. Speaker: MIT Center for Digital Business Director Andrew McAfee. 11:15AM: Doing Business in the New World - Prokect Moonshot. Speaker: HPQ CEO Meg Whitman. 1:00PM: The Clean Energy Race. Speaker: Energy Innovation CEO Hal Harvey. 1:30PM: A Global Energy Framework. Speaker: Manifest Energy CEO Andy Karsner. 2:15PM: Using Data to Build Better Schools. Speaker: Education Policy Special Advisor Andreas Schleicher. 3:15PM: Disrupting the Travel Space. Speaker: Airbnb CEO Brian Chesky. CONFERENCES BEGINNING THIS WEEKEND MEDICAL / PHARMA / HEALTHCARE 10/27-11/1: Cardiovascular Research Foundation Annual Conference, San Francisco. Preconference sessions & workshops. 10/27-10/30: International Association for the Study of Lung Cancer (IASLC) 15th World Conference on Lung

Events Desk (212) 884-8096

Cancer, Sydney. 12:00PM: Boehringer Ingelheim: Questions in the Treatment of NSCLC: Targeting Angiogenesis. 2:00PM: AZN: Future concepts in EGFR mutation-positive advanced NSCLC. 4:00PM: PFE: Preparing for Tomorrow: Molecular Diagnostics and the Changing NSCLC Landscape. TECHNOLOGY / TELECOM / MEDIA 10/27-10/28: PEGA Developers Conference, Hyderabad, India. 4:30AM: The Future of Technology. Speaker: PEGA CEO Alan Trefler. 6:15AM: Customer Keynote: JPM Information & Services Global Group Manager Rachna Bahadur. 10/26-10/27: Techcrunch Disrupt Europe: Hackathon, Berlin. Meeting where hundreds of coders and developers come together to form teams which have just shy of 24 hours to build something amazing from the ground up. FINANCIAL 10/27-10/29: American Council of Life Insurers Annual Conference, New Orleans. Preconference sessions & workshops ahead of the main conference opening. 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. PDUFA ESTIMATED APPROVAL DATES 10/31: Roche's (RHHBY) Perjeta (pertuzumab) regimen before surgery (neoadjuvant treatment) in people with HER2-positive early-stage breast cancer OTHER COMPANY EVENTS IPO Lock-Up Expiration: 10/28: EARN, GWPH. 10/29: VOYA, INSY. 10/30: QIWI. Quiet Period Expiration: 10/28: BNFT, VLRS, FPRX, ROIQU. 10/29: XLRN. 10/30: BIND, MYCC, FEYE, FUEL. Stock Splits: 10/30: NEOG: 3-2. 10/31: UNTD: 1-7. S&P Index Changes: 10/28: RIG will replace DELL in the S&P 500 Index NASDAQ Index Changes: 10/29: VIP will replace DELL and become a component of the NASDAQ-100 Index and the NASDAQ-100 Equal Weighted Index DEALS TO WATCH FOR w/o 10/28 Wednesday 10/30: Brixmor Property Group (IPO) BofA Merrill Lynch/ Citigroup/ JPM/ Wells Fargo/ Barclays/ Deutsche Bank Securities/ RBC/ UBS (between $19-$21) Surgical Care Affiliates (IPO) JPM/Citigroup (between $21-$24) Veracyte (IPO) MS/Leerink (between $13-$15) Thursday 10/31: (IPO) MS/CS/Citigroup (between $13-$15) Criteo S.A. (IPO) JPM/ Deutsche Bank/ Jefferies/ Stifel (between $23-$26) Essent Group Ltd. (IPO) Goldman Sachs/JPM (between $13.50-$15.50) Marcus & Millichap (IPO) Citigroup/GS (between $14$16) Friday 11/1: Container Store Group (IPO) JPM/ Barclays/ Credit Suisse Qunar Cayman Islands Ltd. (IPO) Goldman Sachs (Asia)/ Deutsche Bank (between $9.50-$11.50) ANNUAL MEETINGS 10/28: BTX, NCTY, QNST, YOKU. 10/29: Ainsworth Lumber (ANS.CA)/LPX special meeting Re Merger), CREE, NAUH. 10/30: CTRP, EFR.CA, LEAP (re merger with T), ONP, STX, XNY. 10/31: CEMI, CMRE, DOLE (Re Merger with David H. Murdock), DRYS, ORCL, ORIG, PIKE, TECH, WBMD. 11/1: IIVI, TWER. IMPORTANT INDICES RELEASES AGRICULTURE: 10/31: 9:00AM: International Grains Council releases world grain production #'s for October; 3:00PM: USDA publishes agricultural prices for October ENERGY: 10/29: A.P.I. releases weekly petroleum inventories; 10/30: E.I.A. releases weekly crude oil inventories; 10/31: E.I.A. releases weekly Natural Gas Inventories. FINANCIAL SERVICES 10/30: 8:30AM: INTU releases Small Business Employment Index for September. HEALTHCARE: 10/29: IMS Health releases pharmaceutical dollar sales#'s for September ECONOMICS MONETARY POLICY 10/28: Bank of Israel. 10/29: Hungary Central Bank 10/29-10/30: FOMC Meeting and Rate Decision. 10/30: Reserve Bank of New Zealand; Central Bank of Egypt. 10/31: Bank of Japan. US 10/28: 8:30AM : The Chicago Fed Midwest Manufacturing Index (September); 9:15AM: Industrial Output/Capacity Utilization (September); 10:00AM: Pending Home Sales (September); 10:30AM: Dallas Fed Manufacturing Activity Index (October). 10/29: 7:45AM: ICSC/Goldman Sachs Retail Sales Report (w/e 10/26); 8:30AM: PPI (September); 8:30AM: Advance Retail Trade Survey (September); 8:55AM: Johnson Redbook Retail Sales Report (w/e 10/26); 9:00AM: S&P/Case-Shiller National Home-Price Index Seasonally Adjusted (August); 10:00AM: Manufacturing and Trade Inventories and Sales (August);10:00AM: The Conference Board Consumer Confidence Index (October); 10:00AM: Housing Vacancies (Q3); 10:00AM: Business Inventories (August); 10:30AM: Dallas Fed Service Activity Index (October). 10/30: 7:00AM: MBA Mortgage Applications Refinancing Index and Applications for Home Purchase Mortgages (w/e 10/25); 8:15AM: ADP National Employment Index (October); 8:30AM: CPI/ CPI Ex-Food Energy (September); 8:30AM: Real Earnings (September); 11:30AM: Cleveland Fed CPI (September) 10/31; 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). 11/1: 8:58AM: Markit Manufacturing PMI (October-Final); 10:00AM: ISM / Manufacturing Employment/ Prices Paid (October); 10:00AM: Construction Spending (August); 10:30AM: ECRI Weekly Index of Economic Activity (w/e 10/25). TREASURY/AGENCY AUCTIONS 10/28: 11:00AM: NY Fed will Purchase Treasury Coupons in the 10/31/2017 - 06/30/2018 Maturity Range; 11:30AM: Treasury hosts a $64B 3 & 6 month bill Auction. 11:30AM: Treasury Announces a 4-Week Bill Auction; 1:00PM: Treasury hosts a $32B 2 Year Note

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Auction. 10/29: 11:00AM: NY Fed will Purchase Treasury Coupons in the 02/15/2036 - 08/15/2043 Maturity Range; 11:30AM: Treasury hosts a 4-Week Bill Auction; 1:00PM: Treasury hosts a $35B 5 Year Note Auction. 10/30: 1:00PM: Treasury hosts a $29B 7 Year Note Auction. 10/31: 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 FEDERAL RESERVE SPEAKERS 11/1: 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. EUROPE 10/28: 03:00EDT/08:00GMT Finland Oct Consumer Confidence Index; Business Confidence; 04:00EDT/09:00GMT Spain Aug Total Mortgage Lending; House Mortgage Approvals; 04:30EDT/09:30GMT Sweden Sept Trade Balance; 04:30EDT/09:30GMT Sweden Sept Retail Sales; 05:00EDT/10:00GMT Italy Oct Economic Sentiment; 05:00EDT/10:00GMT Italy Oct Business Confidence; 05:00EDT/10:00GMT Norway Q3 Industrial Confidence; 07:00EDT/12:00GMT UK Oct CBI Reported Sales; TBD Germany Sept Retail Sales (Expected release 10/27-10/31); TBD UK Oct Nationwide House Px (Expected release 10/28-11/1) 10/29: 03:00EDT/08:00GMT Germany Nov GfK Consumer Confidence; 03:45EDT/08:45GMT France Oct Consumer Confidence; 04:00EDT/09:00GMT Hungary Sept Unemployment Rate; 04:00EDT/09:00GMT Spain Sept Retail Sales; 05:30EDT/10:30GMT UK Sept Net Consumer Credit; Net Lending Sec on Dwellings; Mortgage Approvals; 05:30EDT/10:30GMT UK Sept Money Supply M4; M4 Ex-IOFCs 3M Annualized; TBD Spain Sept Spain Budget Balance YTD 10/30: 03:00EDT/08:00GMT Swiss Sept UBS Consumption Indicator; 04:00EDT/09:00GMT German State of Saxony Oct CPI; 04:00EDT/09:00GMT Spain Q3 Preliminary GDP; 04:00EDT/09:00GMT Swiss Oct KOF Leading Indicatorl; 04:00EDT/09:00GMT Spain Oct Preliminary CPI; CPI EU Harmonized; 04:10EDT/09:10GMT Austria Sept PPI; 04:30EDT/09:30GMT Sweden Aug Wages Non-Manual Workers; 04:55EDT/09:55GMT Germany Oct Unemployment Change (000's); Unemployment Rate; 05:00EDT/10:00GMT Iceland Q3 Unemployment Change; 05:00EDT/10:00GMT German State of Brandenburg Oct CPI; 05:00EDT/10:00GMT German State of Hesse Oct CPI; 05:00EDT/10:00GMT Norway Aug Unemployment Rate AKU; 05:00EDT/10:00GMT Norway Sept Retail Sales w/Auto Fuel; 05:30EDT/10:30GMT Portugal Oct Consumer Confidence Index; 05:30EDT/10:30GMT Portugal Oct Economic Climate Indicator; 05:30EDT/10:30GMT UK Oct Lloyds Business Barometer; 06:00EDT/11:00GMT EU Oct Business Climate Indicator; 06:00EDT/11:00GMT EU Oct Final Consumer Confidence; 06:00EDT/11:00GMT EU Oct Economic Confidence; Industrial Confidence; Services Confidence; 07:00EDT/12:00GMT German State of Bavaria Oct CPI; 07:00EDT/12:00GMT Portugal Sept Industrial Production; 07:00EDT/12:00GMT Portugal Sept Retail Sales; 09:00EDT/14:00GMT Germany Oct Preliminary CPI; CPI EU Harmonized; 10:00EDT/15:00GMT Belgium Q3 Preliminary GDP; 20:05EDT/01:05GMT(10/31) UK Oct GfK Consumer Confidence; TBD German State of Baden Wuerttemberg Oct CPI; TBD German State of North Rhine Westphalia Oct CPI; TBD Belgium Oct CPI 10/31: 03:00EDT/08:00GMT Finland Aug Final Trade Balance; 03:45EDT/08:45GMT France Sept PPI; 03:45EDT/08:45GMT France Sept Consumer Spending; 04:00EDT/09:00GMT Hungary Aug Final Trade Balance; 04:00EDT/09:00GMT Hungary 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; 07:00EDT/12:00GMT Ireland 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; TBD Greece Aug Retail Sales; TBD Spain Aug Housing Permits. 11/1: 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; 05:00EDT/10:00GMT Norway 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; TBD Russia Oct Wellbeing Fund; Reserve Fund; TBD Italy Oct Budget Balance; TBD Ireland Oct Consumer Confidence Index (Expected release 11/1-11/8). PACIFIC RIM 10/27: 17:00 South Korea Oct Consumer Confidence; TBD China Sept Leading Index (Expected release 10/2710/31). 10/28: 04:00 Taiwan Sept Coincident Index; Leading Index; 19:00 South Korea Sept BoP Current Account Balance; BoP Goods Balance; 19:30 Japan Sept Overall Household Spending; 19:30 Japan Sept Jobless Rate; Job-To-Applicant Ratio; 19:50 Japan Sept Retail Trade; Retail Sales; Large Retailers' Sales. 10/29: 01:00 Japan Oct Small Business Confidence; 04:20 Taiwan Sept Bounced Check Ratio; 17:00 South Korea Nov Business Survey Manufacturing; Business

Events Saturday 10/26

The NYSE allows trading firms to test their systems in preparation for Twitter's IPO in November. 10/26-10/31: American College of Chest Physicians CHEST 2013 Annual 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.

Events Sunday 10/27

10/27-10/28: Eurogroup President Jeroen Dijsselbloem visits Spain. Bulgarian President Rosen Plevneliev visits Vietnam. Georgia Presidential elections. Argentina Legislative elections. Turkey holds local municipal elections. The local elections were originally scheduled for 2014, when the country was also expected to hold a presidential vote, but were brought forward by parliament who approved the early plebiscite in a 360-72 majority.

The Week Aheads Key Events

KEY FOCUS FOR THE WEEK 10/28; Iran and the United Nations hold nuclear talks continue talks in Vienna 10/28: 11:30AM: FCC Open Commission Meeting. 10/29-10/30: FOMC Meeting and rate decision on 10/30 at 2:00PM 10/30: 9:30AM: CFTC holds an Open Meeting to Consider Enhancing Protections for Futures Customers and Other Business. 10/30: 10:00AM: The 29 members of the Budget conference committee hold their first meeting. The Committee faces a 12/13 deadline for coming up with a report of recommendations for the full House and Senate. 11/1: AAPL: iPhone 5s and iPhone 5c will be available in more than a dozen countries including India and Mexico. 11/1: Iraqi Prime Minister Nouri al-Maliki meets with President Obama in Washington to discuss "the importance of the U.S.-Iraq relationship under the U.S.-Iraq Strategic Framework Agreement (SFA). 11/1: BIG 3 AUTOS REPORT SALES #S FOR SEPTEMBER. 11/1: DEADLINE: Syria completes destruction of its chemical weapons production and mixing/filling equipment. KEY CONFERENCES 10/28-10/30: OReilly Strata Conference & Hadoop World, Hilton Midtown, NYC. 10/29-10/30: Economist The Buttonwood Gathering 2013, Grand Hyatt, NYC. 10/30-10/31: International Economic Forum of the Americas Toronto Global Forum , Toronto. 10/31: Cato Institute Policy Perspectives 2013, Waldorf-Astoria, NYC. 10/31: Ira Sohn Foundation European Investment Conference, London. COMPANY EVENTS ANALYST MEETINGS 10/28: Cyrela Brasil Realty SA Empreendimentos E Participacoes (CYRE3.BR) (Brazil), Kemira Oyj (KRA1V.FI) (Helsinki), New Zealand Oil & Gas (Auckland), Renault SA (RNO.FR) (Moscow) 10/29: AVNR, HA, Lenovo ( (with Ashton Kutcher makes a product announcement, to be streamed live on GOOGs YouTube, to promote its smartphones), SSH, 10/30: AAT, JBL, KR, MAT, Novozymes A/S (NZYMB.DE) (Italy), TGT, 10/31: Catlin Group Ltd. (London), EW (at the Transcatheter Cardiovascular Therapeutics Conference), 11/1: T (to offer iPad air with Wi-Fi + Cellular) UPDATES / CALLS 10/28: P (change in fiscal year End), SCHW (interim business update), SNTA (GALAXY-1 Results from the 15th World Conference on Lung Cancer). 10/29: HPQ (Inside Tech Earnings). 10/30: BCYP (business update) FDA 10/28: MiMedx Group meets with the FDA to discuss the recent Untitled Letter MiMedx received from the FDA. (rescheduled from 10/16) 11/1: Blood Products Advisory Committee meets to

Events Desk (212) 884-8096

Survey Non-Manufacturing; 19:00 South Korea Sept Industrial Production; 19:00 South Korea Sept Cyclical Leading Index Change; 19:50 Japan Sept Preliminary Industrial Production; 22:00 New Zealand RBNZ Publishes Monthly Assessment of Currency Flows. 10/30: 00:00 Japan Sept Vehicle Production; 16:00 New Zealand RBNZ Official Cash Rate; RBNZ Reviews Official Interest Rate; 17:45 New Zealand Sept Building Permits; 19:15 Japan Oct Markit/JMMA Manufacturing PMI; 19:50 Japan Buying Foreign Bonds/Stocks; Foreign Investors Buying Japan Bonds/Stocks; 20:00 Australia Sept HIA New Home Sales; 20:00 New Zealand Oct ANZ Business Confidence; ANZ Activity Outlook; 20:30 Taiwan Q3 Preliminary GDP; 20:30 Australia Q3 Import Price Index; Export Price Index; 20:30 Australia Sept Building Approvals; 21:30 Japan Sept Labor Cash Earnings; 22:00 New Zealand Sept Money Supply M3; 22:00 Singapore Q3 Preliminary Unemployment Rate; 22:00 Singapore Sept Credit Card Bad Debts; Credit Card Billings; 22:00 Singapore Sept Money Supply M1/M2; 22:00 Singapore Sept Bank Loans and Advances; 23:30 Australia Sept Private Sector Credit; TBD Malaysia Sept Money Supply M3 (10/30-10/31); TBD Philippines Sept Money Supply M3 (10/30-10/31); TBD Japan BoJ Monetary Policy Statement; BOJ Target Rate; BOJ 2014 Monetary Base Target (10/30-10/31); TBD Philippines Sept Bank Lending; Bank Lending Net of RRPs (10/30-10/31) 10/31; 01:00 Japan Sept Housing Starts; Annualized Housing Starts; Construction Orders; 03:30 Thailand Sept Trade Balance; Exports; Imports; 03:30 Thailand Sept BoP Current Account Balance; Overall Balance; 03:30 Thailand Sept Business Sentiment Index; 04:30 Hong Kong Sept Budget Balance HKD; 04:30 Hong Kong Sept Retail Sales Value; Retail Sales Volume; 05:00 Hong Kong Sept Money Supply M1/M2/M3 HKD; 05:30 Sri Lanka Oct CPI; CPI Moving Average; 06:30 India Sept Fiscal Deficit INR Crore; 18:30 Australia Oct AiG Performance of Manufacturing Index; 19:00 Australia Oct RPData/Rismark House Px; 19:00 South Korea Oct CPI; CPI Core; 20:00 South Korea Oct Trade Balance; Exports; Imports; 20:00 South Korea Oct HSBC/Markit Manufacturing PMI; 20:30 Australia Q3 PPI; 21:00 CHINA Oct Manufacturing PMI; 21:45 China Oct HSBC/Markit Manufacturing PMI; 22:00 Taiwan Oct HSBC/Markit Manufacturing PMI; 23:00 Indonesia Oct HSBC/Markit Manufacturing PMI; TBD South Korea Oct Foreign Reserves (Expected release 10/31-11/5); TBD Indonesia Oct Danareksa Consumer Confidence (Expected release 10/31-11/6); TBD Indonesia Oct Consumer Confidence Index (Expected release 10/31-11/11); TBD Indonesia Sept Money Supply M1/M2 (Expected release 10/31-11/11); TBD Japan Oct Official Reserve Assets (Expected release 10/31-11/8)TBD Thailand Oct CPI; CPI Core (10/31-11/1) CENTRAL AND SOUTH AMERICA 10/28: Brazil: FGV Construction Costs (October), Serasa Business Credit Delinquencies; Outstanding Loans (September); Total Outstanding Loans (September); Personal Loan Default Rate (September); Private Banks Lending (September). 10/29: Brazil: Central Govt Budget Balance (September). 10/30: Brazil: FGV Inflation IGPM MoM/ YoY; PPI Manufacturing MoM/ YoY. 10/31: Mexico: Budget Balance YTD (September); Net Outstanding Loans (September); Brazil: Net Debt % GDP (September); Nominal Budget Balance (September); Primary Budget Balance (September). 11/1: 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). CANADA 10/29: Industrial Product Price (September); Raw Materials Price Index (September) 10/31: GDP (August); Average Weekly Earnings (August). CONGRESS 10/29: BROADBAND: 2:30PM: Senate Commerce Subcommittee on Communications hearing on broadband adoption. CPFB: 3:00PM: House Financial Services Subcommittee on Financial Institutions hearing on Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau. ENERGY: 10:00AM: House Energy & Commerce Subcommittee on Energy & Power hearing on the North American Energy Infrastructure Act. 2:00PM: House Natural Resources Subcommittee on Water & Power oversight hearing on A Roadmap for Increasing our Water and Hydropower Supplies: The Need for New or Expanded Multi-Purpose Surface Storage Facilities. OBAMACARE: 10:00AM: House Ways & Means Committee hearing on the Status of the Affordable Care Act Implementation. PENSIONS: 10:00AM: House Education & Workforce Subcommittee on Health hearing on Strengthening the Multiemployer Pension System: How Will Proposed Reforms Affect Employers, Workers, and Retirees? HOUSING: 10:00AM: Housing Financial Services Committee hearing on the Federal Housing Administration: Implications of a $1.7 billion Taxpayer Bailout. EPA: 10:00AM: House Science & Space Subcommittee on Environment hearing on EPA Power Plant Regulations - Is the Technology Ready? 2:00PM: House Energy & Commerce Subcommittee on Oversight hearing on the EPAs Regulatory Threat to Affordable, Reliable Energy - The Perspective of Coal Communities. AGING: Senate Aging Committee hearing on tackling the disease of aging, focusing on research collaboration. 10/30: AG REFORM: 1:00PM: House/Senate Agriculture Committees joint business meeting to discuss H.R. 2642, The Federal Agriculture Reform and Risk Management Act of 2013. OBAMACARE: 9:00AM: House Energy & Commerce Subcommittee on Energy hearing on PPACA Implementation Failures: Answers from HHS. CYBERSECURITY: 9:00AM: House Homeland Security Joint Subcommittee hearing on Cyber Incident Response: Bridging the Gap Between Cybersecurity and Emergency Management. CONFERENCES BROKER **10/29-10/30: Citigroup 5th Annual Australian Investment Conference, Sydney. **10/30-11/1: Credit Suisse China Investment Conference, Hong Kong. **10/29-10/30: Credit Suisse October Hedge Fund Manager Forum, Sao Paulo. **10/30-10/31: Deutsche Bank Mexican Conference, London. **10/31: Ira Sohn Foundation European Investment Conference, London. **10/31: Nomura Hong Kong/China IPO Corporate Day, Hong Kong. **10/30: NYSSA Life Sciences Conference, at NYSSA, NYC. BROKER FIELD TRIPS **10/28-10/30: Berenberg Industrials Trip, Germany. **10/28-11/1: Jefferies Coal, Power & Materials Tour, Beijing/Shanxi/Anhui/Shanghai. MEDICAL / PHARMA / HEALTHCARE 11/1-11/5: American Association for the Study of Liver Disease 64th Annual Meeting, Washington, DC. 10/26-10/31: American College of Chest Physicians CHEST 2013 Annual Meeting, Chicago 10/25-10/30: American College of Rheumatology Annual Meeting, San Diego. 10/29-10/30: BioCentury SciBX Summit on Innovation in Drug Discovery & Development 2013, Boston. 10/27-11/1: Cardiovascular Research Foundation Annual Conference, San Francisco. 10/31-11/2: Diabetes Technology Society Diabetes Technology Meeting , San Francisco. 10/27-10/30: International Association for the Study of Lung Cancer (IASLC) 15th World Conference on Lung Cancer, Sydney. TECHNOLOGY / TELECOM / MEDIA 10/29-10/30: MSG Focus Rich Communication 2013 , Berlin. 10/28-10/30: OReilly Strata Conference & Hadoop World, Hilton Midtown, NYC. 10/29-10/31: OTC Brasil Conference, Rio de Janeiro. 10/27-10/28: PEGA Developers Conference, Hyderabad, India. 10/29-10/31: RSA Security Conference Europe, Amsterdam. 10/26-10/27: Techcrunch Disrupt Europe: Hackathon, Berlin. 10/28-10/30: UBM Tech 4G World, Dallas. 10/29-10/30: UnleashWD Annual Innovation Summit, Chicago. 10/29-10/30: Venturebeat GamesBeat2013, Redwood City, CA. 10/28-10/30: WBR Research Mobile Shopping - The mCommerce Summit, Phoenix. USER GROUP MEETINGS 10/29-10/31: ARMH Developer Summit at TechCon, Santa Clara. 10/29-10/30: Open Networking User Group, at JPM, NYC. 10/28-10/29: Samsung Inaugural Developers Conference, San Francisco. 10/29-10/31: UBM Tech TechCon, Santa Clara. FINANCIAL 10/27-10/29: American Council of Life Insurers Annual Conference, New Orleans. 10/28-10/30: Association for Financial Professionals Annual Conference, Las Vegas. 10/28-10/30: Center for Financial Inclusion at Accion Financial Inclusion 2020 Global Forum, London. 10/29-10/31: Institute Funds Summit Sovereign Wealth Funds, Central Banks, and other Long-Term Public Investors Conference, Frankfurt. ENERGY / CLIMATE 10/31-11/1: 8th Deepwater Asia Pacific Convention, Jakarta, Indonesia. 10/29-10/30: Gas to Liquids Conference, London. 10/30: Hart Energy Crude in Motion Conference, Houston. 10/29-10/30: SMI Conferences Gas to Liquids Conference, London. 10/28-10/30: SPE Intelligent Energy International Conference, Dubai. INDUSTRIAL / AEROSPACE / CONSTRUCTION 10/29-10/31: Smart Fabrics Europe Conference, Barcelona. METALS / MINING / MINERALS 10/29-11/1: Mines & Money Australia, Melbourne. 10/28-10/29: Terrapinn MENA Mining Show, Dubai. AG / FOOD / DAIRY / WATER 10/29-10/30: CropWorld Global Conference, Amsterdam. MACRO CONFERENCES 10/26-10/28: 10th China International Finance Forum, Shanghai. 10/28-10/30: 8th African Economic Conference, Tunis, Tunisia. 10/28-10/30: African Development Bank African Economic Conference 2013, Johannesburg, South Africa. 10/30: Bloomberg Link Cybersecurity Summit, Washington, DC. 10/31: Cato Institute Policy Perspectives 2013, Waldorf-Astoria, NYC. 10/31-11/1: Dundee Gold Roundup Conference, Austin. 10/29-10/30: Economist The Buttonwood Gathering 2013, Grand Hyatt, NYC. 10/29: FDA Regulation of Tobacco Conference, Washington, DC. 10/30-10/31: International Economic Forum of the Americas Toronto Global Forum , Toronto. 10/28-10/30: Reuters Middle East Investment Summit, Abu Dhabi. **IMPORTANT EVENTS OR CONFERENCES THAT ARE EITHER BROKER SPONSORED OR WILL BE ATTENDED BY BUY SIDE AND SELL SIDE ANALYSTS.

FRIDAY 10-25-2013
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face hunger and exposure to elements, p. A1; FDA recommendation of tighter controls on how doctors prescribe pain medications containing hydrocodone and OTC painkillers such as aspirin represents a major policy shift amid growing abuse of the drugs, p. A1; College Board study finds despite price increases at private colleges, what students actually pay has barely changed over the past decade because of increased discounts, grants, and tax benefits, p. A14; + MSFT: Companys results continue to show the divergence within of its consumer and corporate focused sides, with the former lagging while the latter sees brisk sales, p. B1; In opinion pieces, Aaron Chatterji says job growth in education and healthcare sectors may not reach the small and midsize cities that need it; Paul Krugman says conservative pundits continually talk about looming disasters, but these crises never seem to materialize, p. A27. WSJ: Contractors testifying before a congressional committee about construction and launch of government healthcare website say nobody made sure the many complex parts worked together properly, while testing didnt take place until two weeks before launch, p. A1; Al Qaeda-linked militants in Iraq are behind a number of recent attacks, strengthened by alliance with jihadist fighters in Syria, and are prompting concern the U.S. will be unable to crush the group, p. A1; - US Investigations Services: Employees of company that handled security check for Edward Snowden were told by chief Bill Mixon they needed to push clearances through faster even if they werent thoroughly vetted, p. A1; Lead finance story says Indias largest private sector banks are ramping up their rural networks, building hundreds of backwater branches as a slowing Indian economy squeezes business in the cities, p. C1; Highly rated issuers sold more than $12B in bonds Thursday, taking advantage of robust investor demand and the latest tumble in market interest rates to stock up on cash, p. C1; New research is finding that it may be harder to eliminate the HIV virus from the body than previously thought, a potential setback for scientists seeking a cure to AIDS, p. A2; Report from the Office of the Inspector General of the DHHS on physician-owned distributorships finds that surgeons who profit from implants they insert into patients perform higher rates of surgery, p. A2; FDA has recommended imposing more severe restrictions on doctors prescribing narcotic painkilling drugs such as Vicodin in bid to combat their widespread abuse, p. B1; + BP: After selling almost $40B in assets, oil giant is in the middle of a turnaround, ramping up drilling and exploration in bid to return to its core mission of finding and pumping oil, p. B1; FCC considering softening the decades-old 25% foreign-ownership limit on TV and radio stations, paving the way for new investment, p. B1; +/LCC: Carrier could begin to charge for checked baggage if the flying public eventually comes to accept the fees that other airlines charge, p. B1; + AMZN: Shares are up despite retailers report of a third loss in the past year because of a big jump in quarterly sales that exceeded estimates, p. B3; +/- AZN: Drug makers planned move to Cambridge, England will test the pharmaceutical industry credo that its future lies in closer cooperation with academia, p. B4; + MSFT: Tech giants double-digit percentage increases in both revenue and profit from sale of technology to corporations goes against a recent trend in the industry, p. B6; SEC is asking several mutual fund companies for information about their investing and trading in Puerto Rican municipal bonds, p. C6; Ahead of the Tape: The problem at PG is that its dividends and buybacks have become the stocks only source of return, p. C1; H.O.T.S.: Story suggests there are echoes of the tech bubble in the long-dated forecasts underpinning TSLAs valuation; North American sales are the key factor behind Fs profits, but overseas results are also giving them a boost; Twitters IPO price range shows it doesnt want to be Facebook 2.0, p. C8; In opinion piece, Chris Jacobs says more sticker shock from the Affordable Care Act looms, p. A13. FT: Lex Column: As U.S. drug wholesaler MCKs deal for Celsio indicates, distributing pills is now a better business than developing them; Coffee and doughnut chain DNKN has ambitions to double its U.S. store count; Move by CS to cut its non-strategic interest rate trading business changes nothing in the short term; At German auto giant Daimer, luxury cars, trucks, and vans are firing together; Camera maker Canon has some problems even the weaker yen cannot fix; Comment: In opinion piece, Martin Wolf says the Bank of England must gamble on growth, noting the job of policy makers is to shift the economy on to a better path, which means taking risks. IBD: Big Picture: Stocks posted moderate gains Thursday with many top-rated stocks attracting heavy volume; New America: + MELI: Latin American e-commerce giant isnt just riding the crest of the regions growing wave of online buying, but also helping to drive it by improving user experience and expanding categories; Technology: + AAPL: New cylindrical design of soon-to-be-released Mac Pro could signal the end of an era of boxy electronics; +/- AMZN: Company beat Q3 revenue forecasts, but holiday outlook is a bit shy of estimates. USA: Story reports A rising tide of Democrats has begun voicing support for easing the deadlines and penalties of the Affordable Care Act, showing the first cracks in party unity against GOP opposition to the healthcare law; Travel analysts say a more disciplined airline industry, buoyed by lower fuel prices and a stronger economy, could see a strong 2014. NY POST: Sources say Antony Ressler is preparing to take his Ares Capital Management public at a valuation of more than $4B, and has chosen JPM as its underwriter.

BARRONS ONLINE: Weekday Trader: + on C, bank trades at a steep discount to its peers, but deserves a higher price, shares could rise 32%. BUSINESSWEEK: Cover story reports on SCI, which casts a long shadow in the death-care industry, operating more than 1,800 funeral homes and cemeteries in the U.S. and Canada, with a market cap of $4B. DIGITIMES: Taiwan ODMs expect mid-sequential growth in Q4 notebook shipments; Nanya Technology and Inotera are optimistic about Q4 outlook; Taiwan panel makers plan to tackle three more major areas in 2014, including smartphone, tablet, and smart TV panels; Digitimes research finds large-size TFT LCD-panel shipments grew 0.8% in Q3.

In the Rags
NYT: Many Syrians are essentially refugees in their own country, occupying abandoned schools, parks, and mosques and living hand-to-mouth as they increasingly

Events Desk (212) 884-8096

WOMENS WEAR DAILY: Departure of Jil Sander from her eponymous brand raises questions about its future; Swatch, the worlds largest watchmaker, will be allowed to gradually cut deliveries of components to rivals. ALL THINGS DIGITAL: Twitters planned IPO price shows it is trying to be extra conservative in the runup to its IPO, story also notes than when its MoPub acquisition is complete, it will have added another 15M shares to its pool of 545M shares outstanding, which could pressure share price in early going. POLITICO: Democratic unity that held up during government shutdown is beginning to fracture amid growing problems with Obamacare. PAIDCONTENT: Growing number of Prime customers who stream video gave company a boost in Q3. TECHCRUCH: European Union reconsidering its intelligence cooperation with the U.S. after reports of NSA spying on top political figures; Y Combinator startups how have a combined value of $13.7B, up $2B since June; Perfect has presented a video life blogging service for GOOGs Google Glass. CNET: Engineers from GOOG, FB, and YHOO are trying to make Android phones more useful by anticipating the apps people want when they wake up a device, something that cant be done on AAPLs iOS. THE HILL: The GOP, say story, is comfortable ignoring President Obamas pleas for a vote on the immigration bill. BLOOMBERG SURVEILLANCE: 7:00AM: Michael Wolf, founder of Activate, will guest host; 7:18AM: Peter Beilenson, CEO of Evergreen Health Cooperative; 7:34AM: Dawn Zier, CEO of Nutrisystem, guest hosts and discusses healthy eating; 8:05AM: Ed Morse, managing director of Citigroup Global Markets. SCIENCE MAGAZINE: A self-assembling composite surfactant can be used to make stable droplets with complex shapes. LANCET: 1) There is some evidence to support the recommendation of carbohydrate counting over alternate advice or usual care in adults with type 1 diabetes; additional studies are needed to support promotion of carbohydrate counting over other methods of matching insulin dose to food intake; 2) + Verona Pharam: In four exploratory studies, inhaled RPL554 was found to be an effective and well tolerated bronchodilator, bronchoprotector, and anti-inflammatory drug and further studies will establish the full potential of this new drug for the treatment of patients with COPD or asthma. BRITISH MEDICAL JOURNAL: Story looks at the evidence and debate over whether the FDA should be reining in the energy drink industry. Corporation 000270.KR +0.5% (Q3 results); Great Wall Motor 601633.CN -8.3% 2333.HK -5.5% (Q3 results); Fujian Longking Co Ltd 600388.CN +4.2%, Kelin Environmental Protection Equipment Inc 002499.CN +6.0% (China Premier calls to increase air condition) - MATERIALS: Whitehaven Coal WHC.AU +2.6% (Quarterly production results); Hyundai Steel Co 004020.KR -1.6% (Q3 results) - FINANCIALS: Devine Ltd DVN.AU -26.5% (provides FY guidance); Mizuho Financial Group Inc 8411.JP 1.5% (execs to face punishment for criminal loans) - TECHNOLOGY: Canon Inc 7751.JP -1.0% (Q3 results); Samsung Electronics 005930.KR -1.0% (Q3 results); High Tech Computer Corp 2498.TW +3.8% (denies speculation to scale down production) - ENERGY: Dart Energy DTE.AU +3.6% (sells license); Sinovel Wind Group Co Ltd 601558.CN -3.5% (Q3 results) - TELECOM: NTT DoCoMo Inc 9437.JP -1.9% (speculation on Q2 results); China Unicom Ltd 600050.CN -1.2% 762.HK +0.5% (Q3 results) EUROPEAN / ASIAN ANALYST ACTIONS UPGRADES: British Land (UBS), Condirect Bank (ESN), Ericsson Telephone Company (DNB Markets), G4S plc (HSBC), Kemira (MS), Neste Oil (ESN), Shire plc (Tier1). DOWNGRADES: ABB Group (UBS), Credit Agricole (BNP Paribas), Adecco (UBS), Autogrill (CS), AZ Electronic Mat (CS), Baloise Holding (CS), Belgacom (ESN), British Sky Broadcasting (Macquarie), Endesa (GS), Georg Fischer (CS), Lisi (ESN), Great Portland (DB), Mitie Group plc (HSBC), Neste Oil (Kepler), Randstad Holding (UBS), STMicroelectronics (GS), UCB SA (KBC). INITIATES: Dialog Semiconductor plc Outperform (RBC), Swedish Match Underweight (BCS).

FRIDAY 10-25-2013
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-XXIA appoints Errol Ginsberg acting CEO upon retirement of Vic Alston. -ZNGA names Clive Downie COO effective November 4. FINANCIAL -BAC to cut 3,000 jobs in its mortgage banking division (FT). -CS to cut interest rate trading business by 40% (FT). -RBS bad bank to sell its first portfolio of British property assets (FT). -Serco Group announces separation of U.K. and European units. HEALTHCARE -PTLA initiates enrollment in phase 1/2 study of PRT2070. -Roche Holding (Genentech): NICE issues final draft guidance recommending ranibizumab as treatment option for sight problems caused by new blood vessels growing at the back of the eye in people with pathological myopia. INDUSTRIAL -BA said to secure order from China for approximately 200 737 Max units valued at about $20.7B. -DD announces separation of performance chemicals segment to enhance shareholder value, may announce possible IPO. -Hyundai to release new Genesis model for the European market. -Kia Motors reports Q3 net (KRW) 903B vs. 943.5BE, operating profit 696.3B vs. 825BE, revenue 11.6T vs. 11.8T. -TSLA: National Highway Transportation Safety Administration says there is no evidence of battery fire as a result of safety defect or of fire due to safety noncompliance. TECHNOLOGY -CRDS cutting workforce by 40%. -MSFT: In comments ahead of conference call, CFO says consumer PC demand was better than expected, company sold twice as many Surface tablets as in previous quarter. -Philips Electronics terminates 150M agreement with Funai to transfer its audio, video, and multimedia accessories business following a breach of contract. JIM CRAMERS MAD MONEY -POSITIVE MENTIONS: LNG, NBL, RBS, HK -NEGATIVE MENTIONS: GMCR, CVRR, TQNT -INTERVIEWS: DD chief Ellen Kullman; IP chief John Faraci; AVT chief Rick Hamada; Cramer is positive on all three companies. THE BACK OFFICE -DIVIDEND NEWS: RRMS increases distribution 2.3% to $0.45 from $0.44; USAC increases distribution by 4.6% to $0.46 from $0.44/share; NEU declares a 22% increase in quarterly dividend to $1.10/share from $0.90/share; HOMB raises quarterly dividend by 15% to $0.075/share; ATLS raises quarterly dividend by 4.5% to $0.46/share; MFI increases quarterly dividend by 16.7% to $0.07/share; TLLP increases quarterly dividend by 7% to $0.545/unit; MSM raises quarterly dividend by 10% to $0.33/share from $0.30. -S&P RATINGS: LCRX rating raised one notch to BBB from BBB-, outlook stable. DEALS PRICED -ADHD 2M share 2ndary priced at $16.50/share. -AERI prices 6.7M share IPO at $10/share. -AR announces pricing of upsized $1B (from $500M) offering of senior notes. -COMM prices 38.5M share IPO at $15/share, below the projected range of $18-21. -EIGI prices 21.1M share IPO at $12/share. -FNF prices 17.25M shares of common stock at $26.75/share in public offering. -KSU prices $450M in private offering of senior notes by KCSR and KSCM. -PLD prices $500M of guaranteed notes due 2021. -SRLP prices 8.5M share IPO at $18/share, below the expected $19-21 range. -SRNE 4.2M share offering priced at $7.25/share. -Twitter prices 70M share IPO in range of $17-20/share. -ZINC prices 5.5M shares of common stock at $12/share in public offering. OFFERING ANNOUNCEMENTS -CGIX underwriters exercise option to purchase additional 428.7K shares of common stock. -CP holder Pershing Square announces offering of 5.96M shares. -DVAX proposes offerings of common stock and Series B convertible preferred stock. -MEIP announces public offering of common stock. -PCH files automatic mixed shelf of indeterminate amount. -TTPH files to sell up to $40M in common stock. AFTER HOURS TRADING HIGHER: On Earnings: DECK, ELY, ZNGA, MKTO, BLDR, AMZN, OUTR, AFOP, MSFT, INFA, MXIM, MXWL, CA; Others: CECO (to sell European properties), PBNY (added to SmallCap 600), DD (spinning off chemicals unit); LOWER: On Earnings: HWAY, QLIK, RMD, SYNA, DVAX, FSL, ESRX, CERN, KLAC, WDC, EMN, WYNN

After the Close Thursday

AMG DATA: Equity fund inflows w/e October 23 were $16.4B vs. $12.7B in w/e October 16; Equity fund ex ETF inflows w/e October 23 were $6B vs. $2.2B in w/e October 16. S&P INDEX CHANGES -PBNY to replace STL on the SmallCap 600. -FTD Companies to replace UNTD on the SmallCap 600. EARNINGS -BEAT estimates: WSFS (+.41); MXWL (+.39); THRX (+.39); DECK (+.23); CB (+.22); VR, WIRE (+.21); WYNN (+.20); CINF (+.15); CA (+.14); SCSC (+.11); CYN, ELY, SHLM (+.10); BCOV, FBIZ, OUTR (+.09); EHTH, MSFT, NCR, RGC, SSD, WDC (+.08); CBNJ, MTW, SIMO (+.07); BLDR, CPWR, FLS, SYNA (+.06); CTCT, MOFG (+.05); EMN, HITT, MKTO, QLGC, SBSI (+.04); GB, ISBC, PFG, POL, QLIK (+.03); BMTC, FET, GBCI, KLAC, LSCC, PCCC, RCKB, SPN, SPSC, VRSN, WOOF, ZNGA (+.02); AFOP, AMCC, COG, HBHC, IM, IMI, INFA, IPCM, ITI, LOGM, MCRL, MCRS, MPWR, MXIM, N, SIVB (+.01) -IN-LINE with estimates: AAN, AMZN, CERN, ESRX, FFBC, FSL, HEOP, NR, NTGR, UACL -DISAPPOINTED: BJRI, BMRN, CLF, DV, ECHO, FBMI, FII, GFIG, HWAY, INAP, KBR, NBHC, RMD, STRT, STSA, TBBK, UPI, USTR GUIDANCE -POSITIVE: CB, LOGM, SHLM -IN-LINE: BCOV, CERN, CTCT, MCRS, QLGC -NEGATIVE: AAN, CA, ECHO, ELY, EMN, ESRX, FET, FLS, GB, HITT, HWAY, IMI, IPCM, KBR, KLAC, MKTO, MXIM, N, OUTR, QLIK, SPSC, WDC, WOOF, ZNGA SAME STORE SALES -BJRI Q3 SSS -2.2% y/y. GLOBAL MACRO NEWS -AUSTRALIA: Moodys says sector outlook for Australia states and territories remains negative. -CHINA: Authorities may further expand value-added tax levy in 2014; Peoples Bank of China sets yuan midpoint at 6.1333 vs. 6.1335 prior setting; PBoC begins loan prime rate system, sets one-year prime lending rate at 5.71%. -GERMANY: October IFO Business Climate: 107.4 vs. 108E; Current Assessment: 111.3 vs. 111.4E. -JAPAN: Bank of Japan offers to buy 250B in 1- to 3year JGBs, 350B in 3- to 5-year JGBs, and 400B in 5to 10-year JGBs as well as 1.5T in T-bills. -NEW ZEALAND: RBNZ governor Wheeler says raising rates may risk boosting NZD, housing market is overheated in some areas of the country, seeing some indications lending limits are working. -PHILIPPINES: August Trade Balance: -$961.M vs. -$533ME. -SOUTH KOREA: Q3 Preliminary GDP q/q: 1.1% vs. 0.8%E; y/y: 3.3% vs. 3.1%E. -TAIWAN: Unlikely to pass China services trade pact in 2013. -UNITED KINGDOM: Q3 Advance GDP q/q: 0.8% vs. 0.8%E; y/y: 1.5% vs. 1.5%E. -UNITED STATES: Weekly Fed Balance Sheet Assets w/e October 23: $3.975T (record high) vs. $3.770T prior; M1: +$100B vs. -$48.9B prior; M2: +$28.8B vs. +$25.7B prior. MERGER AND ACQUISITIONS -CB chief John Finnegan to remain in position through 2016. -CECO to sell European education properties to private equity firm Apax Partners for $305M. -SFLY acquires BorrowLenses, terms not disclosed. PERSONNEL CHANGES -APL promotes Patrick McDonie to president in addition to his current role as COO. -Coca-Cola FEMSA appoints John Santa Maria Otazua CEO effective January 1. -FULT names Patrick Barrett CFO. -KOF appoints John Santa Mara Otazua CEO, effective January 1. -Serco Group announces resignation of chief executive Christopher Hyman.

US Analyst Actions
UPGRADES: AAP (RBC), AMZN (RJF), CYS (Tier1), ESI (Compass Point). DOWNGRADES: BIN (Canaccord), CAM (Howard Weil), CAT (Atlantic Equities), CCE (Societe Generale), CS (JPM), EMN (GS), NCR (Compass Point), PLXS (Tier1), PTEN (Wunderlich), RYN (Tier1), SIRI (GS), SUSQ (FBR Capital), TCBI (Keefe), TKR (Tier1), UAL (JPM). INITIATES: ACT Buy (C), ALK Outperform (Cowen), DISH Underperform (FBR), DTV Market Perform (FBR), HASI Sector Perform (RBC), MYL Neutral (C), NGL Strong Buy (RJF), NGL Outperform (RJF), TEVA Buy (C), VET Neutral (GS).

Around The World

US Futures are Mixed. European markets are moslty trading lower. Far East equities lower by weaker-than-expected Japanese earning reports and China growth uncertainties Nikkei: -398.22; Hang Seng: -137.48; CSI 300: -31.95; Taiwan: -67.10; Kospiy: -12.30; FTSE: +10; DAX: +4; CAC: -10; Gold: -8.7; Copper: -0.0230; Oil: +0.41; 10 Year Treasury Yield: 2.50%, +3/32; US$: Higher vs. Pound; Lower vs. Yen; Higher vs. Euro; S&P Futures: 1.75; DOW Futures: -5; NASDAQ Futures: +5.50. IN EUROPEAN OVERSEAS TRADING (BY SECTOR) - INDUSTRIALS: Volvo VOLVB.SE -6.5% (Q3 results below ests), Electrolux ELUXB.SE -5% (Q3 results below ests), Brembo BRE.IT -3.5% (share placement) Schneider Electric SU.FR -3.5% (cut outlook), Renault RNO.FR -3% (Q3 sales declined y/y) Solvay SOLB.BE 2% (Q3 results below ests); Saint-Gobain SGO.FR +2.5% (reaffirmed forecast), BASF BAS.DE +1% (Q3 results above ests). - CONSUMER DISCRETIONARY: Technicolor TCH.FR -6% (Q3 sales declined y/y), Kering KER.FR -2% (Q3 sales declined y/y), Adecco ADEN.CH -2.5% (broker commentary); USG USG.NL +3% (Q3 profits rose y/y), G4S GFS.UK +2% (management change). - TECHNOLOGY: SAP SAP.DE +2% (Microsoft earnings); Atos ATO.FR -1% (Q3 sales in line, reaffirmed outlook). - HEALTHCARE: Novozymes NZYMB.DK -3% (cut sales forecast), UCB UCB.BE -2% (9-month sales declined y/y); Morphosys MOR.DE +3% (positive outlook). - TELECOM: Belgacom BELG.BE -4%(Q3 sales below ests). - FINANCIALS: BBVA BBVA.ES -1.5% (Q3 revenues declined y/y, bad loans rose, cut dividend). - BASIC MATERIALS/RESOURCES: Wacker Chemie WCH.DE -5% (broker commentary). - EUROSTOXX50 SECTORS: Telecom -1%, Industrials -0.70%, Financials -0.6%, Consumer Cyclical -0.5%, Technology -0.5%, Consumer Non-cyclical -0.2%, Utilities -0.1%; Basic Materials +0.4%, Energy +0.1%] IN ASIAN OVERSEAS TRADING (BY SECTOR) - CONSUMER DISCRETIONARY: L'Occitane 973.HK 6.5% (Q3 results) - CONSUMER STAPLES: Warrnambool Cheese & Butter WCB.AU +3.6% (receives upsized offer) - INDUSTRIALS: Mitsubishi Motors 7211.JP +2.3% (provides FY guidance); Fuji Electric Holding 6504.JP 1.4% (H1 results); Hitachi Construction Machinery 6305.JP +1.0% (speculation on earnings); Kia Motors