THURSDAY 10-17-2013p. 1 of 5

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**IN AFTER HOURS TRADING. HIGHER: On Earnings: SNDK , NE, AXP; LOWER: On Earnings: SCSS , IBM, EBAY , XLNX.

Events Desk(212) 884-8096

Alerts For Today Publish Time 7:15AM

THURSDAY 10-17-2013p. 2 of 5

European Parliament committee meetings,Brussels . Institutional affairs - European Parlia-ment.

ECB Governing Council member Erkki Lika -nen speaks on banking union and financial inte-gration at inter-parliamentary conference in Vil-nius, Lithuania.

Bundesbank Board member Rudolf Boehmlerspeaks on "Germany' Bundesbank: Anchor ofStability in Stormy Times" in Ulm, Germany.

1:00PM: European Council chief Hermann VanRompuy meets with German Chancellor AngelaMerkel.

European Medicines Agency Meeting, Lon -don. 10/16-10/18: Committee for AdvancedTherapies

MONETARY POLICY MEETINGS: ECB Govern -ing Council Meeting (No Interest RateAnnouncement Scheduled ); National Bank ofPoland publishes minutes from its 10/1-10/2Monetary Policy Meeting.

ECONOMIC RELEASES: EMU: Balance of Pay-ments (August); Construction Output (August);UK: Retail Sales (September); Poland: IndustrialOutput (September); PPI (September);Central/Eastern European ZEW Indicator (Octo-ber); Sweden: Unemployment Rate (September);Portugal: PPI (September). FIXED INCOME: UK: 2018 Treasury Gilt Auction;France: BTAN Treasury Note Auction; Spain:Bond Auction.

IN THE PACIFIC RIM

RBA Governor Glenn Stevens speaks at theAustralian British Chamber of Commerce in Syd-ney.

Australia's Governor General Quentin Brycemeets Chinese President Xi Jinping.

London Mayor Boris Johnson delivers akeynote speech at Go Global conference inShanghai.

Philippine President Benigno Aquino meetsSouth Korean President Park Geun-hye inSeoul.

South Korean Foreign Minister Yun Byung-seholds bilateral meetings with British Foreign Sec-retary William Hague, Australian Foreign MinisterJulie Bishop and Indonesia's Foreign MinisterMarty Natalegawa in Seoul.

IN CANADA

Nonresidential Construction (Q3); InternationalSecurities Transactions (August).

IN CENTRAL AND SOUTH AMERICA

MONETARY POLICY MEETINGS: Brazil Cen-tral Bank publishes minutes from its 10/8-10/9meeting ; Bank of Chile.

INDICES RELEASES EXPECTED

WEEKLY

AEROSPACE/DEFENSE: BA releases orders#’s.ENERGY: 10:30AM: E.I.A. publishes US under-ground natural gas stocks (gas storage report) at1:00PM: Natural gas update; heating oil, propaneresidential and wholesale price data report and at5:00PM: releases coal production reportFINANCIAL SERVICES : 1:00PM: Federal HomeLoan Mortgage Corporation survey on fixed-rate mortgages.RETAIL: 8:00AM: Sportscan publishes athleticfootwear sales/trends #'s.TECHNOLOGY: DRAMeXchange releases pricechanges for DRAM chips.TRANSPORTATION: Association of AmericanRailroads publishes the number of freight car-loads on major U.S. railroads.

MONTHLY

AIRLINES: Thai Airways releases air traffic #'s;Singapore Airlines (SIAL.SG) releases traffic#'s; Ryanair (RYAAY/RYA.UK) releases cus-tomer service stats; GOL releases traffic #'s;Cathay Pacific (293.HK). AUTOMOTIVE: F releases European sales #'s;Dongfeng Motor reports September; vehiclesales; ACT Research releases final U.S. Trailers,N.A. Classes 5-8 Vehicles (Truck) for September.ENERGY: RIG releases fleet status report; ESVreleases fleet update.FINANCIAL SERVICES : BAC/Merrill Lynchreleases fund managers survey for September;USB releases closed end funds report.FOOD/ BEVERAGE: Beer Institute publishesDomestic brewer sales; and import / exports ofMalt Beverages.HOTEL/ GAMING: Colorado Division of Gam -ing publishes gaming revenue #'s; Spec-trumetrix publishes Atlantic City Revenue Analy-sis, East Coast Slot Report, Mid-Atlantic GamingReport, Midwest Slot Report and US Gross Gam-ing Revenue Analysis; Atlantic City Press pub-lishes gross gaming results.INDUSTRIAL : Association for ManufacturingTechnology / American Machine Tool Distribu -

DEALS TO BE PRICED

Voxeljet (VJET) (IPO) Piper/Citigroup

NEW YORK EVENTS

Management Lunches:TAXI, Morgan Stanley.

1on1s:Bladex, JPM.Celladon Corp., JPM.Imagination Tech, JPM.PGRX, Roth Capital.T&D Holdings, JPM.

OTHER US EVENTS

Management Breakfasts:ALNY, Leerink Swann, San Francisco.

1 on 1s: ATBEF, Roth Capital, Dallas.CPB, Morgan Stanley, Baltimore.RNET, Oppenheimer, MidAtlantic.SB, Morgan Stanley, San Francisco.SLW, JPM, Baltimore.SMRT, Avondale Partners, St. Louis.

INTERNATIONAL EVENTS

1 on 1s: EI Towers Spa, Berenberg, Paris.Wirecard AG, Berenberg, Scandinavia.

Expert Lunches:African Rainbow Metals Engineer StompieShiels, BAC-ML, Cape Town.

BROKER SPONSORED CALLS

11:00AM : C3Q IT Buyer Survey: BAC-ML hostscall with analysts to discuss the key findings,touch upon relevant developments & forecast theIT outlook. #888-663-2254 , id= 1505336

2:00PM: ALNY Week: ALN-AT3 (Hemophilia) :Leerink Swann hosts call with Georgetown Uni-versity Section Chief of Hematology Dr. CraigKessler.. #973-528-0045; id=985269.

ECONOMICS

IN THE US

8:30AM: Initial Jobless Claims (w/e 10/12 ).Consensus Estimate: 337,000 vs. 374,000; Con-tinuing Claims (w/e 10/5). Consensus Estimate:2.94M vs. 2.905M; 4-Week Average. Last Read-ing: 325.0K8:30AM: Housing Starts (September). Consen-sus estimate: 0.908M vs. 0.891M; Building Per -mits. Consensus estimate: 0.938M vs. 0.926M. 9:15AM: Industrial Output (september). Con-sensus Estimate: +0.4% vs. +0.4%; Capacity Uti -lization. Consensus Estimate: 78.0% vs. 77.8%.Manufacturing Output. Consensus Estimate:+0.4% vs. +0.7%. 9:45AM : Bloomberg Consumer Comfort Index(w/e 10/11). Last Reading: -29.70.10:00AM: DJ-BTM US Business Barometer(w/e 10/5). Last Reading: -0.2%10:00AM: Philadelphia Fed Index (October).Consensus Estimate: 15.0 vs. 22.34:30PM: Money Supply (w/e 10/ 14)4:30PM: Federal Reserve Board releases Con-dition Statement of Federal Reserve Banks; Fac-tors Affecting Reserves of Depository Institutions;and Money Stock, Liquid Assets, Debt Measures

FED SPEAKERS

7:45AM: Federal Reserve Bank of Dallas Presi -dent Richard Fisher speaks before the Econom-ic Club of New York (NY Fed President WilliamDudley gives introductory remarks); 12:45PM:Federal Reserve Bank of Chicago PresidentCharles Evans speaks on current economic con-ditions and monetary policy before the WisconsinReal Estate and Economic Outlook Conference inMadison, WI; 1:45PM: Federal Reserve Bank ofKansas City President Esther George speakson the U.S. economy before an Oklahoma Citybusiness and community leaders, Oklahoma City,OK; 2:45PM: Federal Reserve Bank of Min -neapolis President Narayana Kocherlakotaspeaks on "A Time of Testing" before an annualmeeting of the Helena Branch, Federal ReserveBank of Minneapolis in Butte. MT.

AUCTIONS/ FED ACTIONS

11:00AM: NY Fed will Purchase TreasuryCoupons in the 11/15/2020 - 08/15/2023 MaturityRange.11:30AM: Treasury Announces a 3 & 6 Month BillAuction as well as the reopening of a 30 YearTIPS Auction.

IN EUROPE

10/16-10/17: European Economic and SocialCommittee plenary session in Brussels.Regions and local development - Committee ofthe Regions.

Today’s Focus

Broker Meetingstors Association publishes U.S. machine toolconsumption report to subscribers #'s (publicrelease on Monday). METALS/ MINING : KMT releases order #'s.REAL ESTATE: National Weather Service pub-lishes 30-day weather forecast (Long-Lead Fore-cast) for November.; DataQuick publishes Cali-fornia Bay Area home sales #'s. RETAIL: International Council of ShoppingCenters publishes US Mall sales #'s for August.TECHNOLOGY: Japan Electronics & Informa -tion Technology Industries Association pub-lishes Domestic Shipments of major ConsumerElectronic Equipment; Nintendo(NTDOY/7074.JP) releases Videogame sales #'sfor September.TRANSPORTATION : American TransportationAssociation releases Passenger RevenueReport for September; Bureau of Transporta -tion Statistics publishes Airline Fuel Cost andConsumption for August.

QUARTERLY

INDUSTRIAL: Santos Ltd. (STO.AU) releasesKey Performance Indicators report.PHARMACEUTICALS : Roche Holding AGreleases Q3 sales #'s (with earnings).Sulzer Ltd. (SUN.CH) release order #'s.TECHNOLOGY: UTEK releases Key PerformaceIndicators (with earnings).

SEMI-ANNUAL

FINANCIAL : The Business Council releases itsEconomic Outlook Survey.

MACRO CONFERENCES (EDT)

10/17: Bloomberg Link Oil & Gas Conference,Houston.9:35AM : CLR CEO Harold Hamm. 10:00AM : Outlook for Crude Oil. Speakers : acad-emics, BAC-ML, Railroad Commission of Texas. 10:30AM : PE - Takeover Targets and OtherAvenues for Growth. Speakers : Denham Capital,Quantum Energy. 11:00AM : Outlook for Natural Gas. Speaker :Bloomberg New Energy Finance. 11:10AM : NatGas - How Long Can We StayHere? Speakers : Center for LNG, America’s Nat-ural Gas Alliance, Haynes & Boone. 11:45AM : Transportation - Opportunities inPipelines vs. Rail. Speakers : Evercore Partners,Swank Capital. 12:15PM: The Fracking Cycle - Next Phase in theShale Boom. Speakers : Mayer Brown, ParallelResource Partners, PacWest Consulting Part-ners. 12:50PM: DoE Acting Assistant SecretaryChristopher Smith. 2:20PM: Chesapeake Energy Corp. co-Founder& former SD CEO Tom Ward. 2:45PM: Activist Investors - Good/Bad for Busi-ness? Speakers : GS, Okapi Partners, JoeleFrank. 3:15PM: Energy Security - From Water to Cyber-space. Speakers : Water Standard, VZ, BoozAllen Hamilton. 3:45PM: E&Ps - Show Me the Money. Speakers :Tudor Pickering Holt, Pine Brook, CS.4:20PM: EXXI CEO John Schiller. 4:40PM: Incubators - New Creating New Sourcesof Demand for Domestic Oil & Gas. Speakers :APA, F, Wood Mackenzie.

10/17-10/18: FDIC 3rd Annual ConsumerResearch Symposium, Arlington, VA.9:00AM : FDIC Chairman Martin Gruenberg. 9:15AM : Panel 1: Assets and Wealth. Speakers :Federal Reserve Board, academics, the CFPB. 11:10AM : Panel 2: Checking and PrepaidAccounts. Speakers : the FDIC. 2:00PM: Panel 3: Household Choice of FinancialProducts. Speakers : academics. 3:40PM: Panel 4: Mortgage Performance. Speak-ers : Federal Reserve staff, academics.

10/17-10/18: Irish Tax Institute Global Tax Poli -cy Conference, Dublin, Ireland.3:45AM : Shaping Tax Policy - the GlobalOverview. Speakers: KPMG Ireland, OECD, theEU. 6:15AM : Effective Tax Administration - The Glob-al Challenge. Speakers: academics. 9:00AM : Shaping Tax Policy to Deliver on Eco-nomic & Social Change. Speakers : the IMF, academics. 11:00AM : Reshaping Tax Policy. Speakers :PwC, the EU.

10/17: Wisconsin School of Business 2013Wisconsin Real Estate & Economic OutlookConference, Madison, WI.1:45PM: Keynote: Federal Reserve Bank ofChicago President Charles Evans.Other Speakers: academics, Promontory, AGNCManagement, Wisconsin Realtors Association,BNP Paribas.

IN CONGRESS

SYRIA: 9:30AM: Senate Armed Services Com -mittee closed briefing on US military operationsin Libya & Somalia.

FEDERAL REGULATORY MEETINGS

8:00AM: FDA--CDER - Anti-Infective Drugs

Events Desk(212) 884-8096

THURSDAY 10-17-2013p. 3 of 5

Advisory Committee meets to discuss suscepti-bility interpretive criteria for systemic antibacterialdrugs and for dosing recommendations in productlabeling, as well as discuss revising dosing rec-ommendations in product labeling based on phar-macokinetic data and clinical safety and efficacydata.

10:00AM: FERC Commission Meeting.

OBAMA ADMINISTRATION

10:35AM: President Obama delivers a state-ment; at 11:30AM : holds a bilateral meeting andworking lunch with Italian Prime Minister Letta;Biden also attends.

2:00PM: Secretary of State John Kerry meetswith Air Force General John Allen, commander ofthe International Security Assistance Force, at theWhite House.

WASHINGTON EVENT

4:00PM: Bundesbank Board member AndreasDombret to speak on "The Yin and Yang ofResolving the European Sovereign Debt Crisis" atthe Peterson Institute in Washington.

4:30PM: "Troika and the Dynamics of theWashington-Tokyo-Beijing Triangle” at theJohns Hopkins University Paul H. Nitze School ofAdvanced International Studies.

5:00PM: Italy and Europe after the Crisis: AConversation with Italian Prime Minister EnricoLetta at the brookings Institution

6:00PM: IFC Global Markets & StrategyGroup’s Jean Pierre Lacombe discusses therecent developments in global economy and mar-ket conditions and their implications for emergingmarkets.

UN GENERAL ASSEMBLY

Election of five non-permanent members ofthe Security Council.

OTHER REGIONS

Business Council begins a 2-day meeting,Menlo Park, CA.

LITIGATION

In re Oil Spill by the Oil Rig Deepwater Hori -zon in the Gulf of Mexico: second phase in asuit to apportion fault and liability for the 2012Macondo oil spill between BP, HAL & RIG contin-ues: there are 2 remaining questions 1) BP’sefforts to stop the flow; and 2) how much oilspilled prior to the well being capped, in the USEastern District Court of Louisians (New Orleans).

WILN v. AAPL/DELL/HPQ/HTC America/Nova -tel Wireless/SWIR: trial continues in the suitalleging patent infringement of 2 systems of trans-mitting & systematizing data in the U.S. DistrictCourt for the Eastern District of Texas.

COMPANY EVENTS

IN EUROPE

Jenoptik AG hosts Capital Markets Day, Ger-many. (2 days)

IN THE US

MSFT: Starting at 12:00AM on 10/18 in NewZealand (that’s 4AM PST on 10/17), Windows 8.1will begin rolling out worldwide as a free updatefor consumers on Windows 8 through the Win-dows Store. Windows 8.1 will also be available atretail and on new devices starting on 10/18 bymarket.

All DAY : Givaudan (GIVN.CH) hosts InvestorDays, Lakeland, FL. (day 3 of 3)

8:00AM: AMAG hosts call to discuss PDUFAdate extension for Feraheme. US: #(877) 412-6083; Int’l: (702) 495-1202

8:30AM: DVAX hosts call to discuss Heplisav, itsinvestigational adult hepatitis B vaccine, regulato-ry path. #866.428.9517 or 224.357.2389

11:00AM: PETM hosts analyst meeting, Millenni-um Broadway, NYC.

11:00AM: Shoreline Energy Corp . hosts call todiscuss joint venture with AccelerationResources LLC . #877-941-2068, id=4644740.

12:00PM: SRPT hosts a call to discussDuchenne Muscular Dystrophy development pro-gram. #888-895-5479 or #847-619-6250,id=35883585.

6:00PM: S.E.M.I. posts semi equipment book-to-bill ratio for September @www.semi.org. LastReading: 0.98.

8:00PM: SAFM hosts dinner prior to tomorrow'sanalyst meeting, New Orleans, LA.

OTHER

M&A: MOLX / Koch Industries Hart Scott Rodi-no expires; ROCM / BCR Hart Scott Rodinoexpires; Ainsworth Lumber / LPX Hart ScottRodino due.

ANNUAL MEETINGS:9:00AM: TGX, Atlanta, GA (re merger with

JNPR)10:00AM: DELL , Round Rock, TX. (last meetingbefore being taken private)OTHER: AWH, MCS, PPHM, TGC, VCBI

Stock Splits: EADS NV (EADSY): 4-1. S&P Index Changes: GPOR will replace WMS inthe S&P 400. SAIA will replace GPOR in the S&P600 index.

PDUFA DECISIONS EXPECTED

ALIM/ PSDV's Iluvien (fluocinolone acetonide) forchronic diabetic macular edema.

BROKER SPONSORED CALLS

2:00PM: ALNY Week: ALN-AT3 (Hemophilia) :Leerink Swann hosts call with Georgetown Uni-versity Section Chief of Hematology Dr. CraigKessler.. #973-528-0045; id=985269.

BROKER (EDT)

10/17-10/18: BAC-ML Emerging Stars Confer -ence, Melbourne. Presenting Companies: Cor-porate Travel Management, UCX Ltd., Nufarm,Capitol Health Ltd., Village Roadshow, Sedgman,NIB Holdings, Mermaid Marine Australia.

10/16-10/18: Canaccord Genuity GlobalResource Conference, Miami.8:30AM: Heritage Oil, CRZO, Atacama PacificGold.9:00AM: Afren, GDP, Premier Gold Mines.9:30AM: President Energy plc, NOG, FissionUranium Corp.10:00AM: BTE, XEC, AUY.10:30AM: MEG Energy, PDCE, PPP.11:00AM: Crescent Point Energy, MPO, NGD.11:30AM: Whitecap Resources, GPOR, TAHO.1:00PM: PXD, BCEI, AUQ.1:30PM: EOX, DVN, BTG.2:00PM: SYRG, LPI, Canadian Zinc.2:30PM: MHR, MTDR, AGI.3:00PM: Sundance Energy, ARC Resources,TGB.3:30PM: iGas, Crew Energy, Augusta Resources.4:00PM: Singapore Stock Exchange, CCJ.4:30PM: GTE, HBM.

10/17: Citigroup Global Perspectives Confer -ence, London.3:30AM : Global Theme Machine. 4:30AM : Japan – How will Abe-nomics work? 5:30AM : EM and China Rebalance: Winners &Losers. 7:30AM: Global Commodities – The MorningAfter The Sunset. 8:00AM : Europe – Is the Recovery On? Speak-ers : from Citi.

10/17: Credit Suisse Retail Round-Up, SanFrancisco.1-on-1s with: COST, TIF, WSM.

10/16-10/17: Deutsche Bank Philippines Con -ference, Manila.Participating Companies: Aboitz Power, ABSCBN Corp., Alliance Global Corp., Ayala Corp.,Banco De Oro, Bank of the Philippine Islands,Belle Corp., Bloombery Resorts, Cebu Air, D & LIndustries, DMCI Holdings, East West Bank,Energy Development Corp., First Gen Corp.,Globe Telecom, GMA Network, GT Capital, ICT-SI, Jollibee Foods Corp., Leisure & Resorts WorldCorp., LT Group, Manila Electric Co., ManilaWater Co., Megaworld Corp., Melco Crown Philip-pines, Metro Pacific Investments, MetropolitanBank & Trust Co., Philex Mining, Philippine LongDistance Telephone Co., Philippine Seven Corp.,Puregold Price Club, RFM Corp., Rizal Communi-cation Banking Corp., Robinsons Land Corp., SanMiguel Corp., Security Bank, Semirara Mining,SM Investments, SM Prime Holdings, UniversalRobina Corp., Vista Land & Lifescapes.

10/17: HSBC CEO Ideas Exchange, MenloPark, CA. Presenting Companies: ERII.

10/15-10/17: Macquarie Western AustraliaForum, Perth, Australia. Invite only.

10/17: NYSSA Investment Strategy Round -table Conference, at NYSSA , NYC. Monthlymeeting of investors to discuss topics importantto all market participants, including the Eurozonesovereign outcome, movements in rates and cur-rency markets, China hard landing fears, or dig-ging into details on volatility strategies and markettechnicals.

10/14-10/18: UBS South Africa Week , Johan -nesburg/Cape Town.16th Annual Financial Services Conference –“Testing Times”.2:30AM: Old Mutual.3:00AM: MMI Holdings.3:30AM: Alexander Forbes.4:00AM: Sanlam.4:45AM: Liberty Holdings.5:15AM: Discovery.6:00AM: Keynote: Financial Services BoardLeanne Jackson.7:30AM: Barclays Africa.8:00AM: FirstRand.

Conferences

8:30AM: Global Banks Perspective. Speaker:UBS.9:15AM: Keynote: Ecobank Group CEO ThierryTanoh.9:45AM: Nedbank Group.10:15AM: Standard Bank.

BROKER FIELD TRIPS (EDT)

10/16-10/18: Jefferies China Auto Tour, China.

INDUSTRY CONFERENCES (LOCAL)

MEDICAL / PHARMA / HEALTHCARE

10/16-10/19: 14th European AIDS Conference,Brussels, Belgium.8:45AM : MSD Pharma: Integrase Inhibitors - ARetrospective and a Look Ahead. 4:30PM: GILD: Rooted in Research: The Futureof HIV. 6:15PM: ViiV Healthcare Just Another HIV Sym-posium? Think Again.

10/17-10/18: AHIP 2013 State Issues Confer -ence, Washington, DC.8:45AM: AHIP CEO Karen Ignagni.9:15AM: Governors Perspective on HealthcareReform in the States. Speaker: National Gover-nors Association Executive Director Dan Crippen.10:15AM: Market Reforms - Regulatory Roles &Responsibilities. Speakers: CMS Acting Over-sight Director Teresa Miller, Wisconsin Office ofInsurance Commissioner Ted Nickel.4:00PM: Removing the Roadblocks to Affordabili-ty. Speaker: FTC Commissioner Julie Brill.

10/17-10/19: Cystic Fibrosis Foundation 27thAnnual North American Cystic Fibrosis Con -ference, Salt Lake City, UT. Meeting of acade-mics & researchers to discuss the outlook for newtreatments for cystic fibrosis. Exhibitors include: ABT, Genentech, GILD,HRC, HOLX, LLY, NVS, Pharmaxis, Respirtech,SAGE Labs, VRTX, Wescor, Yasroo Health.

10/16-10/18: Elsevier Business Intelligence IN3Med Device 360 Summit, San Francisco.11:20AM : Medical Devices: What those Payingare Saying. Speakers : Allina Health System,AET, CAMBIA Health Solutions. 1:10PM: Strategics on Deal Priorities: DrivingGrowth through Different Structures. Speakers :Terumo Medical Corp., ABT, COV. 6:00PM: 2014 MedTech Idol Qualifying RoundProduced by RCT Ventures. Speakers : RCTVentures, Aphelion Capital, JNJ.

10/15-10/18: NovAliX Conference Biophysicsin Drug Discovery, Strasbourg, France.Speakers : MRK, Dynamic Biosensors, AstexPharma, Roche.

TECHNOLOGY / TELECOM / MEDIA

10/15-10/17: Computerworld Storage Network -ing World Fall Conference, Long Beach, CA.Speakers : Starz Entertainment, Sepaton, Skyera,IBM, Pella Corp., RVBD, INTC, EMC.

10/16-10/18: CTIA MobileCon, San Jose.9:30AM : Keynote Panel. Speakers : JNPR CIOBask Iyer, CA SVP Ran Varadarajan, Good Tech-nology CEO Christy Wyatt. Other Speakers : BBRY, Integricell, LacoonMobile Security, Armor5, VMW, Global Platforms,Caprizia, S, HPQ, Thinaire, Samsung, ALU,ERIC, TMUS.

10/16-10/17: GIGAOM Mobilize 2013 Confer -ence, San Francisco.9:00AM : The Future of Mobile & the Enterprise.Speakers : MSFT, AirWatch, SAP. Other Speakers: Philips, Shasta Ventures,Atheer Labs, Pebble, Airbnb, FSL, SINET, Von-age, Samsung, Appurify, OnFarm Systems, Drop-Cam.

10/16-10/17: Linley Group Processor Confer -ence, Santa Clara.Speakers : MRVL, XLNX, ALTR, Andes Tech,Imagination, Tilera, Applied Micro, CAVM, LSI.

USER GROUP MEETINGS (EDT)

10/16-10/18: FARO 2nd Annual 3D Documenta -tion Conference, Orlando.8:30AM : Keynote. Speaker : FARO CEO JayFreeland. 9:30AM : 3D Documentation - Tech. Speaker :FARO CTO Dr. Bernd Becker.

10/14-10/17: VMW World Europe Conference,Barcelona.

FINANCIAL

10/15-10/17: 2013 NFC & Mobile Money Sum -mit, Metropolitan Pavilion , NYC.

10/15-10/17: Fortune Most Powerful WomenSummit 2013, Washington, DC.8:35AM : From Big Business to The White House.Speaker : Commerce Secretary Penny Pritzker. 8:55AM : Clinton Foundation Vice Chair ChelseaClinton. 9:45AM : Tory Burch CEO Tory Burch. 11:00AM : XRX CEO Ursula Burns. 11:20AM : YHOO CEO Marissa Mayer.

ENERGY / CLIMATE

Events Desk(212) 884-8096

THURSDAY 10-17-2013p. 4 of 5

10/14-10/18: API Fall Committee on PetroleumMeasurement Standards Meeting, San Fran -cisco.Companies : Bell Tech, CAM, Dynamic FlowComputers, FMTI, GR Scientific, Kam Controls,OMNI Flow Computers, Quorum Business Solu-tions, Rosemount Tank Gauging, Spirit IT.

10/15-10/18: Economic Commission for AfricaAfrican Climate Conference, Arusha, Tanza -nia. Meeting of climate researchers & officials todiscuss the impact of climate change on the conti-nent, focusing on agricultural productibity and liv-able land will be changing.

10/13-10/17: World Energy Council WorldEnergy Congress - Securing Tomorrow’sEnergy Today, Daegu, South Korea.

UTILITIES

10/15-10/17: European Utility Week 2013, Ams -terdam.

ANALYST MEETINGS: Banco Bradesco S.A.(BBD, BBDC4.BR) (Brazil), BMW i3 (BMW.DE)(Launch Event-Amsterdam), Experian(EXPN.UK) (South Africa), Itau Unibanco Hold -ing SA (Brazil), Jenoptik AG (Germany day 2 of2), Petroleo Brasileiro SA Petrobras (Brazil),SAFM (day 2 of 2)

ANNUAL MEETINGS: EV, FOXA, HEB

KEY INDUSTRY RELEASES: Nielsen/Netrat -ings Online publishes US Search Share Ranking#'s for September.

Double Witching Options Expiration.

8:00AM: FDA--CDER - Anti-Infective DrugsAdvisory Committee meets to discuss the safetyand effectiveness of Paladin Therapeutics' Mil-tefosine capsules, for the proposed indication oftreating patients with visceral, mucosal and cuta-neous leishmaniasis, an infection caused by aparasite.

ECONOMICS

FED SPEAKERS:"Planning for the Orderly Resolution of aGlobal Systemically Important Bank" 2013Resolution Conference in Washington, DC. 8:00AM: Federal Reserve Bank of RichmondPresident Jeffrey Lacker gives introductoryremarks, "Toward Orderly Resolution" 1:00PM: Federal Reserve Board GovernorDaniel Tarullo speaks on "Toward Building aMore Effective Resolution Regime: Progress andChallenges.”3:40PM: Federal Reserve Bank of New YorkPresidnent William Dudley speaks on "Resolu-tion is not the Panacea"OTHERS:2:00PM: Federal Reserve Bank of ChicagoPresident Charles Evans speaks on the currenteconomic conditions and monetary policy beforethe Financial Management Association Interna-tional Annual Meeting in Chicago, IL. 4:30PM: Federal Reserve Board GovernorJeremy Stein participates in "Methods forAddressing Financial Imbalances" panel beforethe National Bureau of Economic Research"Lessons from the Financial Crisis for MonetaryPolicy" conference in Boston, MA.

US: 10:00AM: Leading Indicators (September);10:00AM: Usual Weekly Earnings of Wage andSalary Workers (Q3-2013); 10:30AM : ECRIWeekly Index of Economic Activity (w/e 10/11).FIXED INCOME: 11:00AM: NY Fed will PurchaseTreasury Coupons in the 02/15/2036- 08/15/2043Maturity Range

EUROPE: Greece: Current Account Balance(August); Russia: Money Supply Narrow Def;Belgium: BNB Consumer Confidence (October);Netherlands: CBS Consumer Confidence (Octo-ber).

PACIFIC RIM: Thailand: Foreign Reserves/Con-tracts. FIXED INCOME: Japan: Enhanced Liquidity Auc-tion.

CENTRAL AND SOUTH AMERICA: Argentina:Economic Activity Index (August); Brazil: GeneralPrice Index (October-2nd Release); BroadNational Consumer Price Index (October);Colombia: Industrial Production (August); RetailSales (August); Mexico: Unemployment Rate(September).

CANADA: CPI (September).

CONFERENCES BEGINNING OF NOTE: Feder -al Reserve Board 2013 Resolution Confer -ence: Planning for the Orderly Resolution of aGlobal Systemically Important Bank, Washing-ton, DC

NYT: Republican attempt to undercut healthcarelaw by stripping it of federal money instead

In The Rags

Friday’s Key Events

“focused harsh scrutiny on its own divisions, hurtits national standing, and undermined its ability towin concessions from Democrats,” p. A1; Gridlockin Washington has cost billions of dollars, taking abite out of Q4 growth, “which will affect employ-ment, business earnings, and borrowing costs,”with ramifications felt around the globe, p. A1;Newark, New Jersey mayor Cory Booker, havingjust won state’s senate seat, will arrive in Wash-ington as one of country’s most prominentDemocrats and its best-known black politicianother than President Obama, p. A1; +/- FB:Social site has eased its privacy restrictions foryoung people aged 13 to 17, giving them morechoice about who sees posts, but also openingthem up to more targeted marketing pitches, p.A1; Though many state healthcare exchangeshave experienced technical glitches, those whoget past them are encountering a different set ofproblems as they try to make sure policies pro-vide the doctors and medications they need, p.A18; Lobbying groups for nation’s biggest bankswarn new rules being considered by CommodityFutures Trading Commission “could have myriadunintended consequences,” p. B1; Manyinvestors worry that increasingly frequent budgetcrises could go on indefinitely, with no long-termresolution, p. B1; Profile of Georgios Provopou-los, governor of the Bank of Greece , who hasplayed a crucial role in keeping country in theeurozone, but faces scrutiny for shady bankingdeals, p. B1; New journalism venture launched byEBAY founder Pierre Omidyar could end up intussle with government if it continues to releaseNSA documents held by journalist Glenn Green-wald, p. B1; Secession talks are growing in Cat-alonia, but business leaders there remain wary ofthe potential cost and economic blowback, p. B2;In opinion piece, Topher Spiro of the Center forAmerican Progress says the medical device tax,which the industry can easily afford, is a distrac-tion from reforms that are urgently needed to low-er healthcare costs, p. A33.

WSJ: Front page story says “A potentially crip-pling U.S. debt default was averted late Wednes-day, as Congress passed legislation to end a two-week political battle that had rattled financial mar-kets, splintered the Republican party, and show-cased Washington dysfunction,” p. A1; Crisis inWashington “that had the U.S. flirting with defaulthas left business and the Republican party, long-time political allies, at a crossroads,” p. A1; Leadfinance story says “Federal Reserve officials areconsidering imposing new capital surcharge onWall Street banks that own pipelines, metalswarehouses, and other lucrative physical com-modities assets,” p. C1; Big banks may be suffer-ing from a slowdown in mortgage lending andbond trading, but the asset management busi-ness is booming as firms such as BLK andSCHW “ride a galloping bull market for stocks,collecting more fees as their customers’ assetsswell,” p. C1; Stockbrokers are increasingly ableto erase some customer complaints from theirpublic records, “leaving investors in the darkabout potentially troubled advisors,” according tostudy of 1,600 arbitration cases, p. C1; With arecord number of immigrants illegally entering thecountry, many are using the drawn-out asylumscreening process to “disappear into the under-ground economy,” p. A1; As negotiations continuewith Iran over its nuclear program, some U.S. offi-cials say there is momentum and the outlines of apotential deal, p. A1; Story on cancer researchreports on work that has identified genetic muta-tions common among 12 types of cancer, “reflect-ing the growing understanding that tumors can bedefined by their biology rather than their locationin the body,” p. A2; Newark, New Jersey mayorCory Booker won the special election for state’sopen Senate seat, becoming the fourth AfricanAmerican popularly elected to that body, p. A7;Attention in Washington will soon turn to a newround of budget negotiations as Democrats andRepublicans attempt to reconcile budget docu-ments passed by House and Senate, p. A4;Among OECD countries, overall unemployment isno longer increasing, but the proportion of thoseout of work for 12 months or more is still rising, p.A8; China to provide financing for a $1.67B oilrefinery in Cambodia, the latest sign of support fora crucial ally, p. A11; Germany’s biggest compa-nies “are looking to invest overseas rather than athome in the year ahead, suggesting low invest-ment in Europe’s biggest economy won’t improvesoon,” p. B1; +/- AAPL: Tech giant “hoped tobroaden its appeal with a cheaper version of theiPhone, but the effort appears to be faltering aftera few weeks,” putting the new strategy in doubt,p. B1; Orchids, once rare, have become a mass-market commodity, led by Taiwanese entrepre-neurs leveraging methods used in consumer elec-tronics business, p. B1; - GE: Company’s attemptto move machinery the size of the Space Shuttleorbiter over an Idaho highway, despite failure ofsimilar attempts by others to use the road, “hasbeen a costly miscalculation,” p. B1; Story looksat new federal healthcare exchange and askswhy government technology is so poor when adose of political will and the right talent couldremake the nation’s entire IT infrastructure, p. B1;- BA: The danger of airliner engines abruptly

shutting down from internal ice buildup, a hazardthe industry thought had been eliminated, hasbeen present in new generation of company’sjets, p. B3; +/- MAT: Toymaker is investigatingallegations by a labor rights group its overseasfactories are violating China’s labor laws andabusing workers, p. B3; U.S. Pipeline and Haz-ardous Materials Safety Administration “is spend-ing more on research to spot problems beforepipes rupture, after recent spills exposed weak-nesses in inspection methods,” p. B3; + AsiusTechnologies: Startup in Boulder, Colo. hasdeveloped two kinds of earpieces to help thosewith hearing impairments listen safely and effec-tively to sounds at low volumes, p. B7; + LVMH:Delphine Arnault, daughter of chief BernardArnault, is creating a stable of new labels to helpthe luxury group overcome slowdown of flagshipLouis Vuitton brand, p. B8; Department of Agricul-ture data show the U.S. has shipped more wheatabroad this season than a year earlier, meetingdemand from China and Brazil, p. C4; Ahead ofthe Tape: VZ investors should be happy about Q3earnings today, but many remain lukewarm aboutdeal to buy remaining stake in Verizon Wireless ,p. C1; H.O.T.S.: Recent battles in Washingtonand their effect on economic outlook suggest itmay be March before Fed tapering begins;French fashion house LVMH depends heavily onits Louis Vuitton brand, a problem for investorsunless company can find another star; ThoughSoftbank shares have been rising on speculationover the value of its stake in Alibaba , there is lit-tle upside left to the trade, p. C10.

FT: Lex Column: U.S. debt ceiling drama andgovernment shutdown have had economic conse-quences; SWK shares have fallen 14% amid acut to earnings target; BAC is in a “rain andshine” situation as it releases $1.4B of reserves itset aside against loan losses; All that glitters isnot gold at fashion conglomerate LVMH, which ishaving a difficult year; At Dutch semiconductormaker ASML , the future hinges on a new manu-facturing technique; The 30th anniversary of theHong Kong dollar peg offers lessons for Washing-ton, and underlines the importance of confidence;Comment: In opinion piece, John Gapper saysAAPL’s hiring of Burberry chief Angela Ahrendts“demonstrates how the strategies of the two com-panies are related.”

IBD: Big Picture: “Buyers returned to the marketwith considerable force Wednesday as Congressappeared to reach a compromise to prevent theworld’s No. 1 economy from missing its bond pay-ments”; New America: + PRLB: Company thatdoes fast injection molding of parts and fasterprototyping is leaving rivals behind and expandingclient base; Technology: ITC InvestmentResearch survey finds AAPL iPhone and MSFTWindows phone are likely to gain market share inU.S. in next 12 months, while GOOG’s Androidand BBRY phones decline; - IBM: Weak sales inChina and other growth markets hit company’sQ3 earnings; - EBAY: Online retailer posted Q3revenue and Q4 guidance that missed analystexpectations, leading to a drop in stock.

USA: Story says that “after cheering a debt dealand the end to political gridlock, Wall Street isshifting its focus from politics to regular marketrisks such as corporate profits and economicgrowth”; Despite resolution of crisis in Washing-ton, economic uncertainty, which has been highsince the 2008 recession, will likely linger.

NY POST: John Crudele says government isplaying a “shell game,” moving cash around sothat nobody can figure out how much debt coun-try is really in.

BARRON’S ONLINE: Inside Scoop: NKE chiefMark Parker exercised options and sold 120Kshares for $8.7M on the heels of the stock settingan all-time high.

DIGITIMES: Research shows Quark will not beenough for INTC to succeed in wearable or Inter-net-of-Things market; Server ODMs see changesin product shipments to cloud computing clients;MediaTek to account for 60% of smartphonetouch controller IC market in China in 2H13; INTCBroadwell CPU delay to help PC vendors regainpace.

WOMEN’S WEAR DAILY: Galeries Lafayette , ina joint venture with Hong Kong-based I.T. Limit -ed, plans to open 15 department stores through-out China over next few years.

ALL THINGS DIGITAL: A look at how Ankibrings videogames to life with robotic toy cars.

POLITICO: With government shutdown over,debate within the GOP about who blew it is justbeginning, with some observers wondering ifRepublicans have finally learned a lesson.

PAIDCONTENT: Story reports it appears that“dark search” is now the norm at GOOG.

TECHCRUCH: Post-Snowden, U.K. parliamen-tary committee to probe individual privacy vs.

Online

Events Desk(212) 884-8096

THURSDAY 10-17-2013p. 5 of 5

national security; POcode gives small businessesan alternative to GPS; Twitter says a “technicalissue” is preventing URLs from being sent indirect messages for now.

CNET: MSFT’s Windows 8.1 has some new fea-tures, but retains many of its old problems.

THE HILL: Republicans will head into next bud-get battles having borne the brunt of the blame forthe shutdown and near-default.

NEJM: 1) + CELG: In patients with metastaticpancreatic adenocarcinoma, nab-paclitaxel plusgemcitabine significantly improved overall sur-vival, progression-free survival, and responserate, but rates of peripheral neuropathy andmyelosuppression were increased; 2) Bracing sig-nificantly decreased the progression of high-riskcurves to the threshold for surgery in patients withadolescent idiopathic scoliosis. The benefitincreased with longer hours of brace wear.

PROJECT SYNDICATE: Ongoing stalemate inWashington has two major implications for inter-national monetary system, says Jose AntonioOcampo, namely uncertainty about dollar as glob-al reserve currency and further postponement ofIMF’s 2010 quota and governance reforms.

BLOOMBERG SURVEILLANCE: 7:00AM:Stephen Roach of Yale University is guest host;7:18AM: Alan Miller, CEO of Universal HealthServices ; 8:00AM: Kenneth Taubes, chief U.S.investment officer, Pioneer Investment Manage -ment ; 9:00AM: Alan Blinder, former vice chair-man of the Federal Reserve.

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

US Futures are Mixed.

European markets are mostly lower.

Most Asian markets closed higher after theSenate passed the bill to end the governmentshutdown.

Nikkei: +119.37; Hang Seng : -133.45; CSI 300: -8.04; Taiwan: +42.50; Kospi: +6.00; FTSE: -8;DAX: -38; CAC: -13; Gold : +23.8; Copper : -0.0230; Oil : -0.49; 10 Year Treasury Yield :2.62%, +9/32; US$: Lower vs. Pound; Lower vs.Yen; Lower vs. Euro; S&P Futures : -4.00; NAS-DAQ Futures : +0.8; DOW Futures : -33.

IN EUROPEAN OVERSEAS TRADING (BYSECTOR)

- CONSUMER DISCRETIONARY: Remy Coin -treau RCO.FR -3% (H1 sales declined y/y),Metro MEO.DE - 1% (Q3 sales inline); BritishSky BSKY.UK +4.5% (Q1 sales rose y/y), NestleNESN.CH +2% (reaffirmed forecast), CarrefourCA.FR +1.5% (Q3 French sales improved).- TELECOM: KPN KPN.NL -8.5% (America Movilwithdrew bid).-FINANCIALS : Man Group EMG.UK +2.5%(reported Q3 net inflows).- BASIC MATERIALS/RESOURCES : PolymetalPOLY.UK +3.5% (reaffirmed production forecast),Syngenta SYNN.CH +1.4% (Q3 sales in line)- UTILITIES: E.ON EOAN.DE -2.5% (broker com-mentary).- INDUSTRIALS : Outotec OTE1V.FI -9% (profitwarning); Plastic Omnium POM.FR (Q3 sales+11%).- ENERGY: Cairn Energy CNE.UK +1.5% (sharebuyback).- EUROSTOXX50 SECTORS: Technology -1.5%, Utilities -1.3%, Consumer Cyclical -0.8%,Energy -0.8%, Telecom -0.7%, Industrials -0.7%, Financials -0.5%; Consumer Non-Cycli -cal +0.5%, Basic Materials +0.3%.

IN ASIAN OVERSEAS TRADING (BY SECTOR)

- CONSUMER DISCRETIONARY: Daphne Inter -national Holdings Ltd 210.HK -5.3% (Q3results); Shenzhen Huaqiang Industry000062.CN -3.1% (Q3 results)- INDUSTRIALS : IHI Corp 7013.JP +2.8% (spec-ulation on H1 results); Boral Ltd BLD.AU +5.9%(JV agreement); Kelin Environmental Protec -tion Equipment Inc 002499.CN +10.0% (pollu-tion management policies)- MATERIALS : Van Shung Chong Holdings Ltd1001.HK -5.1% (announces acquisition); Fortes -cue Metals Group Ltd FMG.AU -4.4% (Septquarter results; provides FY guidance)- TECHNOLOGY: HTC Corp 2498.TW +1.2%(product launch)- ENERGY: Kansai Electric Power 9503.JP

Around The World

US Analyst Actions

+2.6% (raises guidance); Woodside PetroleumLtd WPL.AU -1.5% (Q3 results); Linc EnergyLNC.AU +5.9% (FY production results)- UTILITIES: Korea Electric Power Corp015760.KR -6.6% (delays operation);BeijingJingneng Power Co Ltd 600578.CN +2.9% (pro-vides Q3 guidance)- TELECOM: ZTE Corp 763.HK +4.4% (awardedcontract)

EUROPEAN / ASIAN ANALYST ACTIONSUPGRADES: Antofagasta (HSBC), DanoneGroup (ESN), Aurubis (HSBC), Nutreco Hold -ing (GS), PostNL (CS), Synergy Health plc (C),Yara International (DNB Markets). DOWNGRADES: ASML Holdings (MS, HSBC),Danone Group (C, Kepler), Carrefour SA (ESN),Deutsche Telekom (Tier1), GEA Group (ESN),GDF Suez (UBS), MindTree (Jefferies), NesteOil (BNP Paribas), Stora Enso Oyj (ESN), TenNetwork (JPM), Tui Travel (UBS). INITIATES: BMW AG Hold (Berenberg), bpostSA Underperform (CS), Bilfinger Berger Under-weight (JPM).

-Senate votes 81-18 to end government shut -down, 83-16 to advance fiscal bill that avoidsdefault, putting in motion final steps of abipartisan solution to the weeks-long budgetdrama; House passes measure to end govern -ment shutdown and raise debt ceiling; Presi -dent Obama signs bill. -Newark mayor Cory Booker wins New JerseySenate seat.

EARNINGS

-BEAT estimates: RLI (+.45); PTP (+.32); SNDK(+.27); BAX (+.20); EXPO (+.18); UFPI (+.17); NE(+.15); XLNX (+.06); CCK, CVCY, SVU (+.05);CNS, DOV, IBM (+.04); ALB, AXP, SNA (+.03);BMI, CLB, HNI (+.02); AF, DHR, EBAY, PCBK,PM, SLM, STLD (+.01)

-IN-LINE with estimates: BKMU

-DISAPPOINTED: BX, EPB, EWBC, HCCI, KMI,KMP, PENN, POOL, SCSS, UMPQ

GUIDANCE

-POSITIVE: HNI, IBM, SLM

-IN-LINE: CLB

-NEGATIVE: EBAY, SCSS, SNDK

GLOBAL MACRO NEWS

-AUSTRALIA; Q3 NAB Business Confidence:+3 vs. -1 prior; September RBA FX Transac -tions (A$): 663M vs. 482M prior. -CHINA: Moody’s says liquidity rules for banks iscredit positive; People’s Bank of China setsyuan midpoint at 6.1431 vs. 6.1408 prior setting,will not conduct open market operations in today’ssession, drains CNY44.5B this week vs. injectedCNY33B prior; September FDA y/y: +4.9% vs.+0.6% prior; ytd y/y: +6.2% vs. +6.4% prior; Sep-tember FDI: $8.8B, +4.9%vs. +0.6% prior; ytdy/y: +6.2% vs. +6.4% prior. -JAPAN: Bank of Japan offers to buy ¥300B in1- to 3-year JGBs, ¥350B in 3- to 5-year JGBs,¥200B in JGBs with maturity of more than 10years. -NEW ZEALAND: September ANZ Job Adsm/m: +1.1% vs. -1.3% prior; October ANZ Con-sumer Confidence: +2.9% vs. -3.4%; Index:122.3 vs. 118.9 prior. -SINGAPORE: September Electronic Exportsy/y: -5.5% vs. +0.2%E; Non-Oil DomesticExports m/m: 5.7% vs. 2.6%E; y/y: -1.2% vs. -2.8%E. -SOUTH KOREA: September PPI y/y: -1.8% vs.-1.3% prior. -SPAIN: Debt agency sells total €2.545B vs.€1.5-2.5B indicated range in 2016 and 2018 Bonobonds. -UNITED KINGDOM: Bank of England’s Dalesees a chance for rate change in 2014, policy isto remain loose for some time; September RetailSales Ex Auto m/m: 0.7% vs. 0.3%E; y/y: 2.8%vs. 2.2%E; September Retail Sales IncludingAuto m/m: 0.6% vs. 0.4%e; y/y: 2.2% vs. 2%E. -UNITED STATES: Fitch notes limited ratingactions in U.S. CMBS expected following nega-tive watch; Senate clears procedural hurdle ondebt limit and government funding deal; Pimco’sBill Gross sees U.S. rates to increase by 5-10bps(CNN); Treasury Secretary Lew says Senate billto end crisis is lifting cloud of uncertainty overU.S. credit; Chinese rating agency Dagong cutsU.S. sovereign rating from A to A-, maintains neg-ative outlook.

MERGER AND ACQUISITIONS

-WMGI to acquire privately held Biotech Interna -tional in deal valued at $80M.

PERSONNEL CHANGES

-CTXS chief Mark Thompson to take temporaryleave of absence, David Henshall to serve as act-ing CEO.

After the Close Wednesday

-O names Sumit Roy chief investment officer. -QCOM vice chairman Steve Altman to retireeffective January 3, 2014. -Toys R Us appoints Antonio Urcelay CEO, hasserved as interim chief since May.

CORPORATE ACTIONS

-ESI holder Blum Capital discloses stakereduced to 10.8% from 14.1% in June.

ENERGY

-API Petroleum Inventories: Crude: +5.94M vs.+1.5ME; Gasoline: -2.2M vs. 0E; Distillate: -1.32M vs. -1ME. -OGX Petroleo e Gas Participacoes SA’s EikeBatista said to be personally reaching out tobondholders to speed up debt restructuringprocess in effort to avert financial collapse.

FINANCIAL

-AXP reports is has not felt any direct impact onits business from government shutdown.

HEALTHCARE

-AMAG receives notice of 3-month extension ofPDUFA action date for supplemental new drugapplication for Feraheme(R) for broader IDA indi-cation. -AMRN: FDA scheduled to make decision onwhether to approve ANCHOR sNDA on Decem-ber 20. -CELG reports positive results from ABRAXANEphase 3 study of patients with metastatic pancre-atic cancer. -COST discloses receipt of Drug EnforcementAdministration subpoenas and administrativeinspection warrants. -VNDA announces FDA advisory committeemeeting on November 14 for review of NDA forHetlioz (tasimelteon).

INDUSTRIAL

-HOG issues recall of 25.2K touring motorcycles. -LMT said to be laying off 600 workers in MissionSystems and Training division, not related to U.S.government shutdown.

TECHNOLOGY

-IBM chief Virginia Rometty says China businesswas down 20% in Q3, with hardware down 40%due to issues with broad-based economic reformprograms. -NOK may launch Lumia 2520 on October 22, tobe the first Windows RT tablet. -Panasonic confirms joint venture with SNE onOEL TV.

JIM CRAMER’S MAD MONEY

-POSITIVE MENTIONS: GPC, CSCO, ATI, OPK-NEGATIVE MENTIONS: BERY-INTERVIEW: KEY chief Beth Mooney; Cramer ispositive; CLB chief David Demshur; Cramer ispositive.

THE BACK OFFICE

-DIVIDEND NEWS: KMI increases dividend 14%to $0.41 from $0.36; KMP raises quarterly distrib-ution by 2.2% to $1.35/unit; EPB raises quarterlydistribution by 12% to $0.65 from $0.58; WESincreases distribution by 3.5% to $0.58 from$0.56.

-FITCH RATINGS: FNMA and FMCC long- andshort-term ratings placed on negative watch.

-MOODY’S RATINGS: CMLP senior securednotes ratings upgraded two notches to B1 fromB3, outlook stable.

DEALS PRICED

-ADXS prices 5.75M share 2ndary at $4/share. -Bollore sets initial pricing range for IPO of batterunit Blue Solutions at €12-14.50/share. -BRX to offer 37.5M shares in rage of $19-21/share. -WNRL prices 15.8M common unit IPO at$22/share.

OFFERING ANNOUNCEMENTS

-CMPX registers 2.48M shares for holders. -CSII files $75M mixed securities shelf offering. -CST files amended S-1 related to 13.11M sharesowned by Valero. -LPL said to have hired banks to hold a KRW-denominated debt offering. -MGNX underwriters fully exercise 750K shareoverallotment option. -MRTX to sell 3M shares of common stock inpublic offering. -TKMR offering common shares.

AFTER HOURS TRADING

HIGHER: On Earnings: SNDK , NE, AXP; LOW-ER: On Earnings: SCSS , IBM, EBAY , XLNX

Events Desk (212) 884-8096