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Morning @ Cantor

Market Commentary

Morning Comment

Pado's Perceptions

News

� PIMCO sees US deflation risk from Business Spectator

o Bond investment manager flags 25% chance of double dip recession.

� Paulson & Co takes a bearish turn from FT.com (hit yest)

o Uncertainty over the US economy spurs former fund bull to cut long positions although founder remains positive on the recovery

� Personal Bankruptcies Rise, Reversing Trend from WSJ.com

o U.S. personal bankruptcies rose 9% last month, reversing a trend of declining filings over the previous three months and highlighting the continuing financial struggles of many consumers

US states:

o Senate breaks deadlock and approves $26 billion in aid for states

� A bill to give financially desperate U.S. states $26 billion -- support for Medicaid and to avoid laying off teachers, police, firefighters and other government employees -- passed in the Senate with a 61-38 vote, after Democrats overcame a Republican procedural move to block final action. House Speaker Nancy Pelosi, D-Calf., said she will call the House back from recess to act on the measure. CNNMoney.com (04 Aug.) , The Politico (Washington) (04 Aug.)

o NYC Boosts Build America Bond Sale 31% as AAA Debt Lures Buyers � BBG

� New York City�s Transitional Finance Authority increased its offer of top-rated Build America Bonds by 31 percent to $614 million in its biggest sale of the taxable debt since October.

� The agency yesterday sold the federally subsidized, AAA rated Build Americas at yields as much as 1.93 percentage points above U.S. Treasuries. That�s smaller than the average Build America spread of 1.97 percentage points

� Money Flows:

o Retail Investors Avoid Both U.S. and Global Equities Despite Big Late Summer Gains. Poor Performance and Market Volatility in Past Decade, Demographic Factors, and Perception of Stock Market as Insiders� Game Probably Depressing Retail Flows.

� Retail investors have been steering clear of both U.S. and global equities as stock prices have rebounded from their early July lows. U.S. equity funds have lost an estimated $15.3 billion (0.4% of assets) since the start of July even though the average fund has gained 7.3%. Meanwhile, global equity funds have lost an estimated $1.1 billion (0.1% of assets) even though the average fund has gained 10.6%. TRIMTABS

o Bond Fund Inflows Top $6 Billion in Each of Past Five Weeks. Corporate Bond Funds Particularly Popular, Getting 1.2% of Assets in Past Month.� TRIMTABS

o Funds Attract $3.34 Billion, Though Stocks Out of Favor - ICI

� Long-term mutual funds had an estimated $3.34 billion of inflows in the latest week due to strength in bond and hybrid funds, which again more than offset outflows from stock funds, according to the Investment Company Institute.

� U.S. equities had outflows of $4.1 billion pulled while $255 million was added to foreign funds.

� At the same time, bond funds took in $7.12 billion, down from $7.93 billion the previous week, said ICI

� Retail: SSS so far:

o HOTT July Comps Miss, Q2 Guidance Lowered

o BKE The Buckle reports Jul comps (9.3%) vs Street (0.4%)

o LTD Limited Brands reports Jul comps +12.0% vs Stree +5.4%

o SSI Stage Stores reports Jul comps (0.6%) vs Street near +3.8%

o FRED Fred's reports Jul comps +2.7%� in line

o ZUMZ Zumiez reports Jul comps +9.4% vs Street +8.5%; increases guidance

o BIG Big Lots reports Q2 comps +3.8% vs Street +4.8%

� COST� Costco Wholesale Corp reported a 6 percent rise in July sales at stores open at least a year, helped by inflation in gasoline prices and strengthening foreign currencies, marginally beating market expectations.

� Tech:�

o KLIC +15.2% (earnings)

o ATML +7.7% (earnings, repurchase)

� Solar sector:� SOLR +13.9% (earnings)

� Transports�CNW -9.9% (earnings)

� Demand:� Potash:� IPI -3.2% (earnings)

� Tesla Motors shares have fallen off more than 3% after the close on disappointing Q2 results

o The shares rose 25 percent since the offering through the close of regular trading yest.

� Media, advertising good news this week :

o Media conglomerates News Corp Time Warner posted improved quarterly results on Wednesday, riding a recovery in advertising sales and several quarters of cost cuts.

o NWS reported better

o NWSA guided to low double digit FY11 EBIT growth off a base of $4.46bn which is above� consensus of ~10%.

� Rupert Murdoch says Apple's iPad is a 'game-changer' for news media

� Murdoch predicted the iPad's convenient style could reinvigorate journalism: "We'll have young people reading newspapers."� Guardian

� But with analysts still concerned about a weak recovery from the recession on both sides of the Atlantic, Murdoch added: "There is sufficient fragility for us not to be over-confident about the long term, or the medium term."

� Despite "fragile" economic conditions, Murdoch said promotional spending had been surprisingly strong: "We've had almost inexplicably good advertising and great confidence there."

o Ad Market Rebounds for Many Media Firms � WSJ

� Corporate America is stepping on the advertising throttle. That's the message from second-quarter earnings posted by many of the country's largest media and advertising companies.

� But the advertising tide isn't raising all boats: While television networks and stations are leading the charge, most newspaper companies are still struggling.

� "The U.S. ad market is very strong," said Publicis Groupe SA Chief Executive Maurice Levy during an interview. "When you look at our top 30 global clients, 28 of them are increasing their spending."

� http://online.wsj.com/article/SB10001424052748704741904575409624289355134.html?mod=WSJ_hps_sections_business

� RIMM:� Indonesia Telecom Watchdog May Halt BlackBerry Services � Official (DJ)

� San Francisco�s Phone-Radiation Law Sparks Similar Proposals - BBG

o A handful of U.S. cities may follow San Francisco�s example in trying to make information on mobile- phone radiation levels readily available to consumers, setting the stage for a broader showdown with the wireless industry.

� Energy

o BP (+2.8%), Authorised to start cement procedures.

o Transocean (+4%) figures.

o BP May Seek to Avoid Full Spill Responsibility, Transocean Says - BBG

� Rio Tinto (+1.1%) numbers beat estimates..key focus on BHP jv.

� Randgold (-5%), to miss full year production target by upto 5%.

� US banks braced for slump in profits from Financial Times

o US banks with Wall Street operations are bracing for a slump in trading profits this year after the third quarter got off to a poor start, with global economic uncertainty and Europe�s sovereign debt woes leading to a slowdown in market activity in July.

� Dodd Says Elections May Jeopardize New Derivatives Regulations - BBG

o Senate Banking Committee Chairman Christopher Dodd said he is concerned that financial lobbyists may water down the U.S. regulatory overhaul�s derivatives rules if midterm congressional elections shift power to Republicans

o The derivatives measures, which were resisted by industry lobbyists, are �in some jeopardy,� said the Connecticut Democrat in response to questions at a meeting of the non- partisan Atlantic Council in Washington today.

o �It�s a very lucrative area,� said Dodd, who co-authored the overhaul. �Some changes could mean an awful lot financially.�

� Barclays 1H mostly In Line.Barcap not good enough for bulls, more worries over banks in general� equity and FI trading volumes also hurt

o Barclays�� Impairments better than street

o But Barclays Capital full year revenue forecast might still come under pressure, and costs are overshooting estimates,"� per CS near-term consensus estimates might reduce modestly.

o Barclays' Diamond: BarCap Beat Peers In Operating Numbers In 2Q - DJ

� Insurers

o HIG -3.7% (earnings; mixed shelf).. The midpoint of guidance was lowered by roughly the amount HIG missed Q2 consensus.

o ALL, +1.9%.. Improvement in All Business Lines

o PRU mixed, Noisy Quarter� Prudential Financial Inc., the second-biggest U.S. life insurer, reported its fourth-straight profit increase as investment results improved.

� earnings upside was tied to a less negative impact from the 11% equity market drop in 2Q10 than we had projected.

o Shares in U.K.-based insurer RSA Insurance Group PLC (RSA.LN) rose strongly Thursday as the company cleanly beat operating and net-profit expectations

o Both Swiss insurance names, Swiss Re [RUKN.SZ] and Zurich Financials [ZURN.SZ] disappointed in their results

o Swiss Reinsurance dn 1.5%, the world's second-largest reinsurer by gross premiums, Thursday said it swung to a second-quarter net profit,

o Aviva Shares up 6% After 1H Results

� Commerzbank AG dn 1.5% ..Thursday reported

o The results failed to impress the market, where analysts said the second-quarter figures had already been factored into share prices based on previous comments by Commerzbank's management.� DJ

� Bayer Shares Rise as Much as 3.3 Percent on Xarelto Results

� Unilever's shares were trading down 2.3%, reported mixed ; consumer confidence remains fragile�.

o results still disappointed investors as lower sales prices hurt the group's margin.

o CFO Huet said commodity costs would rise around 2% for the full-year in line with earlier guidance.

o There had been fears that the recent rises in the cost of wheat, oil and palm oil could put this target at risk, but Huet said Unilever buys most of its commodities on forward co ntracts "so we've got a pretty good view of where we're going to be."� DJ

� Buffett Gets in a Bind Over Options - dealbook

� One small change in the law could make Warren Buffett's billion dollar bet on global equity markets look less like a winner. Berkshire Hathaway has sold billions in options since 2004, betting that stock markets would rise over 15 or even 20 years.

� London is becoming less attractive, Standard Chartered warns from Telegraph Finance

o Standard Chartered is finding it harder to justify having its headquarters in the UK as a combination of regulation and taxes have made London a less attractive home for international finance.

� Latin America Ratings Are Blessed from WSJ.com

o Latin America, already this year's world leader in credit-ratings upgrades, could see more improvements to its credit rankings over the remainder of 2010, Moody's Investors Service said.

� Millionaires are showing resiliency in rebound from L.A. Times

o A study of 10 metropolitan areas in the U.S. shows the number in Los Angeles in 2009 rose 13.3% to 235,800. That's second only to New York but below the city's prerecession level

o The millionaires of Los Angeles are on the road to recovery, but as of the end of last year they weren't back to where they were before the recession

� Geithner Pushes Tax Boost for Wealthy � WSJ link

o Lawmakers are expected to address the issue of the expiring tax cuts, enacted during the George W. Bush administration, as soon as September

o Geithner made the Obama administration's economic case for letting tax cuts for high earners expire at the end of this year, saying that failure to do so would harm rather than help economic growth.

o Geithner Sees No Evidence Tax Cuts Pay for Themselves

� In recent days, some economists have said Mr. Geithner sounded too optimistic about the economy, perhaps to set the groundwork for taxes to rise.� WSJ

� U.S. Super Rich to Share Wealth � WSJ link

o Larry Ellison will join George Lucas and other super-rich in following a call by Warren Buffett and Bill and Melinda Gates to pledge the majority of their wealth to charity.

� Vote Sets Up Health-Plan Challenges � WSJ link

o Opponents of the Obama administration's health-care overhaul say Missouri voters' rejection of a key plank could re-energize the push in other states to challenge it.

� Pelosi tweets House back into session � WP

o House Speaker Nancy Pelosi announced via her Twitter account that she will call the House back into session next week to vote on a $26 billion jobs bill.

� South Korea� (AFP)--South Korea on Thursday launched its largest-ever antisubmarine exercise, including live-fire training, near the disputed sea border with North Korea, despite Pyongyang's threats of retaliation.

� Man faces jail for YouTube video of traffic stop from CNET News

o A member of the Maryland Air National Guard is stopped for speeding on his motorcycle. He films his encounter with a police officer and puts it on YouTube. He is now being prosecuted for breaking wiretap laws.

� More Cyclists Said to Back Claims Armstrong Doped � NYT

o Federal prosecutors have intensified their criminal investigation of the cyclist Lance Armstrong since the Tour de France ended last month. They questioned many of his former associates � including cyclists who have supported and further detailed claims that Armstrong and his former United States Postal Service team participated in systematic doping, according to a cyclist who has been interviewed and two others privy to the inquiry.

CANTOR TRADING RECAP

� Equity Recap

o You had overseas markets mixed early that kept the futures lower, but better mortgage applications and a better ADP number gave investors some relief and a reason to put some money to work today. The action we saw had value and growth types adding on alongside another short squeeze � though volume was stronger today that it has been recently. Most buyers were pretty relaxed on price as sellers pared back on their way up the hills. Still not seeing any real signs of strength in this market that would show any support for the bulls, but for now it seems there are enough buyers on news to keep us afloat. We heard reports from the Treasury saying they will sell a smaller amount of notes and bonds next week in its quarterly refunding auctions and expects to keep cutting auction sizes gradually as the economy slowly recovers, China�s banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60% in the hardest-hit markets, ECA heard takeover chatter circulating - Shell rumored as a potential acquirer on BBG PCLN was up 22% on better numbers, BKS was up 19% after announcing they plan on selling the company. Internally sell names were 2-1 over buyers, the breadth of the market had more than 2 � advancing issues for every 1 declining. Technically we had a tough time getting through the 100dma but managed to close just above it, if we continue higher look for resistance at 1131 (6/21 intra-day high), then 1140 (61.8% Fibonacci level between 1220 April high and 1011 July).

o Overnight, Japan fell 2% (yen continues to strengthen) while other Asian markets were flat. European equities were also unchanged. S&P futures started a bit weaker, trading off about 4 to 6 points as traders waited for the ADP payroll numbers (taken from a survey of 500k private companies). This number came in 13k better at 43k, with the components moving in the right direction (manufacturing off, and services gaining). S&P�s jumped 7 points to 1121. The next economic data point was the 10:00 release of the ISM non manufacturing composite, which also surprised to the upside (54.3 vs. an expected 53). S&P�s responded by jumping another 7 points. At this point, there was a brief reversal to the downside as news surfaced concerning new instructions to banks from Chinese regulators concerning stress tests (to be included in the tests: a �worst case scenario� of a 60% decline in residential real estate). Futures fell a quick 9 points, trading in negative territory before recovering. The balance of the session was spent grinding higher to the close (1124.60).

o Cash S&P closed at 1127.24, a 2 month high. Of 10 Industry groups, all rallied except for Telecom (off 0.1%). Standout stocks included the drillers RIG (up 6.3%) and DO (up 6.2%). In the high priced arena, PCLN rose over 50 points (22%) to $281.30 after the company raised its earnings forecast. BKS rose 19% as it put itself up for sale. ERTS rallied 7.4% on good earnings and MOT moved up 5.8% on news that it will offer an Android based tablet device (also Ichan bumped his stake to 9.99%). Laggards included PBI (off 16%), TIE (off 11%) and WFMI (off 8.4%); all declines were earnings related.

o Billy Clark and Team

� Rates Commentary

o Treasury market opened up well bid overnight with the short through intermediate sector trading at or through yesterday's record prices. The market came off these levels midway through the European session and opened up mixed in New York with a flatter curve. The better than expected ADP +42K versus the expected +30K, ISM non manufacturing 54.3 versus 53.0 and fast money selling in the belly resulted in Treasuries coming off their recent highs throughout the morning with the belly of the curve lagging the wings. Treasuries settled into a tight and quiet range near their intraday lows throughout the late morning and afternoon as many anticipate Friday's unemployment report. At 3PM benchmarks finished lower in price across the curve with yields ~2.5-6bps higher, the 5 year was the worst performer.

o The Treasury had their August refunding announcement this morning, they will be auctioning $34Bln 3 year notes, a decrease of $1Bln from last month, $24Bln 10 year notes and $16Bln 30 year bonds next week. They also stated they are considering more TIPS issuance and coupon sizes will be cut at a gradual pace.

o Primary Dealer

� Convertibles �Recap

o We had another large trace volume day today but a 1/3 of the volume was in a new issue from TFX and the three RIG Converts. Away from the Consumer, Non Cyclical Sector, volumes were light across many different names and customer buys exceeded customer sells. GILD 1.625% (D) traded up today about 3/8 of a point. This is significant as this security had been under heavy selling pressure since the issue date. DOLE pfd traded $10.60 versus $11 on the common. This security had been quiet due to borrow problems in the common stock which has clear up slightly.

o �Still a decent tone to our market.

o Tom Fazio

� Investment Grade Recap

o Industrial/Energy/Ute Commentary - Michael Salemo
IG spreads were mixed in better volume as we walked in wider 1-2bps along with IG14 marginally wider and went out marginally tighter. No overall theme with economic numbers positive (ADP and ISM Non-Manuf.) and Friday's NFP number expected -65k looming two days ahead. That still did not stop the new issue market from having one of its busiest weeks in months and aggressive pricing at that. In my sectors MMP (Baa2/BBB) came with 300MM in a 10.5yr at +135 and went out +138-134 and XEL (A1/A Northern States 1st Mtge) came with 250MM each in five years and 30yrs, +38 and +80 pricing respectively and went out +36 bid looking in 5yrs and +82-79 in 30yrs. Pricing in MMP was aggressive with 19s +135-130 pre-deal and +150 felt like the right level when you looked at 19s vs the curve, not unlike NWL's aggressive pricing, not surprised to see few buyers inside of issue on these. XEL 5yrs came at a fair level, we traded some PEG 5yrs around the same level and both look attractive with PEP, MDT, ABT, and other high quality 5yr paper +27-22 generically; the 30yr tranche was fully priced to say the least, but I guess so was MCD 30yr deal - makes anything higher quality trading behind +90 look like a buy at this juncture...we were active again in both tranches new PDE's, mostly first thing in the morning as our buyers started stepping back as both tranches got to be wrapped around $103, more buy interest retail around the $102 area where we were trading them by mid-morning.

o As further evidence of the strong bid for credit we traded UTX 20's (A2/A) +45-40 context, left us sellers of more and traded XOM 18s +25-20 context, left us buyers of more. All of this continues to make our A2/A 10MM+ CARGIL 6.00 17 at +63/10yr (~120/crv) that much moreso attractive.

o Hybrid Commentary - Jon Schneider

o Very active today with T1s dominating the flows in the space. LLOYDS and RBS T1s that currently have their dividends turned off rallied anywhere from $2-4 points today as speculation

o grows that each institution will reinstating those dividends sooner than previously expected. In addition to the non paying T1s, HBOS 6.071s, LLOYDS 8 (ECN) and LLOYDS 7 7/8 (ECN) all rallied $2-3 today. The big movers in RBS were the 5.512s and the 7.64s, both rallying approx. $2. In the local names, we were only slightly better on the day, the most active bonds like
BAC 8s, JPM 7.90s COF 8 7/8, and WFC 7.98s up about $1/4. We saw some action in the Ene/Ute Hybrids today, we're a better buyer generically of this segment of the market.

CMBS Recap

o Feels like a Friday but my guess is a number of accounts have shifted focus to the new issue arena with Goldman pricing today and with JPM out marketing the Vornado deal.� The strong GS pricing coupled with a stock mkt in the black led to another grind tighter in spreads.� GG10s finished the day 7bps tighter (+335/$101-19).

o Saw a measly $163mm in for the bid including $37mm of seasoned credit/mez paper.� The seaoned mez traded WAY through our expectations and makes our GECMC 04-C1 Bs look cheap at +300.� We did trade $26mm LBUBS 02-C1 A4s- axed buyer of similar paper.�

o Also sold $5mm WBCMT 05-C20 A7s,� +158/150 mkt 10x15mm. With 39% DA credit support, think paper like this looks cheap to new issue and attractive to REIT paper like Simon 5yrs which trade inside +100/treasuries.

o In the AM/AJ space didnt see any meaningful selling.� Still have better buy interest- specifically JPMCC 06-CB17 AM and JPMCC 06-LDP8 AM. We reamin positive on clean AMs.� Not as positive on AJs unless they are clean and/or early '06/'05 vintages. The BACM 06-3 AJ downgrade highlights my concerns; further, also lose some spread with the additional extension risk vs AMs

o �BACM 06-3 AJ and below get crushed by S&P due to interest shortfalls�� associated with Boscov loans.� AJ to DDD+.

o Geordie Walker

o No Specific Timeline for Ending Deep-Water Drilling Ban, Regulator Says � WSJ link

o BP (+2.8%), Authorised to start cement procedures.

o Transocean (+4%) figures.

o CRZO Carrizo Oil & Gas reports

o DBLE Double Eagle Petroleum reports

o PQ� Petroquest Energy reports

o LNT Alliant Energy reports Q2 EPS $0.44 vs Reuters $0.44..Guides full year EPS to $2.55-$2.70 vs Reuters $2.56 and prior 2.45-$2.75

o PDC Pioneer Drilling reports better

o BP May Seek to Avoid Full Spill Responsibility, Transocean Says - BBG

o BP:� -Mubadala Oil and Gas, part of Abu Dhabi government investment firm Mubadala Development Co., will look at BP PLC (BP.LN) assets going on sale as the U.K. major struggles with the fallout from the Gulf of Mexico oil spill disaster but is not in direct talks, a senior company official said Thursday. DJ

o PGH Pengrowth Energy reports Q2 EPS

o EROC Eagle Rock Energy Partners reports Q2 net income 68.1M vs year-ago $($74.8M)

o GDP Goodrich Petroleum reports Q2 EPS

o ATW Atwood Oceanics reports Q3 EPS

o MUR Murphy Oil reports Q2 EPS

o WES Western Gas Partners LP reports Q2 EPS

o CVI CVR Energy reports Q2 EPS

o NRP Natural Resource Partners reports Q2 EPS

o PAA Plains All American provides Q3 and full year guidance

o MPET Magellan Petroleum chairman Walter McCann to step down

o OPTC Optelecom-NKF reports Q2 EPS

o CBEH China Integrated Energy reports Q2 EPS

o CVI CVR Energy reports Q2 EPS

o PNG PAA Natural Gas Storage reports Q2 earnings

o RSOL Real Goods Solar reports Q2 EPS

o LGCY Legacy Reserves reports Q2 EPS

o NOA North American Energy Partners reports Q1 EPS

o CLD Cloud Peak Energy reports Q2 EPS

o IO ION Geophysical reports Q2 EPS

o RGNC Regency Energy Partners announces completion of Phase I/II expansions of Logansport

o UDRL Union Drilling reports Q2 EPS

o PVA Penn Virginia reports Q2 EPS

o CLR Continental Resources reports Q2 GAAP EPS

o RIG Transocean reports Q2 EPS

o IO BGP Selects ION's Digistreamer to outfit its new 3D seismic vessel

o PAA Plains All American reports Q2 EPS

o SD SandRidge Energy reports Q2 EPS

o WG Willbros Group reports Q2 EPS.. company guides full-year EPS to ($0.20) to breakeven vs prior $0.35-0.45 and Reuters $0.21. Company guides full-year revenues to $1.2-1.3B vs prior $1.0-1.2B and Reuters $1.46B.

o ROYL Royale Energy reports

o UTILITIES

� TEG Integrys Energy Group reports Q2 adj. EPS

� CPK Chesapeake Utilities reports

� WGL WGL Holdings reports Q3 non-GAAP EPS

� VVC Vectren reports Q2 EPS

� NKA Niska Gas Storage Partners reports Q1 net income $0.5M vs year-ago loss ($14.7M)

� AEC Associated Estates files $25M at-the-market equity offering through Citi

� WR Westar Energy reports Q2 EPS $0.47

� ATO Atmos Energy reports Q3 EPS

� UIL UIL Holdings reports Q2 EPS

� TE TECO Energy Names John Ramil president and CEO

� CNL CLECO reports Q2 operating EPS

� ENOC EnerNOC reports Q2 EPS

� AWK American Water Works reports Q2 EPS

� POR Portland General Electric reports

INDUSTRIALS

o ES EnergySolutions announces China contract

o AIN Albany International reports Q2 GAAP EPS

o IEP Icahn Enterprises reports Q2 EPS

o ROCK Gibraltar Industries reports Q2 EPS

o GVA Granite Construction JV team awarded $85M highway project in Arizona

o DHT DHT Holdings names Svein Moxnes Harfjeld President and CEO; names Trygve Munthe

o IEP Icahn Enterprises announces resignation of Principal Executive Officer and vice chairman Keith Meister

o ALG Alamo Group reports Q2 EPS

o BRS Bristow Group discloses that the DOJ has closed its prior investigation

o NC NACCO Industries reports Q2 EPS

o FLS Flowserve awarded three Chinese nuclear valve orders

o MMLP Martin Midstream Partners reports Q2 EPS

o BRS Bristow Group reports Q1 EPS $0.57

o PGTI PGT Inc reports Q2 EPS

o FARO FARO Technologies reports Q2 EPS

o ACM AECOM Technology to acquire McNeil Technologies for $355M in cash

o RAE RAE Systems reports Q2 EPS

o WCAA WCA Waste reports Q2 EPS

o VLNC Valence Technology reports Q1 EPS

o UHAL AMERCO reports Q1 EPS

o MEAS Measurement Specialties reports Q1 EPS

o SHS Sauer-Danfoss reports Q2 EPS

o GNK Genco Shipping & Trading takes delivery of Supramax vessel

o EXM Excel Maritime Carriers reports Q2 EPS

o EGLE Eagle Bulk Shipping reports Q2 EPS

o PACR Pacer International reports Q2 EPS

o PPO Polypore reports Q2 EPS

o ESE ESCO Technologies announces acquisition of Crissair

o CNW Con-way reports Q2 EPS

o ISNS Image Sensing Systems reports Q2 EPS

TRANSPORTS

o largest Philippine port operator ..International Container Rises to 29-Month High on Earnings � BBG

� International Container Terminal Services Inc. climbed to a 29-month high in Manila trading on expectations the company will post its third quarterly profit gain, said First Grade Holdings

� Shares of the largest Philippine port operator increased 2.4 percent to 34.40 pesos as of 10:16 a.m. local time, set for the highest close since March 2008. �The company most likely sustained the growth in its earnings because of the recovery in global trade,�� BBG

o PACR Pacer International reports Q2 EPS .. in line 2Q10 earnings

o CNW Con-way reports Q2 EPS � trade off after hrs .. Stephens downgraded Con-Way following the company's weaker than expected Q2 results and lowered its target for shares to $29 from $40.

o BRK.B Berkshire Hathaway's Burlington Northern reports weekly carloads; total carloads and intermodal +15.0% to 189,162; last week +12.6%.

o CNI Canadian National Railway reports weekly carloads (week ended 31-Jul); total carloads +20.6% to 93,986; last week's increase was +16.6%.

o ATSG Air Transport Services Group reports Q2 EPS

o ALGT Allegiant Travel reports total system July traffic +21.1%

o RRTS Roadrunner Transportation Services reports Q2 EPS

o AMR AMR Corp reports July traffic +2.7%; capacity +3.1%

o TRMA Trico Marine Services guides Q2 revenue to $140M-$150M � in 8K

TECH/MEDIA/TELECOM

o PRM Primedia reports

o TWC Follow-up: Time Warner Cable reports

o PCS Follow-up: MetroPCS Communications reports

o TKLC Tekelec reports Q2 EPS $0.25 ex-items vs Reuters $0.20� revenues of $109.5M vs Reuters $111.7M. Guides full year EPS to $0.75-$0.85 vs Reuters $1.00; guides revenues to $430M-$450M vs Reuters $475.4M.

o LAMR Lamar Advertising reports, guides mixed

o CTCM CTC Media reports

o ZBRA Zebra Technologies reports Q2 EPS $0.40 ex-items vs Reuters $0.34�Guides Q3 EPS to $0.36-0.43 vs Reuters $0.36; guides revenues to $230-244M vs Reuters $231.7M.

o ADCT- mostly in line Q3 and Q4 guide. GMs in the Q were better and ADCT is showing a favorable product mix.

o AMKR- up 5.1%. better Q2 and higher Q3 guidance. Revenue was a record high, and mgmt is calling for a 5-9% increase. AMKR raised its capex to deal with strong demand in the short term. GMs were strong in the Q after being slightly disappointing last Q.

o ATML- up 7.7%. Better Q2 and strong Q3 guidance. Outperformance of the maX-Touch segment helped to drive the better Q and continued strength and a strong product pipeline could continue to drive growth.

o CELL- mixed Q with EPS better but revs miss due to a key supplier changing distribution in Singapore. The supplier is believed to be NOK. Units handled missed due to the supplier issue as well.

o FARO- mixed Q with in line revs and a miss on the bottom line. Bookings in the Q were strong which could drive solid future earnings. GMs in the Q were down slightly, but still strong. Mgmt decided not to provide guidance.

o KLIC- up 15.2% Q3 is better than preannouncement due to a faster ramp of ball bonders. Q4 guidance is also higher. The conference call will take place today at 9AM. Call # 877-407-8037. Call pin: 5521,353660

o ONNN- better Q2, but guidance appears to be conservative. GMs missed in the Q and were a drag on earnings, but higher revs offset the weakness. The consumer and Industrial/Aerospace segments helped to drive the higher revs. Lead times for some products are still extended and may be till Q4 said mgmt.

o SINA- better Q2 on cost controls and a recovery in Ad spending. Advertising grew by 27% in the Q. Q3 guidance looks better especially in advertising.

o SMSI up 3.2%. better Q2 and reiterates guidance

o SONE- very disappointing Q2 and mgmt withdrew guidance.

o TSCM up 5.5%. mostly in line Q2. EPS missed by a penny

o TTEC- slightly better Q2 and FY10 guidance is higher. TeleTech also announced that its board has approved an increase of $25M in the funding available for share repurchases. This authorization brings the current total amount available for repurchase to approximately $38M

o DIVX- beat and raise Q2. Licensing performed well helping to drive the better numbers on the bad of strong growth in emerging products. The acquisition of DIVX by SNIC is still pending.

o IO- mixed Q. top line missed, but EPS is a slight beat on cost controls. The multi-client business was a major drag on numbers. Reaffirms FY10 guidance and says Comments that its data library sales for Q2 were lower than expected due to the impact of the Gulf of Mexico oil spill and other timing issues . Mgmt believes 2H10 will be much better than the fist half

o Amtran- Taiwan-based LCD TV maker Amtran Technology has posted revenues of NT$5.14 billion (US$161.49 million) for July, down 3.7% sequentially but up 28% on year- digitimes

o Lite-On Semiconductor has announced consolidated revenues of NT$980 million (US$31 million) for July 2010, the company's highest monthly result since August 2008. The accumulated revenues from January to July were about NT$5.79 billion, up 49.4% from 2009

o AOL: Mostly in line Q showing that the turnaround appears to be on track.

o Cell Phones: San Francisco�s Phone-Radiation Law Sparks Similar Proposals- BBG

o San Francisco aims to become the first city in the country to require large wireless retailers to prominently display a device�s specific absorption rate, which measures how much energy emitted by a phone is absorbed by the body

o GOOG, VZ: Google, Verizon Said to Have Web Deal as U.S. Talks Continue- BBG

o Verizon Communications and Google have struck their own accord on handling Internet traffic, as both participate in talks by U.S. officials on Web policy

o The compromise as described would restrict Verizon from selectively slowing Internet content that travels over its wires, but wouldn�t apply such limits to Internet use on mobile phones

o GOOG Acquires Slide, Maker of Social Apps- NYT

o GOOG Buys Java/Ajax Tool-Maker Instantiations- TechCrunch

o Warner Bros. Said Set to Buy Shed Media- Dealbook

o BSkyB shares -0.6% at 712p following comments from News Corp overnight in the US. News Corp Deputy Chairman, President and Chief Operating Officer Chase Carey said Sky has "presented a full and fair [700p/share] offer that values Sky at a significant premium. DJ

o NXP semi: KKR, Bain Selling NXP Shares at 25% Less Than Paid in Buyout- BBG

o Radio listening at highest rate for decade- FT

� http://www.ft.com/cms/s/0/f02bebc2-9ff5-11df-8cc5-00144feabdc0.html

MATERIALS

o TS Tenaris reports Q2 EPS

o KGC Kinross names Brant Hinze as EVP and COO, effective 1-Oct

o Rio Tinto (+1.1%) numbers beat estimates..key focus on BHP jv.

� Rio Tinto's profit soars on rising metals prices from MarketWatch.com

� Mining giant Rio Tinto's net profit reaches $5.85 billion, underpinned by rising metals prices and China�s insatiable appetite for commodities.

� Rio Tinto mulls Alcan unit offer from Business Spectator

� Apollo Global Management-affiliated funds seek majority stake for unspecified sum.

o .Ferrexpro (+1.37%) despite missing numbers. Unit costs +8%.

o Randgold (-5%), to miss full year production target by upto 5%

� Randgold -Management state 2010 production will be 5% lower than original guidance (now 453,000 oz gold) which is a slight positive considering the market had feared 2010 production could be down 10%,� DJ

o South African gold miner Gold Fields� (GFI) Thursday said it expected limited production growth in its next financial year after it delivered better-than-expected earnings in the fourth quarter.

� Gold Field's production forecast is disappointing, and appears to be due to difficulties in increasing output at its Driefontein and Kloof gold mines in South Africa � DJ

o Xstrata (XTA LN) Xstrata could be open to a potential merger with either Glencore International or with another commodities entity under the right circumstances, reported the Globe and Mail. Xstrata CEO Mick Davis was cited as saying that his company is not against a merger deal as long as such a transaction provides Xstrata shareholders with substantial value. Speaking yesterday after his company announced a USD 2.3bn first-half profit, David said Xstrata has not received a business combination bid from Glencore. Glencore, which has a 34% interest in Xstrata, has previously said it would like to acquire or merge with Xstrata to create an international mining powerhouse. While Glencore reportedly would prefer premium-less merger with Xstrata, it could also launch an IPO and then table a premium-enhanced offer to buy Xstrata.

o IPI Intrepid Potash reports Q2 EPS

o CNQ Canadian Natural Resources reports

o AUY Yamana Gold provides update on Gualcamayo

o SWM Schweitzer-Mauduit reports Q2 EPS

o KRA Kraton Performance Polymers reports Q2 EPS

o APFC American Pacific reports Q3 EPS

o AUY Yamana Gold reports Q2 EPS

o CXO Concho Resources reports Q2 adj. EPS

o KS KapStone Paper and Packaging reports Q2 adj. EPS

o KGC Kinross Gold reports Q2 EPS

AUTOS

o Tesla Motors shares have fallen off more than 3% after the close on disappointing Q2 results

o CAR Avis Budget Group reports Q2 EPS

o Isuzu Motors Rises 6% -� Most in Nikkei 225 After Doubling Forecast

o Marchionne will speak with Chrysler dealers for first time from Automotive News

� Chrysler Group CEO Sergio Marchionne plans to address dealers en masse for the first time since assuming control of the company after it emerged from bankruptcy in 2009, say Chrysler and dealer sources

o New car registrations down� - guardian link

� New car registrations have fallen for the first time in a year as cash-strapped consumers hold off buying a new car amid uncertainty about their job prospects as the coalition government's austerity measures start to bite.

� New car registrations fell 13.2% in July after having enjoyed 12 successive monthly rises, according to new figures from the Society of Motor Manufacturers and Traders (SMMT

FINANCIALS

o US banks braced for slump in profits from Financial Times

� US banks with Wall Street operations are bracing for a slump in trading profits this year after the third quarter got off to a poor start, with global economic uncertainty and Europe�s sovereign debt woes leading to a slowdown in market activity in July.

o Dodd Says Elections May Jeopardize New Derivatives Regulations - BBG

� Senate Banking Committee Chairman Christopher Dodd said he is concerned that financial lobbyists may water down the U.S. regulatory overhaul�s derivatives rules if midterm congressional elections shift power to Republicans

� The derivatives measures, which were resisted by industry lobbyists, are �in some jeopardy,� said the Connecticut Democrat in response to questions at a meeting of the non- partisan Atlantic Council in Washington today.

� �It�s a very lucrative area,� said Dodd, who co-authored the overhaul. �Some changes could mean an awful lot financially.�

o Barclays 1H mostly In Line.Barcap not good enough for bulls, more worries over banks in general� equity and FI trading volumes also hurt

� Barclays�� Impairments better than street

� But Barclays Capital full year revenue forecast might still come under pressure, and costs are overshooting estimates,"� per CS near-term consensus estimates might reduce modestly.

� Barclays' Diamond: BarCap Beat Peers In Operating Numbers In 2Q - DJ

o Insurers

� HIG -3.7% (earnings; mixed shelf).. The midpoint of guidance was lowered by roughly the amount HIG missed Q2 consensus.

� ALL, +1.9%.. Improvement in All Business Lines

� PRU mixed, Noisy Quarter� Prudential Financial Inc., the second-biggest U.S. life insurer, reported its fourth-straight profit increase as investment results improved.

� earnings upside was tied to a less negative impact from the 11% equity market drop in 2Q10 than we had projected.

� Shares in U.K.-based insurer RSA Insurance Group PLC (RSA.LN) rose strongly Thursday as the company cleanly beat operating and net-profit expectations

� Both Swiss insurance names, Swiss Re [RUKN.SZ] and Zurich Financials [ZURN.SZ] disappointed in their results

� Swiss Reinsurance dn 1.5%, the world's second-largest reinsurer by gross premiums, Thursday said it swung to a second-quarter net profit,

� Aviva Shares up 6% After 1H Results

o Commerzbank AG dn 1.5% ..Thursday reported

� The results failed to impress the market, where analysts said the second-quarter figures had already been factored into share prices based on previous comments by Commerzbank's management.� DJ

o New Law Fuels a Shake-Up at Morgan Stanley � WSJ link

� Morgan Stanley is nearing a deal to relinquish control of in-house hedge-fund firm FrontPoint Partners, one of its first big overhauls amid new management and regulation.

o Goldman May Spin Off Proprietary Trading This Month � CNBC link

o MF MF Global Hldgs reports Q1 EPS $0.16 vs Reuters $0.01 � revenues of $289.4M vs Reuters $256.2M.

o SFG StanCorp Financial completes acquisition of Florida Financial Advisors

o OZRK Barron's Weekday Trader is positive on Bank of the Ozarks

o FSC Fifth Street Finance reports Q3 EPS

o CIB Bancolombia reports Q2 EPADS

o Paulson & Company reducing bullish positions on the US economy -- Financial Times�

o OCN Ocwen Financial discloses subpoena in 10Q filing

o SLF Sun Life Financial reports Q2 EPS

o EIG Employers Holdings reports Q2 EPS

o HIG Hartford Financial files mixed shelf of indeterminate amount

o BDE Clarus reports Q2 EPS

o AMPL Ampal-American Israel reports Q2 EPS

o TCAP Triangle Capital reports Q2 EPS

o CACB Cascade Bancorp to amend its previously filed Forms 10-K and 10-Q and restate its financial results for the year ended 31-Dec 2009 Q1-10

o FPIC FPIC Insurance reports Q2 EPS

o TFSL TFS Financial reports Q3 EPS

o SAFT Safety Insurance reports Q2 EPS

o PNNT PennantPark Investment reports Q3 net investment income per share

o MHLD Maiden Holdings reports Q2 EPS

o AMSF Amerisafe reports Q2 EPS

o PRE PartnerRe reports Q2 operating EPS

o CRBC Citizens Republic names Lisa McNeely as CFO

o AEL American Equity Investment Life reports Q2 EPS

o HIG Hartford Financial reports Q2 core EPS

o AINV dn after hrs�Apollo Investment reports Q1 net investment income per share

o KFN KKR Financial Holdings reports Q2 EPS

o THG Hanover Insurance Group reports Q2 EPS

o AGO Assured Guaranty announces 2.0M share repurchase program

o ALL Allstate reports Q2 operating EPS

o NAVG Navigators Group reports Q2 EPS

o PRA ProAssurance reports Q2 EPS

o -Shares in U.K.-based insurer RSA Insurance Group PLC (RSA.LN) rose strongly Thursday as the company cleanly beat operating and net-profit expectations

o AIG �On the Mend� Repays $3.5 Billion of Fed Debt Since April � BBG

o Schroders shares advanced 2.2 percent

� Schroders Plc, Europe�s largest publicly traded fund management company by market value, said first-half profit jumped sevenfold as it attracted more money from investors.�� Net income climbed to 136.9 million pounds ($217 million), or 47.5 pence a share, from 19.5 million pounds, or 7 pence, a year earlier, the London-based firm said in a statement today.

REAL ESTATE

o BZH p: Beazer Homes reports

� Closings

� 1,643 units vs consensus 1,425

� ASP $206.2K vs. consensus� $227K

� New orders from cont. ops 1,037 vs consensus� 1,504

� Backlog vs consensus� 1,587

� Cancellation rate 28.9% vs year-ago 23.0%

� Gross margin ex-charges 13.3% vs consensus �15.7%

o NY Fed Joins Investors on Loan Repurchase Bid - CNBC

� The Federal Reserve Bank of New York on Wednesday said it may try to force banks to repurchase bad home loans backing securities it holds, joining the ranks of other big investors who have been gaining momentum with identical demands.

� The effort from the New York Fed to boost the value of its Maiden Lane portfolio is similar to what U.S. mortgage finance giants Fannie Mae and Freddie Mac have been doing as they try to hold accountable sources of irresponsible lending that caused steep losses.

� http://www.cnbc.com/id/38565847

o HSBC's U.S. Arm Under Federal Scrutiny from American Banker

� HSBC USA is being investigated by federal agencies for possible violations of anti-money-laundering rules and other federal laws, according to a filing with the SEC

o Redwood Says SEC Sought Information on CDO Trading, Valuations - BBG

� Redwood Trust Inc., the jumbo- mortgage specialist that in April sponsored the first private securitization of new U.S. home loans in two years, said regulators demanded information about its Acacia collateralized- debt-obligation business

� The Securities and Exchange Commission sent an order in May asking for information on topics including �trading practices and valuation policies� related to Acacia, Mill Valley, California-based Redwood said today in a filing with the agency.

� The company has already responded.

o Redrow (RDW LN) Redrow's share price gained on revived bid speculation, according to The Independent. The report mentioned talk late in yesterday trading of a possible bid from a larger domestic rival.� A Daily Mail market report noted talk of a possible bid for Redrow from shareholder Steve Morgan (holds 29% stake) at 160p per share, which would value the company at GBP 495m. Toscafund, the fund manager that holds a 5% stake in Redrow, is said to support Morgan.

o TWO Two Harbors Investment reports Q2 Core EPS

o LTC LTC Properties enters into 75M equity distribution agreement with Keybank

o REG Regency Centers reports Q2 recurring FFO

o HCN Health Care REIT reports Q2 FFO

o HCN Health Care REIT, inc. reports $817M partnership with Merrill Gardens

o GOV Government Properties Income Trust announces 7M share secondary through Morgan Stanley, RBC Capital Markets and Wells Fargo

o FRT Federal Realty Investment Trust reports Q2 FFO

o AHT Ashford Hospitality reports Q2 adjusted FFO

o SSS Sovran Self Storage reports Q2 FFO

o RWT Redwood Trust reports Q2 EPS

o EQY Equity One reports Q2 FFO

CONSUMER

� Retail: SSS so far:

o HOTT July Comps Miss, Q2 Guidance Lowered

o BKE The Buckle reports Jul comps (9.3%) vs Street (0.4%)

o LTD Limited Brands reports Jul comps +12.0% vs Stree +5.4%

o SSI Stage Stores reports Jul comps (0.6%) vs Street near +3.8%

o FRED Fred's reports Jul comps +2.7%� in line

o ZUMZ Zumiez reports Jul comps +9.4% vs Street +8.5%; increases guidance

o BIG Big Lots reports Q2 comps +3.8% vs Street +4.8%

o Unilever's shares were trading down 2.3%, reported mixed ; consumer confidence remains fragile�.

� results still disappointed investors as lower sales prices hurt the group's margin.

� CFO Huet said commodity costs would rise around 2% for the full-year in line with earlier guidance.

� There had been fears that the recent rises in the cost of wheat, oil and palm oil could put this target at risk, but Huet said Unilever buys most of its commodities on forward co ntracts "so we've got a pretty good view of where we're going to be."� DJ

o FRZ� Reddy Ice Holdings reports�

o MED Medifast reports better

o PBH� Prestige Brands reports better

o CAR Avis Budget Group reports Q2 EPS

o BKS Barnes & Noble attracts private equity interest - Reuter

o ETH Ethan Allen reports Q4 EPS

o FBN Furniture Brands reports Q2 EPS

o HVT Haverty Furniture reports Q2 EPS

o STAN Standard Parking reports Q2 EPS

o KID Kid Brands reports Q2 EPS

o LMLP LML Payment Systems

o SHOO Previously announced inclusion of Steven Madden in the S&P SmallCap 600 will take place after the close on 5-Aug

o JOB General Employment Enterprises appoints James Harlan CFO

o MLR Miller Industries reports Q2 EPS

o CSV Carriage Services reports Q2 EPS

o MTEX Mannatech reports Q2 EPS

o CBOU Caribou Coffee reports Q2 EPS

o CVGI Commercial Vehicle reports Q2

o BEBE Bebe Stores names Emilia Fabricant president

o VRSK Verisk Analytics reports Q2 EPS

o EXLS ExlService Holdings reports Q2 EPS

o HIL Hill International reports Q2 EPS

o CATM Cardtronics reports Q2 EPS

o MIC Macquarie Infrastructure reports Q2 EPS

o CXW Corrections Corp reports Q2 EPS

o GCA Global Cash Access reports Q2 cash EPS

o TTEC TeleTech reports Q2 EPS

o NDN 99 Cents Only reports Q1 EPS

o RGS Regis board to evaluate strategic alternatives to enhance shareholder value

o CENT Central Garden reports Q3 EPS

o JACK Jack In The Box reports Q3 EPS

o CECO Career Education reports Q2 EPS

o ANDE Andersons reports Q2 EPS $1.36

o GAIA Gaiam reports Q2 EPS

GAMING, LODGING, & LEISURE

o RLH Red Lion Hotels reports Q2 EPS

o CHDN Churchill Downs reports Q2 EPS

o BEE Strategic Hotels and Resorts reports Q2 comparable FFO

o RCRC RC2 Corp completes the acquisition of substantially all of the assets of JJ Cole Collections; conference call has been scheduled to be held at 8:30 ET on August 5. The dial-in number is 800-843-7966 and refers to conference ID# 92762286.

HEALTHCARE

o Bayer Shares Rise as Much as 3.3 Percent on Xarelto Results

o Danish pharmaceutical company Novo Nordisk A/S (NOVO-B.KO) Thursday raised its financial outlook for 2010 after its second-quarter net profit increased due to strong sales of its diabetes treatments.

o SXCI: SXC Health Solutions reports Q2 ,,�better

o CI : Cigna reports Q2 results, guides up

o STAA STAAR Surgical reports

o MEND Micrus Endovascular reports Q1 EPS $0.17 vs Reuters $0.17

o OCR Omnicare CEO Joel Gemunder was forced to leave by the board � WSJ

o OHI Omega Health reports Q2 adjusted FFO $0.37 vs Reuters $0.34 .. Company affirms guidance for quarterly 2010 adjusted FFO of $0.43-0.46

o CSU Capital Senior Living reports Q2 EPS

o CHSI Catalyst Health Solutions reports Q2 EPS

o SXCI Consensus segment results for SXC Health Solutions

o KND Kindred Healthcare reports Q2 EPS

o WPI Consensus drug sales estimates for Watson Pharmaceuticals

o LHCG LHC Group reports Q2 EPS

o VTAL Vital Images reports Q2 EPS

o CCRN Cross Country reports Q2 EPS

o CHSI Catalyst Health Solutions and Independence Blue Cross agree on sale of FutureScripts

o MRGE Merge Healthcare signs agreement with MHS, an entity controlled by Michael Ferro

o LGND Ligand Pharmaceuticals agrees to sell JAK-3 program to Pfizer

o ATRI ATRION Corporation reports Q2 EPS

o ANTH Anthera Pharmaceuticals reports Q2 EPS

o BNVI Bionovo reports Q2 EPS

o SDIX SDIX reports Q2 EPS

o DMED D. Medical Industries files amended F-1, reduces size of offering to 1.50M ordinary shares from 1.875M; the expected offering range is reduced to $7-9 from $10-12. DMED also reduced the offering size yesterday.

o ISPH Consensus Azasite sales for Inspire Pharmaceuticals

o PDII PDI Inc reports Q2 EPS

o ISTA ISTA Pharmaceuticals reports Q2 EPS

o KNDL Kendle International reports Q2 EPS

o MAXY Maxygen reports Q2 EPS

o NPSP NPS Pharmaceuticals reports Q2 EPS

o TRGT Targacept reports Q2 EPS

o OSUR OraSure Technologies reports Q2 EPS

o PRSC Providence Service reports Q2 EPS

o AFFY Affymax reports Q2 EPS $0.70

o DRRX DURECT Corp reports Q2 EPS

o GHDX Genomic Health reports Q2 EPS

o MOH Molina Healthcare reports Q2 EPS

o MDAS MedAssets reports Q2 EPS

o PSYS Psychiatric Solutions reports Q2 EPS

o HNSN Hansen Medical reports Q2 EPS

o IMGN Immunogen reports Q4 EPS

o ONXX Onyx Pharmaceuticals reports Q2 non-GAAP EPS

o AZN, NVS FDA sends warning letters to AZN and NVS regarding promotional materials�

o ALNY Alnylam Pharmaceuticals reports Q2 EPS

OTHER

o Stocks mentioned on CNBC's Mad Money with Jim Cramer - TheStreet.com�

+ EMR, IR, LII, JCI, UTX, AGN, AMZN, LUK, HBAN, NFLX, JCG and AAPL

-BKS, KSS and MOT

o OMAB Grupo Aeroportuario provides information regarding the bankruptcy filing by Mexicana de Aviacion

o ANLY Analysts International reports Q2 EPS

o BORN China New Borun reports Q2 EPS

o GIGA Giga-tronics reports Q1 EPS $2.73

o TKC Turkcell reports Q2 revenues increased by 1.7% to TRY2,241.2M

o WPRT Westport Innovations reports Q1 EPS

o COT Cott Corp reports Q2 EPS

EUROPE TRADING WRAP

� Energy

�

� BP (+2.8%), Authorised to start cement procedures.

� Transocean (+4%) figures.

�

� Metals&Mining

�

� Rio Tinto (+1.1%) numbers beat estimates..key focus on BHP jv.

� Randgold (-5%), to miss full year production target by upto 5%.

� Ferrexpro (+1.37%) despite missing numbers. Unit costs +8%.

�

� Chemicals

�

� Givaudan (+2%), numbers tops estimates.

� Bayer (+3%), positive trial of Rivaroxaban.

o Ferrexpo (FXPO.LN) trades flat �1H results are strong

� SOPRA: Posts 1H10 net profit up 83%

� VICAT: 1H net income +6.0% y/y

� VIEL ET CIE: Posts 1H10 sales down 7.1% y/y

� AIR BERLIN July passenger number rises

� interim results in line with expectations

� DEUTSCHE TELEKOM 2Q in line with expectations

� DEUTZ delivers upbeat outlook as back in profit

� FRAPORT ups 2010 guidance

� KBC 2Q results above expectations

� MEDIGENE narrows interim loss

� PROSIEBEN says has positive full-year outlook

� ATLANTIA asked to suspend tariff hike

� Libya raises UNICREDIT stake to 7%

� TENARIS sees North America driving 2H sales increase

� AEGON tipped to issue new shares � S&P

� NOKIAN 2Q EBIT above forecast, raises FY10 guidance

� Norske Skog 2Q loss wider than expected

� OUTOTEC 2Q EBIT below forecast

� TGS 2Q EBIT miss, cuts lower end of FY sales target

� GIVAUDAN 1H net profit beats expectations

� �SWISS RE 2Q profit tops expectations

� ZURICH FINANCIAL 1H profit down 10%

� COBHAM: 1H PTP rises 2%, cautious on 2H

� consensus SMITH & NEPHEW: 2Q revenue slightly above consensus

�

ASIA TRADING WRAP

Japan

� NKY+1.73%, TPX +1.32%

� NKY climbed as the dollar rebounded from an 8-mth low against the yen on encouraging US employment data. Turnover on the TPX fell to 1.17 trillion yen from 1.36 trillion yen yesterday

� Stocks rose across most sectors led by oil & gas, industrials, materials and consumers

� Exporters rallied on a weaker yen: autos +1.32%, CE +1.41%, precision +1.39%.

� Real estate rallied 4.93% after report the office vacancy rate in central Tokyo sank for the first time in 2.5 yrs at the end of July

� Traders +1.92% after commodities prices rose

� Best performing sectors on the TPX: real estate +4.93%, nonferrous metals +2.00%, oil & coal +1.95%; worst performing sectors: airlines +0.33%, banks +0.51%, shippers +0.55%

Hong Kong

� HSI +0.01%; HSCEI -0.07%

� Stocks fell snapping a 3-day advance as Chinese lenders and developers dropped after report the CBRC had ordered a new stress test on lenders and was seeking to tighten mortgage lending. Turnover on the HSI fell to HK$21.78B from HK$23.99B yesterday

� Mainland properties fell after report CBRC orders banks to stop mortgage loans to 3rd home buyers in Beijing, Shanghai, Shenzhen and Hangzhou, raise down payments to 60% and increase the mortgage rates 50% higher than the central bank�s benchmark rate for such property buyers in other cities

� Mainland banks were mixed after report CBRC had ordered a new stress test on lenders include worst-case scenarios of prices dropping 50 - 60% in cities where they have risen excessively

China

� SHCOMP -0.67%; SZCOMP -0.06%

� Stocks fell led by banks and properties stocks after report the CBRC had ordered a new stress test on lenders and was seeking to tighten mortgage lending. Turnover on the SHCOMP fell to 109.92B yuan from 125.84B yuan yesterday

� Stocks fell across most sectors led by financials, oil & gas, telecom and materials. Health care and consumer rose

� Banks -1.60 % after report CBRC had ordered a new stress test on lenders include worst-case scenarios of prices dropping 50 � 60% in cities where they have risen excessively

� Real estate -2.21%. Reuters reported the CBRC orders banks to stop mortgage loans to 3rd home buyers in Beijing, Shanghai, Shenzhen and Hangzhou. The banking regulator also ordered banks to raise down payments to 60% and increase the mortgage rates 50% higher than the central bank�s benchmark rate for such property buyers in other cities.

INVESTMENT BANKING

M&A

o Nolan Ryan Group Defeats Cuban in Auction for Rangers- BBG

o Ryan and his partner, attorney Chuck Greenberg, won with an offer of $385 million plus the assumption of $208 million in team liabilities during an auction in a Fort Worth, Texas, courthouse

o Shortly after the group made the bid, Cuban bowed out of the auction. Clifton Jessup, his attorney, congratulated Greenberg and Ryan, and observers in the near-capacity courtroom applauded and cheered.

o RGS Regis to explore strategic alternatives, shares jump- Reuters

o Hair-salon operator Regis Corp said it is evaluating strategic alternatives, sending its shares up 9 percent post-market.

o The company said there was no assurance that the review of strategic alternatives will result in any agreement or transaction.

o http://www.reuters.com/article/idUSSGE6730OC20100804

o GOOG Google Acquires Slide, Maker of Social Apps- NYT

o Google will pay around $228 million for the company, according to one of the sources. Officials at Google and Slide declined to comment

o The acquisition is one of the clearest signals yet that Google is planning moves into social networking. Google has also invested some $150 million in Zynga

o http://bits.blogs.nytimes.com/2010/08/04/google-acquires-slide-maker-of-social-apps/

o GOOG Google Buys Java/Ajax Tool-Maker Instantiations- TechCrunch

o The company has just acknowledged the purchase on their site today and have begun to email customers notifying them of the change

o As they note, the Eclipse team and the tools have been bought by Google and they plan to use the move to be able to take their software to the next level.

o http://techcrunch.com/2010/08/04/google-instantiations/

o UNH UnitedHealth buying medical compliance company- Reuters

o insurer UnitedHealth Group is buying medical compliance company Executive Health Resources

o Terms of the deal were not disclosed, although the companies said on Wednesday they expected it to close before the end of the year. Thomson Reuters online private equity publication peHUB previously reported that a deal would be about $1.5 billion

o http://www.reuters.com/article/idUSN0426544420100804

o Abu Dhabi's Mubadala 'Will Be Looking' At BP Assets � WSJ

o Mubadala Oil and Gas, part of Abu Dhabi government investment firm Mubadala Development, will look at BP PLC (BP.LN) assets going on sale as the U.K. major struggles with the fallout from the Gulf of Mexico oil spill disaster but is not in direct talks

o Warner Bros. Said Set to Buy Shed Media- Dealbook

o Warner Bros. is set to buy the British television production company Shed Media, maker of such programs as Supernanny and The Choir, for around �100 million ($158 million) to boost its presence in the key market

o Warner Bros, part of Time Warner, said the price represented a premium of around 73 percent from July 29, the last business day before the start of the offer period

o http://dealbook.blogs.nytimes.com/2010/08/05/warner-bros-said-set-to-buy-shed-media/

o SKYW SkyWest to buy XJT ExpressJet Holdings- Reuters

o SkyWest said that it will buy rival ExpressJet Holdings, a deal that would make the combined carrier a top provider of regional flights to the largest airlines in the world

o SkyWest said its subsidiary Atlantic Southeast would buy the shares of ExpressJet it did not already own for $133 million in cash

o http://www.reuters.com/article/idUSTRE6735F120100804

o BSkyB down on NWS bid news- DJ

o �BSkyB shares -0.6% at 712p following comments from News Corp overnight in the US. News Corp Deputy Chairman, President and Chief Operating Officer Chase Carey said Sky has "presented a full and fair [700p/share] offer that values Sky at a significant premium. DJ

o Speculation swirls that RDS Royal Dutch Shell is looking at ECA Encana- BBG

o Delek to boost NBL Noble Energy stake to 4 pct- Reuters

o Israeli conglomerate Delek has decided to raise its holding in Noble Energy by up to another 1.3%of Noble's share capital in an investment that will not exceed $140 million.

o Delek also said it was negotiating with banks to increase its non-recourse credit line to fund the purchase

o http://www.reuters.com/article/idUSLDE6740J020100805

o EU Clears HON Honeywell To Buy France's Sperian- WSJ

o The European Commission Wednesday cleared U.S. consumer products, aerospace, and engineering conglomerate Honeywell to buy French personal protection equipment manufacturer Sperian Protection

o The $1.4b deal, including the assumption of net debt, will create a $1.8b PPE business for Honeywell, adding to the company's 2008 acquisition of Norcross Safety Products

o http://online.wsj.com/article/BT-CO-20100804-712097.html

o Xstrata could be open to potential merger with Glencore- Globe and Mail

o Xstrata CEO Mick Davis was cited as saying that his company is not against a merger deal as long as such a transaction provides Xstrata shareholders with substantial value

o RCRC RC2 buys privately held JJ Cole Collections- Reuters

o Toymaker RC2 Corp (RCRC.O) said it acquired privately held JJ Cole Collections to expand its presence into travel and storage products.

o JJ Cole Collections' senior management will retain about 9 percent of the carry-over ownership, RC2 said in a statement

o http://www.reuters.com/article/idUSSGE6730OB20100804

o Rio Gets Binding Offer for 61% of AL Alcan Engineered Products- BBG

o Rio Tinto Group said it has received a binding offer from funds affiliated with Apollo Global Management and the Fonds Strat�gique d�Investissement to buy a 61 percent stake in Alcan Engineered Products, excluding the Cable Division

o BKS Barnes & Noble draws private equity interest- Reuters

o number of private equity firms are interested in taking a look at Barnes & Noble, including names such as Bain Capital, Apollo, TPG Capital, and others

o Still, it was unclear how any private equity interest might be structured, given that billionaire investor Ron Burkle and company founder Leonard Riggio have large shareholdings in the bookseller

o http://www.reuters.com/article/idUSWEN843020100804

o ACM Aecom to buy privately held McNeil for $355 mln- Reuters

o Engineering and design firm Aecom Technology said it will buy McNeil Technologies Inc from private equity firm Veritas Capital for about $355 million in cash to expand its presence in the U.S. intelligence market.

o http://www.reuters.com/article/idUSSGE6730OT20100804

o Brazil miner MMX says no buyout deal reached- Reuters

o Brazilian iron miner MMX, owned by billionaire industrial magnate Eike Batista, said on Wednesday it has not reached an agreement on selling a stake in the company despite local media reports of a deal

o Brazil's O Estado de Sao Paulo reported on Tuesday U.S. company Cliffs Natural Resources (CLF.N) and Indian steelmaker ArcelorMittal (ISPA.AS) were interested in buying the 43.55 percent stake in MMX Batista holds

o http://www.reuters.com/article/idUSN0419522320100804

o GS Goldman plans to spin off prop trading-CNBC

o Goldman Sachs Group Inc (GS.N) plans to spin off its proprietary trading business as early as this month to comply with the so-called Volcker rule

o It would be the first move by the New York-based investment bank to adapt its business to comply with the U.S. financial reform package signed into law last month, and would follow similar moves from other banks

o http://www.reuters.com/article/idUSN0419178720100804

o Providence talks to investors on new fund- Reuters

o Private equity firm Providence Equity Partners has had initial talks with investors about raising a new global private equity fund which could be up to $8 billion in size

o http://www.reuters.com/article/idUSN0410380720100805

o Providence Equity Said to Seek $8 Billion for Buyouts- BBG

o Providence Equity Partners Inc. is seeking as much as $8 billion to invest in leveraged buyouts, according to two people with knowledge of the plan

o Jonathan Nelson, Providence Equity�s founder, is talking with clients to gauge their interest

o India's Reliance Ind says to buy shale stake in U.S.- Reuters

o India's Reliance Industries said on Thursday one of its units had signed definitive agreements to enter into a Marcellus Shale gas joint venture with United States-based CRZO Carrizo Oil & Gas Inc

o Under the deal, Reliance will acquire a 60-percent interest in Marcellus Shale acreage in Central and Northeast Pennsylvania that is currently held in an equal joint venture between Carrizo and an affiliate of Avista Capital Partners

o http://www.reuters.com/article/idUSDEL00325620100805

o Australia's Whitehaven Coal in talks as M&A swirls- Reuters

o Shares in Australian coal miner Whitehaven Coal rose as much as 10% on speculation of a possible stake sale or takeover but a senior company official played down the talk.

o Speculation has swirled around the company as it is one of the few miners left in Australia's hot coal sector with no major strategic investors. The sector has seen more than A$4 billion ($3.67 billion) worth of deals and offerings announced just this week

o http://www.reuters.com/article/idUSSGE6730QD20100805

o Prisa shareholders retain over 30 pct after LIA deal- Reuters

o Spain's debt-laden media group Prisa (PRS.MC) said on Wednesday core shareholders will retain a minimum 30 percent of the company after a revision of the terms of its deal with U.S fund Liberty Acquisition Group

o Liberty said it hopes the revised deal, under which its stakeholders and partners will receive shares in a recapitalised Prisa, will be completed by October after shareholder and regulatory approval in Spain and the United States.

o http://www.reuters.com/article/idUSN0427445320100804

o NAB Says Axa Asia Bid Talks Continue With Regulator � BBG

o National Australia Bank Said it�s still in discussions with the competition regulator over the bank�s A$13.3b ($12.2b) proposal to buy investment manager Axa Asia Pacific Holdings

o National Australia Bank has said it�s in talks to sell Axa Asia�s North investment platform in order to gain approval for the takeover from the Australian Competition & Consumer Commission.

o Barclays PE in talks to sell GHD stake- Economic Times

o Barclays Private Equity is in advanced talks to sell its majority stake in German health services company GHD

o A deal may be struck in the first two weeks of September and completed before the end of the year

o http://economictimes.indiatimes.com/news/international-business/Barclays-PE-in-talks-to-sell-GHD-stake-Report/articleshow/6260668.cms

o Afren says sees 1-2 acquisitions in next 12 mths- Reuters

o Africa-focused oil and gas company Afren Plc said it expects to make one to two acquisitions in the next 12 months, including one in Nigeria by year-end

o The company's acquisitions in Nigeria this year could be worth about $200 million

$ RAISING

� Walker & Dunlop files $150M IPO through Credit Suisse and Keefe, Bruyette

� GIC adds banks for $2-$3 bln logistics IPO- Reuters

o The three bookrunners -- UBS, China International Capital Corp (CICC) and DBS -- will help in the listing of Global Logistic Properties (GLP), which owns warehouses in China and Japan

o http://www.forexyard.com/en/news/GIC-adds-banks-for-2-3-bln-logistics-IPO-sources-2010-08-05T090228Z-UPDATE-2

� Everbright gears up IPO- Peoples Daily

o China Everbright Bank's IPO shares reserved for strategic investors have been hugely oversubscribed, signaling strong demand for the potentially $2.9 billion offering as stock markets recover

o Thirty strategic investors have committed up to 60 billion yuan ($8.86 billion) for their portion of the 6.1 billion-share offering

o http://english.peopledaily.com.cn/90001/90778/90859/7093855.html

� KKR, Bain Selling NXP Shares at 25% Less Than Paid in Buyout- BBG

o KKR & Co. and Bain Capital, which earned billions of dollars buying and selling companies, are facing a 25 percent discount in the initial public offering of NXP Semiconductors NV after three years of losses

o NXP, which is offering a 14 percent stake, was the semiconductor unit of Philips. The world�s biggest lighting company sold an 80.1 percent stake to KKR, Bain, Silver Lake in Menlo Park, California, Apax Partners LLP of London and Amsterdam-based AlpInvest Partners NV in September 2006

PRICINGS

o Initial Offerings

o AMBO Ambow Education downsized offering to 10.6m shares priced at $10 per ADS. At the bottom of the range of $10-12.

o GMAN Gormans Stores 5.4m share IPO prices at $11/ shr. This is below the expected range of $13-15.

o IL IntraLinks 11m share IPO expected to price 8/4 via MS, DB, and CS: Price talk $14-16

o NXPI NXP Semiconductors 34m share IPO expected to price 8/5 via CS, GS, BoA, MS, and Barclays: Price Talk $18-21

o PATH NuPathe 5m share IPO expected to price week of 8/2 via Leerink and Lazard: Price Talk $14-16

o Secondary Offerings

o FTLK Funtalk China Holdings 12m share secondary expected to price 8/3 via BoA

� Postponed secondary

o TNCC Tennessee Commerce Bancorp secondary expected to price 8/3 via

NEWS��

�

� Healthcare: MOH Molina Healthcare announced a 4M share secondary offering through BofA and JPMorgan

� Real Estate: GOV Government Properties Income Trust announces 7M share secondary through Morgan Stanley, RBC Capital Markets and Wells Fargo

� Real Estate: AEC Associated Estates files $25M at-the-market equity offering through Citi

� Real Estate: LTC LTC Properties enters into 75M equity distribution agreement with Keybank

� Financials: HIG Hartford Financial files mixed shelf of indeterminate amount

� G.I.C. Said to Add Three Banks to Logistics Unit I.P.O. from DealBook

o Singapore sovereign wealth fund GIC has added three banks as joint bookrunners for the upcoming initial public offering of its logistics unit that could raise as much as $3 billion, Reuters reported, citing two sources familiar with the deal.

�

TODAY�S EVENTS

o CONFERENCES

o Bank of America Merrill Lynch India Investor Forum - Hong Kong - Aug 05, 2010 - Aug 06, 2010

o BMO Capital Markets Fixed Income Perspectives Conference - Aug 05, 2010 - Aug 06, 2010

o BMO Capital Markets Focus on Healthcare Conference - Aug 05, 2010

� 8:30AM: CELG , QSII , ZMH

� 9AM: AFFY , BSX , CLDA , HNT , LLY , RURL

� 9:30AM: MHS

� 10:15AM: IMGN , PDLI

� 10:45AM: MRK , PDII , SOMX

� 11:15AM: ATRC , STAA

� 1:15PM: ANDS , IDRA , STJ

� 1:45PM: DRRX , POZN

� 2:15PM: ELGX , NPSP , RIGL , SNTS

� 3PM: AGAM , ANCI , ERES , WLP

� 3:30PM: CPIX , LGND , PPCO

� 4PM: BIOC , IDIX , MRNAD , QCOR

� ARNA , AVII , PGNX , TH.CA

o Chinese Society of Rare Earths' International Conference on Rare Earth Development and Application - Aug 02, 2010 - Aug 06, 2010

o Citi Indonesia Investor Conference - Aug 04, 2010 - Aug 05, 2010

� NTS: BWPT.JK , MNCN.JK

o Leerink Swann & Company Key Trends in Life Science Tools and Diagnostics: Roundtable Conference - Aug 05, 2010

o Vertical Research Partners Industrial Conference - Aug 03, 2010 - Aug 05, 2010

o TODAY�S EVENTS

o Shareholder Meetings

� CRL, BDE, CMRG, MNTG, GAIN, LPHI, SENEA, NVEC, NZYM, ERTS, TSL

o RF Analyst meeting

o Rates are "likely on hold for now," but talk of increases is likely to resurface when the Bank of England and the European Central Bank meet, says Brown Brothers Harriman.- Barron�s

o ECONOMICS

o 0830 Unemployment Insurance Weekly Claims Report � Initial Claims

o 1000 DJ-BTMU U.S. Business Barometer

o 1030 EIA Weekly Natural Gas Storage Report

o 1630 Money Stock Measures

o 1630 Foreign Central Bank Holdings

o 1630 Federal Discount Window Borrowings

o EARNINGS

o Autos

� FSYS, HWK, TA, CTB

o Materials

� AMPL, HUN, IFF, OMG, ZEUS

o Consumer/Retail/Education

� FORD, LIZ, WRC, HGG, HAR, UEIC, EGT, CROX, KSWS, ETH, MHK, LCUT , KBALB, BAGL, CEC, CPKI, LNY, BGFV, SPCHB, SRSL, GPX, FRZ, APT, CV, LABL, MGRC, APEI, LINC, REVU, KID, CENT, CHD, CFS, KFT, SMBL, THS, YYIN, FACE, MED, PBH, CFI, CRN, HANS, BID, TUC, WTW, HEES

o Energy

� ARSD, HOKU, RSOL, SEP, IOC, NGLS, PDC, PKD, ENG, EXH, EXLP, NGS, OMNI, TDW, TESO, TTI, WG, CLD, CPE, CRZO, DNR, END, ENP, GEOI, GST, KOG, PQ, PXP, SFY, SWN, ALJ, DK, FTO, HOC, WNR, CPNO, DPM, GEL, GLP, SE, BOLT

o Financials

� ARCC, BKCC, CLMS, FIG, FSC, HTGC, MAIN, MCGC, TCAP, TICC, WPC, IAAC, MF, FFG, PNX, EIHI, AGO, AWH, IPCC, AFCB, BKJ, CBNJ, FBMS, NASB, SAL, UBOH, VR, UPFC, TFSL, HEW, ROME, FCVA, IBCP, HBOS

o Gaming, Lodging, & Leisure

� H, IILG, MHGC, ADGF, LVB, LACO, MGAM, SGMS

o Healthcare

CPTS, ONTY, INHI, ACAD, AFFY, ALKS, BCRX, CLSN,CYCC, EBS, EXEL, FOLD, GNVC, INCY, KERX, LGND, MDVN, MITI, NABI, NSPH, OGXI, ORCH, OREX, RGEN, SIGA, CAH, LZR, PMC, ARTC, ATEC, HTWR, IRIX, NURO, RMD, RMTI, SMA, SEM, SRZ, USPH, ADUS, EM, NHWK, OCR, RSCR , TSON, ECLP, HBIO, LMNX, PKI, RGDX, SQNM, CI, AUXL, AVNR, BIOD, CADX, CBRX, CPEX, CRTX, DEPO, ISPH, MRX, OCLS, OMPI, OPTR, QGLY, SCMP, WPI, XNPT, ALTI, BZH

o Industrials/Homebuilders

� IEP, CVCO, BZH, ATK, CUB, KTOS, KOP, ACM, BKR, FWLT, ORN, TPC, ALG, RAIL, CHGS, CCIX, HEV, NEWN, OESX, CHYR., COGT, RSTI, ES, MEA, PESI, POWR, SATC, BLT, ERII, NNBR, NPO, ROLL, TECUA, GPK, KAMN, UHAL, AER, GTEC, MINI, BECN, BXC

o Media

� LAMR, CTCM, EVC, CVC, DTV, RRST, TWC, INWK, LYV, PLA, VIA/B, WMG, WWE, DEXO, DM, PRM

o Real Estate

� JOE, FUR, OLP, DCT, NCT, NRF, RWT, WAC, TPGI, HME, MAA, WRI, CSA, MPW, OHI, PEB, PSA, YSI

o Tech/Telecom

� MTSC, OSTK, SAAS, ANSS, PRO, TDC, IGOI, IMMR, WGA, LFUS, MFLX, SMTX, TTMI, ATVI, RST, CBR, CPBY, MMS, ACCL, ZBRA, ASYS, BRKS, CAMT, FEIC, KLIC, NANO, RBCN, DIOD, MCHP, EVOL, N, OPNT, RADS, MALL, COGO, ELX, CCOI, PAET, ACTI, ORCC, VTIV, ATNI, CBEY, CNSL, WIN, NILE, OWW, EGOV, IPAS, KNOT, LLNW, MCHX, MOVE, OPWV, PRFT, REIS, TRAK , VCLK, SAPE, XWES, OPXT, PKT, TKLC, VSAT, ZOOM, FTWR, NTLS, PCS, TDS, USM, EPAY

o Transportation

� DSX, FREE, OCNF, SSW, TBSI, TNP

o Utilities

EIX, GXP, IDA, PGN, POR, PPL, NFG, SJI, SPH, AEE, AVA, BKH, ED, LNT, OGE, TE, SUG, AWR

***All eco data from Bloomberg and DJ

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