Cantor Morning News | Morning @ Cantor

o Private equity firm Court Square Capital Partners, formerly known as Citigroup Venture Capital, will buy broadband provider Fibertech Networks LLC for $500 million from another private equity firm, the Wall Street Journal

o Top $ Raising

o WSR Whitestone REIT 2.2m share IPO prices below the range at $12/share.

o Vodafone-Essar not to proceed with IPO for now - Reuters

o ISS, one of the world's largest outsourcing companies with more than half a million global employees, may be poised to launch a $6 billion to $7 billion initial public offering, The Financial Times

o Fed Watch:

o Fed/Banks:� Fed in Emergency Bid to Put Bailout Ruling on Hold

� The Federal Reserve asked a U.S. appeals court to delay implementing a ruling that would force the central bank to disclose details of its emergency lending programs to banks during the financial crisis

� http://www.cnbc.com/id/38860972

o Fed to Outline Future Actions Friday � link from NYT

� The Fed must confront persistently high unemployment and an inflation rate so low that it worries economists

� It is not known what Mr. Bernanke will say, but some insight may come from an episode in his past: his concern, soon after he became a Fed governor, that the economy was at risk of deflation as the nation gradually recovered from the dot-com bust a decade ago

o Fed�s additional QE may not work � FT looks at a few Wall street naysayers

� Unicredit, strategist Tammo Greetfeld has been investigating what would happen if the Fed purchases a further trillion dollars worth of Treasuries � a move that would swell its current holding of $780bn by 130 per cent!

� Based on work by the New York Fed, Greetfeld says it would shave just 25 basis points off 10-year Treasuries, because of among other things the law of diminishing returns

� http://ftalphaville.ft.com/blog/2010/08/26/326916/should-ben-really-print-and-be-damned/

o New Fed Proposal To Bankrupt America: Government Guarantee Of Entire ABS Market from zero hedge

o Interest Rates: The Zero Percent Solution from BusinessWeek

� There are smart arguments for the world's central banks, particularly the Fed, to start raising rates. They just aren't smart right now, says Mark Gilbert

o Money flows:� Retail Investors Dump U.S. Stocks and Load Up on Bonds Regardless of Short-Term Market Performance. U.S. Equity Funds Post Outflows for Seventeen Consecutive Weeks. Bond Funds Get $5+ Billion in Each of Past Eight Weeks. TRIMTABS

o Amid the stock market�s recent volatility, mutual fund investors have been acting in a remarkably consistent way�they have pulled money out of U.S. equities and poured money into bonds.

o U.S. equity funds have posted outflows in every week since the �flash crash� on May 6. Most recently, outflows amounted to $2.7 billion (0.08% of assets) in the week ended Wednesday, August 25 and an estimated $3.7 billion (0.1% of assets) on the following four trading days.

o By contrast, bond funds have posted inflows exceeding $5 billion for eight consecutive weeks.

o U.S. Millionaire Index Turns Sharply Bearish from DealBook

o The Spectrem Millionaire Investor Confidence Index fell to its lowest level in more than a year in August as wealthy U.S. investors worried about politics and unemployment.

o Birinyi Says S&P 500 Bull Market Intact, Smaller Returns Likely � BBG

o Weakening economic growth will cut returns for the Standard & Poor�s 500 Index this year while failing to end the bull market that started 17 months ago, according to Birinyi Associates

o The benchmark gauge for American equities will probably rise 16 percent from yesterday�s close to 1,225 by year-end, the Westport, Connecticut-based research and money management firm founded by Laszlo Birinyi wrote in a note to clients.

o Cramer: 5 Obama-Fueled Fears of the Market � CNBC link

o France's Sarkozy Unveils G20 Leadership Agenda � CNBC link

o French President Nicolas Sarkozy said the Group of 20 economies need to overhaul global monetary order and noted that discussing exchange rates without China is "nonsense." When France heads the G-20, starting in November, stabilization of foreign exchange and commodity markets will be key, Sarkozy said

o Cut Down Payments to Boost Housing Recovery: Gross� � CNBC link

o Inflation :� USDA: Food-Price Inflation Tame� � WSJ link

o Deflation:� Firm Bets on Falling Prices � WSJ link

o As more investors worry about the possibility of deflation, a Canadian insurer, Fairfax Financial, has spent nearly $200 million to buy derivative contracts wagering on a decline in the consumer-price index, an inflation indicator.

o Dubai World could sell DP World and other 'crown jewel' assets from Telegraph

o Debt-laden Dubai World has raised the prospect of selling previously ring-fenced "crown jewel" assets, such as its ports arm DP World.

o Deloitte to be world's biggest accountant as partners sweep up �590m from Telegraph

o Parnters at Deloitte will split a �590m profits pot as the company is poised to announce it has become the world's biggest accountancy firm.

Banks:� Gaps in regulation leave banks free to take risks

o Regulatory reform will not prevent U.S. banks from making the kind of high-risk deals that drove the economy into the severest recession since the 1930s, according to The New York Times. Banks are still free to take high-risk bets on behalf of clients, based on a mistaken belief that losses would not find their way onto the company's balance sheet, the newspaper notes. Between April and July, Goldman Sachs and JPMorgan Chase each posted a loss of more than $100 million on trades made for customers. The New York Times (free registration) (25 Aug.)

China Cosco sees slower shipping demand growth in 2^nd half, but they say Baltic Dry won�t fall to 1700 in 2010.

o EU miners leading the way after decent results from Kazakhmys and Swiss commodities group Glencore, the major shareholder in Xstrata

o Kazakhmys has climbed 37p to �11.10 as it announced a 130% rise in half year profits following a bounceback in metal prices during the period. It did warn of possible cost increases in the second half, however, as steel and oil prices rise.

o Meanwhile Xstrata added 19.3p to 995.4p following news that Glencore - which owns just over 34% of the miner - had increased interim income by 42%.� Guardian

o Kazakhmys Shares +2.9%....1H Ebitda Beats Expectation

o company's reiteration of 2010 copper output guidance.

o Segro leads real estate stocks lower after reporting a rise in vacancies in its industrial properties

o Industrial property group Segro� shares are topping the FTSE 100 fallers, down 9.9p at 265.1p as it announced a 1.1% rise in its net asset value. Evolution Securities has downgraded

o Credit Agricole up 4.5% today�.after reporting.. leads France�..

o Techs:

o JDSU -3.9% (earnings)

� JDSU mostly in line Q4 with organic revenue strength driving to the positive. The comm. And commercial optics products performed well in the Q. Booking in the Q were very strong and could lead to a good Q1 although guidance for the coming Q was in line.

o TIVO -2.5% (earnings)

� TIVO mixed Q with a miss on the top line, but the bottom line is better. The disappointing top line results stem from hardware sales underperforming. Service and technology results were also disappointing.

o Consumer stocks in focus on EPS in US and overseas today

o JAS +5.1% (earnings and guidance better)

o Guess? GES -6.4% (earnings) .. Revs small miss�North American retail biz weighs

o Ahold unched after mixed report

o L'Oreal Opens +3.4% At EUR78.34

o L'OREAL CEO SAYS THERE'S 'NO REAL' RECOVERY IN U.S. ECONOMY - BBG

o Global drinks giant Diageo PLC (DEO) dn small today�posted a slight rise in full-year profit Thursday and said it expects stronger growth in the coming year as growth in emerging markets continues to offset weakness in North America and Europe.

� �the outlook for profit growth was a little more cautious than some in the market had hoped

� Diageo Profit Misses Estimates on U.S., Europe Sales - BBG

o Hotelier Accor up in France on results..up 4%

� Accor CEO: Cautious About Uncertainty For End Of Year

o Royal BAM Groep NV, the biggest Dutch construction company, jumped the most in more than three months in Amsterdam trading after profit beat analyst estimates on a smaller than expected loss at the property division.� BBG

o Political Stories:

o U.S. pushes Europe to give some IMF seats to emerging economies

� Europe and the U.S. are moving toward a standoff over giving power to emerging economies within the International Monetary Fund. The U.S. wants Europe to give up some of its nine seats on the 24-member board, but Europe is divided on how to respond to the proposal. "The IMF will be in crisis unless a solution is found in time," a senior official said. The Sydney Morning Herald (Australia)/Reuters (26 Aug.)

o Economist: Agricultural-commodity speculation endangers millions

� Major financial institutions are speculating in agricultural commodities, driving up the price of wheat, barley and other grains and putting the health of millions of people at risk, said economist Joachim von Braun. Grain exporters could bring the problem under control by forming what would amount to a central bank for the commodity to cap extreme price increases, von Braun said. Der Spiegel (Germany) (English online version) (25 Aug.)

o Democrats privately fear House prospects worsening - politico

� In conversations with more than two dozen party insiders, most of whom requested anonymity to speak candidly about the state of play, Democrats in and out of Washington say they are increasingly alarmed about the economic and polling data they have seen in recent weeks

o Palin Ally Upends Politics in Alaska � WSJ link

� Tea-party favorite Joe Miller appeared close to ousting Republican Sen. Lisa Murkowski, leaving former Gov. Sarah Palin poised to draw more blood in a long-running feud with the Murkowski family.

o Spies behind 2008 cyber attack, U.S. official says from Reuters

� �A foreign spy agency led a 2008 cyber attack on U.S. military computer systems, a top Pentagon official said, shedding light on what he called the most significant breach of American military cyber security.

o Governor Chris Christie: GOP Darling from BusinessWeek

o Tisch Says Business�s Lack of Confidence in Obama Hurts Growth � BBG

� Jim Tisch, chief executive officer of Loews Corp., whose operations include offshore drilling, hotels and insurance, said economic growth will remain sluggish in part because executives lack confidence in the Obama administration�s policies.

� Tisch, 57, said President Barack Obama�s health care reform, financial regulation and moratorium on offshore drilling are keeping businesses from spending money to expand

o Glenn Beck rally will be a measure of the tea party's strength from Wash Post

� When Fox News and talk radio host Glenn Beck comes to Washington this weekend to headline a rally intended to "restore honor" to America, he will test the strength - and potentially expose the weaknesses - of a conservative grass-roots movement that remains an unpredictable force in the country's..

o Mexico: bleeding to death in the war on drugs � independent

� Another 72 corpses found in a new mass grave. Feuding cartels blamed for displays of mutilated bodies. Death toll in four-year crackdown passes 28,000

� http://www.independent.co.uk/news/world/americas/mexico-bleeding-to-death-in-the-war-on-drugs-2062251.html

o Mexico:�This may be the biggest attack against civilians in Mexico since at least the 1968 massacre,�� - BBG

� Mexico Finds 72 Bodies in Suspected Migrant Killing

o Palestinians torch cars in Jerusalem violence from Reuters

� Palestinians torched half a dozen vehicles in East Jerusalem on Thursday and threw stones and firebombs at Israeli police after Jewish settlers approached a mosque, local residents and police said.

o Andy Sale is counting on Emmy Awards from L.A. Times

� The partner in accounting firm Ernst & Young oversees the vote tabulation that determines the winners

� There will probably be a lot of surprise winners and losers at Sunday's Emmy Awards, but nothing that happens will catch Andy Sale off guard.

o NFL teams get $acked from NY Post

� The average value for NFL teams has fallen for the first time since Forbes began keeping track in 1998. The magazine released its annual rankings yesterday, which show the average team decreased 2 percent in value from last year to $1.022 billion. The Dallas Cowboys remain No. 1

o Germany Plans Limits on Facebook Use in Hiring from DealBook

� As part of the draft of a law governing workplace privacy, the German government on Wednesday proposed placing restrictions on employers who want to use Facebook profiles when recruiting.

o Fund Stories

o Global Hedge Fund Body To Meet US Policymakers In September - DJ

� �The Alternative Investment Management Association, a global body representing hedge funds, said Thursday it will meet U.S. policymakers and supervisors in September over the implementation of the Dodd-Frank Act

� "Many of the measures that feature in the Dodd-Frank Act are being discussed in other jurisdictions, and it is desirable that there is a large degree of consistency in terms of approach and implementation," said AIMA Chairman Todd Groome in a statement. "If that consistency is not achieved it could lead to unnecessary duplication and increased costs."

CANTOR TRADING RECAP

o Equity Recap

o They had us lower when we walked in and it got worse from there as the durable goods and new home sales numbers proved to be horrible and the worse in a while. Not to say that, this wasn�t forecast, after the recent data out of the states and around the world of late. Although, Germany�s ifo business sentiment number was better than had been predicted(is it the us with the issues and that are the ugly ducklings)? The market however held that 1,040 level and gained steam as the afternoon wore on with some real buying checking in but mostly from what I saw, short covering in a big way. It felt like a oversold blow off rally with no real capitulation at the bottom, which tells me sellers are still out there but picking spots, still some complacency out there. TOL helped in homebuilder space which has been over shorted and rallied 4-5% or so with better revs and in line numbers as well as the ceo saying he�s picking up properties at �cheap� prices� can Tell you one thing, the action in spite of all the m &a and cheap money that has been around has been pathetic and shows that of a market that is tired and confused. Some will say that eventually the ugly numbers will only look great as comparisons but isn�t that why we had the 60% move from 09�s lows? That being said, there was more action Wednesday with the volatility. Breadth to the market had advancing issues outnumber declining issues while internally here, buy names outnumbered sell names 1 �-1. *BIRINYI SAYS U.S. STOCKS `ARE IN A BULL MARKET' doesn�t expect significant selloff in us stocks yet reducing his sp 500 target by year end to 1225 from 1325.

o Billy Clark and Team

o HY Recap

o High yield had a relatively positive finish yesterday as the index fought back from down 5/8 earlier in the day to about unched going out. The whisper for home sales was slightly worse than -12.4% so though terrible in actuality, not worse than the early whisper expectation. New home sales under 300k is not a sustainable rate. From 1963 to present we are at the lows with near lows in 1981 and highs of course in the 05 boom near 1.4mm units per year. Looking at toll brothers earnings as well as comments from other builders over the past couple months, foot traffic has improved and once we roll off the off dependency tax credit we can find a new norm which should at least be higher than where we are now. Much of the rest of the market took the cues from the homebuilder retracement. Amazingly but on Tuesday post existing sales, 5 out of the 10 major homebuilders ended up on the day on the equity side in a down day. Yesterday, all the homebuilders were up strong, between 3-5% with Beazer up 4.9%, Tol up 5.8% and MTH up 4.7%, others not far behind.

o Away from builders, new issue market in high yield of course slowing down until labor day. We have been very active in basis trading and some on the run healthcare and building products names. This morning we have a slightly better tone with high yield looking up about �.

o Vengrow

o CMBS recap

o Despite $535mm in BWICs, spreads ended the day tighter.� Low beta paper was in 2-3bps while GG10s came in 15bps (+325/$103-22). Saw over $100mm Insur Co selling of seasoned credit and AM paper.� However, the vast majority of the selling was in duper lcfs and reremics from money managers. Im still a little surprised how well CMBS, corps and equities have held in given the weak econ numbers over the past week coupled with the recent widening of European Sovr CDS (Italy attached).� Then I come back to the strong technicals, the need for yield and the spread to risk free rates

o Clean AM paper is on a roll.� For example, WBCMT 06-C29 AMs covered 92-20 today vs a best bid of 92-01 on Monday.� We are still looking for JPMCC 06-LDP8 AMs and BACM 05-6 AMs to name a few- name your price.� All names are not enjoying the rally equally.� BACM 06-3 AMs covered $86-16 which is up less than $1.5pts in a month while GG10s are up over $3pts and clean AMs are up $4-$5pts.� Should BACI 06-3 AMs trade over $6pts behind the MLMT 2006-C2 AMs that covered $92-25?

o GEORDIE WALKER

o Convertible Wrap

o Trading activity was good again today with the usual names topping the volume list. Although customer sells outnumbered customer buys again today, many names continue to have a good bid. Verifone Systems (PAY) reported good earning lifting the stock almost $2.00. The bonds were bid without an offer today. Sandisk (SNDK) stock was down again today, bringing in yield buyers of the old 1%-13 bonds while other investors looking for a volatility play focused on the new 1.5%-17 bonds. Cemex (CX) converts were active today along with their options and common. Overall, our market is choppy as many people are still away on vacation and market direction is name specific.

o Tom Fazio: ADCT 3.5%-17, CX 4.875%-15, DOLE 7% pfd, MGM 4.25%-15, MOH 3.75%-14, NIHD 3.125%-12, SNDK 1%-13, USU 3%-14

o Thomas Fazio

o Rates Commentary

o A quiet range bound Treasury market overnight gained momentum as the New York session opened on weak global equities, gilts (10 year reaching an all time low yield) and the Ireland downgrade. The vicious bid continued throughout the early and mid morning hours as the slew of poor economic data continues to stream down, today durable goods only up .3%, expected 3.0% and new home sales at their lowest level since at least 1963 coming in at 276K expected 330K,down 12.4% MoM. The intermediate and long end on this news once again traded to new low yields, the 5 year 1.278%, 7 year 1.863%, 10 year 2.418% and 30 year 3.462%. After extremely large volume traded near the highs mainly concentrated in the intermediate sector, the Treasury market retreated off these levels throughout the morning aided by equities coming off their lows, profit taking and attempted setups ahead of today's 5 year auction.

o The 5 year went into the auction near today's lows and ultimately came with a small .7bp tail at 1.374%, a strong 50.8% to indirect bidders (highest since January), 8.7% directs and a 2.83 bid to cover. A new record low yield for a 5Y auction surpassing December 2008 which came at 1.539%. Treasuries settled down post auction continuing the grind lower throughout the remainder of the session. At 3PM benchmarks were lower in price across the curve with yields higher by ~.7-5.0bps, the belly underperformed the wings

o �Tomorrow brings the weekly claims data which will be closely eyed after last weeks 500K print on initial claims. Shortly thereafter the Fed will conduct its fourth purchase concentrating in the 2021-2040 maturities which will be followed at 1PM with $29Bln 7 year notes

o Primary Dealer

SECTOR NEWS WITH MACRO IMPLICATIONS

ENERGY

o BP Selloff Offers Good Entry Point -C Suisse

o Transocean Accused Over Gulf Well Maintenance from CNBC

o Panasonic, Samsung Battery Price War May Intensify (Bloomberg)� Panasonic Corp. and Samsung SDI Co., the world�s two largest makers of rechargeable batteries, may deepen price cuts this year as overproduction worsens a glut in the industry

o NGLS Targa Resources Partners completed previously announced Versado Gas Processors transaction

o XOM Mid-Atlantic Convenience Stores acquires 58 Exxon sites

o WG Willbros awarded five task orders under government contract

o Petroleum not to use 27-Aug results to mount defense against KNOC offer - London Times

o Swedish Govt to reduce stakes in Nordea (NDA.SS), TeliaSonera (TLSN.SS) and SBAB in next mandate � Reuters

UTILITIES

o ORA Ormat Technologies announces commercial operation of the GRE project

INDUSTRIALS

o GE � WSJ pos�General Electric tries to get nuclear act together � WSJ

o http://online.wsj.com/article/SB10001424052748704540904575451863991806590.html?mod=ITP_marketplace_0

o LALLF , DOW etc�chemical sector will benefit from sanctions on Iran � WSJ

o LyondellBasell Industries (LALLF) is putting pressure on the Iranian industry. Since natural-gas prices are giving North American and Middle Eastern chemicals producers a cost advantage over those from Europe and Asia, US-focused producers like Lyondell and Dow Chemical (DOW) should be able to gain more market

o http://online.wsj.com/article/SB10001424052748703632304575451541648854802.html?mod=ITP_moneyandinvesting_12

o UQM UQM Technologies amends agreement with DOE

o BHP Billiton (BLT.LN)-Rio Tinto (RIO.LN) iron-ore JV may need to be renegotiated � FT

o Diversification linchpin of BHP�s Potash plan

o http://www.ft.com/cms/s/0/f28e99d6-b072-11df-8c04-00144feabdc0.html

o HEI HEICO reports Q3 EPS

o CECE CECO Environmental subsidiary to sell manufacturing and corporate office facilities

o KBR KBR awarded second contract by BP for West Nile delta development

o CGI Celadon Group announces 2M share buyback

AUTOS

o Chevy Tries Richer Prices � WSJ link

� GM is equipping its new Chevy Cruze with a host of new features, including a higher price tag, as the company shifts its sales strategy.

o Ford Uses Wi-Fi to Customize Cars from WSJ.com

� Ford is using Wi-Fi at one assembly plant to add software to its new Edge and Lincoln MKX crossovers, but it may be just the start of the customization possibilities at car factories and dealerships.

o Court Hears Effort to Delay Dollar Thrifty Buyout Vote from NYT

o Shareholders asked a judge to delay a vote on the company�s sale to Hertz, contending that the board failed to consider Avis Budget�s higher offer

o Ford Motor Gained Market Share in August, Fields Says

o Ford Motor Co. gained U.S. market share in August, and its new Fiesta small car is being shipped to customers after a quality issue with some parts was fixed, said Mark Fields, the carmaker�s president for the Americas

o �We�ll have another good month in terms of market share growth,� Fields told reporters today in Dearborn, Michigan, where Ford is based. �We�re seeing the industry kind of firm up. At this point, we don�t see a double dip recession.�

TRANSPORTS

o China Cosco sees slower shipping demand growth in 2^nd half, but they say Baltic Dry won�t fall to 1700 in 2010.

o BRK.A Berkshire Hathaway's Burlington Northern reports weekly carloads; total carloads and intermodal +18.6% to 190,788; last week +14.3%.

o Air New Zealand (AIR.NZ) posted a lower profit but rose 4% on its outlook

o Air China., Profit beat ests�the world�s largest carrier by market value, boosted first-half profit 60 percent on surging travel demand and fuel-hedging gains.� BBG

o TRMA Trico Marine Services's US operations file voluntary Chapter 11 petitions

MATERIALS

o China not happy about BHP bid for POT - BBG, strongest comments� yet ;� Sinochem may still make its own bid for POT

o EU miners leading the way after decent results from Kazakhmys and Swiss commodities group Glencore, the major shareholder in Xstrata

o Meanwhile Xstrata added 19.3p to 995.4p following news that Glencore - which owns just over 34% of the miner - had increased interim income by 42%.� Guardian

o China's shares closed slightly higher Thursday, after falling 2.0% the previous session, led by coal miners after Beijing's reiteration of a pledge to push forward industry consolidation raised expectations of more mergers and acquisitions in the sector.

o Swiss commodities group Glencore International AG Thursday reported a 42% rise in first half net income before exceptional items due to higher commodities prices and said it has made progress with its planned $1 billion in disposals.

o Kazakhmys Shares +2.9%....1H Ebitda Beats Expectation

o company's reiteration of 2010 copper output guidance.

o Rio CEO Albanese Says Expansion, Not M&A, His �First Priority� � BBG

o BHP�s Kloppers Eyeing Acquisitions �Beyond� Potash � BBG

o LQMT Liquidmetal holder Barney Visser discloses 9.91% in a 13D filing

o KGC, HWD Kinross completes sale of Diavik interest to Harry Winston

o NANX Nanophase Technologies and Altana AG enter new supply agreement��

TECH/MEDIA/TELECOM

o INXI INX Inc provides Q2 metrics

o DELL, PAR: Dell to ratchet up its bid in battle for 3Par, offer �not expected to be dramatically higher�- FT

o HPQ + PAR = CSCO + EMC- TheStreet.com

o The way the network storage sector is starting to stack up, it looks like it won't be long before everyone has chosen a mate.

o VIP Vimpelcom to dissuss Orascom purchase today- Reuters

o Tech P/E M&A: Court Square to buy Fibertech for $500 mln � WSJ

o Vodafone-Essar decides against IPO for now- Reuters

o TRB: Eisner Said to Be Tribune Chairman Candidatewhen the company exits bankruptcy- BBG

o Capacitors lead times reach 18-20 weeks- iSuppli

o Touch panels: Tight capacity keeps smartphone touch panel pricing high- Digitimes

o AAPL: Apple set to dominate tablet market through 2012- iSuppli

o AAPL, AMZN: Apple iPad, Kindle Sales Warn of Coming Tablet Tsunami- eWeek

o AMZN: said on Wednesday that more of its new third generation Kindles were ordered in the first month of availability than any previous models.

o GOOG, Skype: Google Gmail Phone Calling Presents Skype Challenge- eWeek

o Publicis talks over stake in Brazil's Talent- FT

o HTC Droid Incredible to receive Android 2.2 Froyo on September 1st?- IntoMobile

o HPQ, PALM: HP, Palm offering $1 million for webOS apps- IntoMobile

o LCD monitors: PC vendors reducing LCD monitor orders for 2011 due to weak demand- Digitimes

o China Unicom said on Thursday it will launch more than 10 smartphone models by the end of the year.- Reuters

o RIMM Hindustan Times says Research in Motion has no solution to BlackBerry dilemma in India

o FTR Barron's Weekday Trader is positive on Frontier Communications

o SIGM Sigma Designs guides Q3 revenue similar to Q2 rev of $73.3M vs Reuters $69.6M-- conf. call

o CREE Cree initiated overweight at Morgan Stanley; target is $75.

o ELX Emulex completes acquisition of ServerEngines Corporation; reiterates fiscal Q1 (Sep) guidance

o CNIC Copernic and Constellation subsidiary N. Harris Computer enter into acquisition agreement

o LEAP LCW Wireless becomes wholly owned subsidiary of Cricket

o SONS Sonus Networks announces facilities restructuring initiative to further reduce costs

o SMTC better Q2 with the comm. And high end consumer markets leading the positive push. Q3 guidance is higher. Inventories were high in the Q and there are signs GMs could be peaking, which could be a negative for things to come.

o JDSU mostly in line Q4 with organic revenue strength driving to the positive. The comm. And commercial optics products performed well in the Q. Booking in the Q were very strong and could lead to a good Q1 although guidance for the coming Q was in line.

o SIGM better Q on the back of strong IPTY segmet results. Growth in the segment was 26% in the Q. Higher wafer costs hurt margins in the Q. Q looks conservative, but is based mostly on uncertainty of T AT&T�s rollout of Broadcom-based platforms.

o TIVO mixed Q with a miss on the top line, but the bottom line is better. The disappointing top line results stem from hardware sales underperforming. Service and technology results were also disappointing. TIVO continues to hedge into other businesses with deals with Virgin, ONO, Cox, and Suddenlink so they would be less affected by their ongoing legal battles. There were not many details on their DISH dispute in the report

CONSUMER

o JAS +5.1% (earnings and guidance better).. JAS Jo-Ann Stores reports Q2

o Guess? GES -6.4% (earnings) .. Revs small miss�North American retail biz weighs

o RGS Regis reports Q4 EPS..� previously reported revenue of $589.9M on 9-Jul.

o Restaurants, MCD, BKC etc�.QSRs rolling out more expensive premium products � FT

o Fast-food chains in the US are rolling out more expensive premium products after two years of relentless focus on lower priced meals in the hope of recouping profit margins surrendered during the recession of 2008 and 2009.

o McDonald�s (MCD) is selling a �smokehouse deluxe� burger in Canada priced at more than US$5.00 at close to 100 restaurants in Ontario.

o �Burger King (BKC) has been selling its �BK fire-grilled ribs� meals for $8.99 in the US for the past three months.

o According to the article, the experimentation with a premium menu suggests some confidence

o http://www.ft.com/cms/s/0/2a71e414-b084-11df-8c04-00144feabdc0.html

o BOBE Bob Evans increases quarterly dividend by 11.1% to $0.20 from $0.18

o PRCP Perceptron reports Q4 EPS

o TBAC Tandy Brands reports Q4 EPS

o HAIN Hain Celestial reports Q4 EPS

o COHM All American Group reports Q2 EPS

o RUE Rue21 reports Q2 EPS

o SCVL Shoe Carnival reports Q2 EPS

o USDA Sees Tame Food-Price Inflation� WSJ

o The U.S. Agriculture Department expects unusually tame food-price inflation this year despite a broad rally in agricultural commodity prices this summer, the agency said Wednesday.

o The USDA now forecasts that the consumer-price index for food will climb between 0.5% and 1.5% this year, which would be the smallest increase since 1992.

o The inability of the U.S. economy to pick up steam prompted the USDA to lower its forecast by one percentage point from the range of 1.5% to 2.5% it calculated a month ago.

o http://online.wsj.com/article/SB10001424052748703632304575451591288067132.html?mod=WSJ_hpp_sections_news

o Guinness owner Diageo dips 1% after "lacklustre" results

o New Technology to Lure Shoppers- WSJ link

o Marketing companies are experimenting with a new wave of digital technologies to pitch to consumers while they shop.

o Woolworths Net Profit Up 10%� WSJ link

� Woolworths, Australia's largest retailer, said full year net profit rose 10.1% to US$1.8 billion.

o

o Court Hears Effort to Delay Dollar Thrifty Buyout Vote from NYT

o Shareholders asked a judge to delay a vote on the company�s sale to Hertz, contending that the board failed to consider Avis Budget�s higher offer

GAMING, LODGING, & LEISURE

o Hotelier Accor up in France on results..up 4%

o 888 Holdings is currently evaluating potential takeover targets, Wirtschaftsblatt

FINANCIALS

o Fed/Banks:� Fed in Emergency Bid to Put Bailout Ruling on Hold

o The Federal Reserve asked a U.S. appeals court to delay implementing a ruling that would force the central bank to disclose details of its emergency lending programs to banks during the financial crisis

o http://www.cnbc.com/id/38860972

o U.K. Banks Improved Performance Is �Uncertain,� S&P Says

o CBOE Holdings initiated neutral at Bank of America Merrill Lynch

o Despite Reform, Banks Have Room for Risky Deals from DealBook

o Despite regulation, some federally insured banks say that they will continue to make speculative bets using their own money on behalf of clients.

o Bank Of China 1st-Half Net Interest Income CNY91.86 Bln

o Analysts Expected Bank Of China 1st-Half Net Profit CNY52.81 Bln

o Industrial & Commercial Bank of China�ICBC 1st-Half Net Profit Up 27% On Wider Interest Margins

o Swiss commodities group Glencore International AG Thursday reported a 42% rise in first half net income before exceptional items due to higher commodities prices and said it has made progress with its planned $1 billion in disposals.

o Warsaw Stock Exchange will list its shares on Nov. 9, the daily Rzeczpospolita reports

o CFFN Capitol Federal Financial announces stockholder and member approvals of plan of conversion and reorganization and intention to extend offering

o Cramer highlights Lazard (LAZ) as a way to play the pickup in M&A. He notes that M&A represents nearly 30% of revenue, significantly more than at any other investment bank out there. Cramer thinks that the stock could be worth around $49 a share.

REAL ESTATE

o WHITESTONE REIT REPORTS PRICING OF OFFERING

o ECMR ECM Realty Trust files $380M IPO through Wells Fargo and Citi

o ECM Realty Trust, Inc. is a self-administered and self-managed real estate company focused on investing in institutional quality, single-tenant office, industrial and retail properties that are leased to investment grade and other high credit quality tenants on a long-term net basis. The company intends to list on the NYSE under the proposed symbol is 'ECMR.'

o Segro leads real estate stocks lower after reporting a rise in vacancies in its industrial properties

o Industrial property group Segro� shares are topping the FTSE 100 fallers, down 9.9p at 265.1p as it announced a 1.1% rise in its net asset value. Evolution Securities has downgraded

o WAC Walter Investment Management to purchase Marix Servicing from Marathon Asset Management

o Cut Down Payments to Boost Housing Recovery: Gross� � CNBC link

o Consumers Paying Credit Card Debt Instead of Mortgage � CNBC link

o Housing Price Gains Weak Until at Least 2014: Survey � CNBC link

o Vornado Tower Near Empire State Building Advances - BBG

o A New York City Council committee approved Vornado Realty Trust�s plans for a 1,200-foot (366- meter) Manhattan skyscraper that�s opposed by the owners of the nearby Empire State Building.

o The land-use committee approved zoning for 15 Penn Plaza on the site of the Hotel Pennsylvania across Seventh Avenue from Pennsylvania Station, sending the plan to a vote by the full council scheduled for later today. Vornado, based in New York, has agreed to spend about $100 million on transit improvements in the area as part of rezoning approval.

HEALTHCARE

o CYBX Cyberonics reports Q1 EPS

o ABT Abbott Labs has big plans for India � WSJ

� http://online.wsj.com/article/SB10001424052748704540904575451760938636760.html?mod=ITP_marketplace_0

o LLY Lilly appeals Strattera case to the Appeals Court for the Federal Circuit

o NKBP China Nuokang Bio-Pharmaceutical reports Q2 net EPS

o CEPH Cephalon announces that Chairman, CEO Frank Baldino will take temporary medical leave of absence

o HNSN, STJ Hansen Medical signs agreement with St. Jude (STJ) for the commercialization of new products

o ANGN Angeion reports Q3 EPS

o

o Top 2 Sanofi Shareholders Seen Wary on Genzyme Bid from DealBook

o Sanofi-Aventis SA is unwilling to pay more than $70 a share for Genzyme Corp. and may consider alternative takeover targets should the transaction fail - BBG

o Sanofi to continue fight against generic Lovenox from Reuters

o To continue suit on FDA approval of generic clot preventer

o L'Oreal happy with Sanofi stake, not with price from Reuters

o L'Oreal said it had no short-term plans to sell its stake in Sanofi-Aventis , whose shares have lost nearly a fifth this year and which sources say is seeking to buy U.S. biotech Genzyme .

OTHER STORIES

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

+ PPO, LAZ, TOT, TIBX, JCG and DSX

- BP, SOL, DRYS and ISRG

EUROPE TRADING WRAP

o TMT

o Telenor confirms purchased 762k own shares as part of on going buy back

o Fins:

o CREDIT AGRICOLE up 4%...2Q NET EU379 MLN; ANALYST ESTIMATE EU318 MLN

o BALOISE 1H NET SF210.4 MLN; ANALYST ESTIMATE SF197.4 MLN

o Small caps:

o Tanfield (TAN LN) Trading update. Re: financing arrangements. Stock down 40%

o Archial (ARL LN) Trading update. Full year figs expected below mkt expectations. Stock down 63%

o Real Estate (REO LN) Ongoing financial restructuring, down 7.25%

o Xchaning (XCH LN) Shares up 15%. Overdone selling yesterday, re: conference call to analysts yesterday

o XCH LN. Director increasing shareholding

o CPPGROUP (CPP LN) positive trading update, stock up 6%

o Consumers

o DGE LN -1% headline nos ok - mkt was concerned about future guidance ahead of this - nothing blow out therefore weaker

o OR FP +4% figs in line - sees demand for luxury fragrance improving/ Lat. Am. and Asia strong growth

o AC FP +5% first figs after EDEN FP demerger - loss narrows/ sales rise - excellent groeth fcast

o AH NA +1% winnig mkt shs in US/ world cup helped sales

ASIA TRADING WRAP

o Japan

� NKY+0.69%, TPX +0.55%

� NKY rebounded, buoyed by short-covering with buying of futures also providing support. But gains were capped amid uncertainties about when the government might hammer out measures to rein in the strong yen and after news that Japan PM Naoto Kan faces a challenge for party leadership. Turnover on the TPX rose to 1.21 trillion yen from 1.04 trillion yen yesterday

� Stocks rose across most sectors led by tech, telecom, materials, health care and consumer. Oil & gas fell

� Exporters rebounded on short-covering and as the yen weakened: autos +0.95%, CE +0.67%, precision +0.81

� Shippers -1.10

� Best performing sectors on the TPX: machinery +1.04%, airlines +0.99%, nonferrous metals +0.97%; worst performing sectors: securities -1.15%, shippers -1.10%, oil & coal -1.06%

o Hong Kong

� HSI -0.11%; HSCEI -0.52%

� Stocks fluctuated in thin trade. Turnover on the HSI fell to HK$17.45B from HK$17.72B yesterday

o China

� SHCOMP +0.27%; SZCOMP +0.67%

� Stocks rebounded on bargain-hunting as coal producers advanced on the prospect of mergers while others gained after reporting higher earnings. Turnover on the SHCOMP rose to 105.66B yuan from 103.19B yuan yesterday

� Stocks rose across most sectors led by tech, health care, consumer, industrials and materials

� Coal +1.01

� Insurers -2.65%

INVESTMENT BANKING

M&A

o DELL to ratchet up its bid in battle for PAR 3Par- FT

o Dell is preparing to make an improved bid within days for data storage company 3Par that is �competitive� with Hewlett-Packard�s rival $1.6bn offer

o Dell�s new offer is not expected to be dramatically higher than HP�s bid, which topped Dell�s initial $1.15bn approach a week earlier.

o http://www.ft.com/cms/s/2/1e67953c-b076-11df-8c04-00144feabdc0.html

o HPQ + PAR = CSCO + EMC- TheStreet.com

o The way the network storage sector is starting to stack up, it looks like it won't be long before everyone has chosen a mate.

o http://www.thestreet.com/video/10844513/hp-3par-cisco-emc.html

o The POT Potash war

o BHP backtracks on Canpotex stance- Globe and Mail

� BHP is backing away from its promise to dismantle Canada�s potash export cartel as part of its $38.6-billion (U.S.) bid for Potash amid growing concerns about the deal�s economic impact in the province

� �Without all the [Canpotex] shareholders coming to a mutual understanding � it�s not going to happen,� Mr. Kloppers said in an interview. �Partners are partners. They're different from competitors,� he said. �Getting into a bad blood situation with other [Canpotex] shareholders � would be reasonably silly on my behalf.�

� http://www.theglobeandmail.com/globe-investor/potash/bhp-backtracks-on-canpotex-stance/article1684308/

o BHP would be "crazy to leave" Canpotex-Agrium CEO- Reuters

� He said "Our intent is to stay with Canpotex," Wilson said on Canada's Business News Network on Wednesday. "It's one of the strongest marketing arms I've ever seen, one of the best distribution groups I've ever seen, the relationship with countries around the world is exceptional.

� http://www.reuters.com/article/idUSN2514986220100825

o BHP�s Kloppers Eyeing Acquisitions �Beyond� Potash- BBG

� BHP Billiton Ltd. Chief Executive Officer Marius Kloppers, who has reduced debt by 41 percent to $3.3 billion, is looking to make acquisitions beyond his hostile $40 billion bid for Potash Corp. of Saskatchewan Inc.

� ��Beyond the acquisition of Potash, our aspirations to continue to grow the deployment of capital in the broader natural resources space would be undiminished,� Kloppers said on a full-year profit conference call

o BHP shrugs off rival PotashCorp bids- FT

� BHP Billiton has launched a fresh assault on PotashCorp, claiming that �fast money� is piling into the Canadian fertiliser producer�s shares and challenging potential rivals to come forward and match BHP�s $39bn hostile takeover bid.�

� Marius Kloppers, chief executive of the world�s biggest miner, dismissed speculation about a possible Chinese-led counterbid, adding: �I�ve only seen one bid. It�s the bid we made. It�s the bid on the table.�

� http://www.ft.com/cms/s/0/e823ab72-b071-11df-8c04-00144feabdc0.html

o Sinofert exec says BHP bid for Potash to have big impact- Reuters

� China's largest fertiliser distributor Sinofert Holdings is "very concerned" about BHP Billiton Plc's $38.6 billion takeover offer for Potash Corp, and believes the potential deal will have a big impact on the company

� Speculation lingers that Sinofet's parent Sinochem may join a rival bid to counter BHP Billiton's (BLT.L) $38.6 billion takeover offer for Potash Corp

� http://www.reuters.com/article/idUSHKU00017620100826

o Rio CEO Albanese Says Expansion, Not M&A, His �First Priority�- BBG

o Rio Tinto Group, the world�s third-largest mining company, will give priority to boosting output by expanding its own operations rather than through acquisitions

o �We have other projects around the world. If managers can develop an attractive investment proposition to expand in this market, we�ll certainly look at it. Our first priority is organic growth.�

o Court Hears Effort to Delay DTG Dollar Thrifty Buyout Vote- NYT

o Shareholders of the Dollar Thrifty Automotive Group asked a judge on Wednesday to delay a vote on the company�s $1.2 billion sale to HTZ Hertz Global Holdings, contending that the board had failed to consider a higher offer from the CAR Avis Budget Group

o http://www.nytimes.com/2010/08/26/business/26hertz.html?_r=1&partner=rss&emc=rss

o Eni would look at some BP assets if for sale- Reuters

o Italian oil major Eni SpA (ENI.MI) would consider buying BP (BP.L) assets in which it already has a stake if they were put up for sale

o "If BP sells some assets, and so far this has not happened, we would look at those where we are shareholders to exercise the right of option,"

o http://www.reuters.com/article/idUSTRE67P0SB20100826

o Dana Petroleum not to use 27-Aug results to mount defense against KNOC offer - London Times

o Citing sources close to the deal, the London Times reports that Dana will take until 8-Sep -- before defending itself

o The article says Dana CEO Tom Cross may be seeking �20/share

o http://www.thetimes.co.uk/tto/business/industries/naturalresources/article2702170.ece

o NVS Novartis to push ahead with disputed ACL Alcon buyout- Reuters

o Swiss drugmaker Novartis AG is pushing ahead with its contentious buyout of Alcon minority shareholders after completing its acquisition of stock from Nestle to get control of the U.S. eyecare group

o Novartis, which now holds a 77 percent stake in Alcon and has a majority on the Alcon board, has been seeking to snap up the remaining 23 percent in Alcon since exercising its option to buy the Nestle stake in January.

o http://www.reuters.com/article/idUSTRE67P0X920100826

o BKS Barnes & Noble says Burkle unqualified for board- Reuters

o Barnes & Noble said activist investor Ronald Burkle was unqualified to sit on its board and accused the billionaire of trying to take over the bookseller without rewarding shareholders

o Burkle launched a proxy battle to put three directors on Barnes & Noble's board shortly after the leading U.S. bookstore chain put itself up for sale

o http://www.reuters.com/article/idUSTRE67N32720100825

o Publicis talks over stake in Brazil�s Talent- FT

o Publicis Groupe, the world�s third-largest advertising group, is in the advanced stages of negotiation to take a stake in Talent, a leading Brazilian ad agency

o WPP, the largest marketing services group, had also considered investing in Talent but is not expected to counter-bid

o http://www.ft.com/cms/s/0/ad6cc4a8-b087-11df-8c04-00144feabdc0.html

o L'Oreal happy with Sanofi stake, not with price- Reuters

o L'Oreal (OREP.PA) said it had no short-term plans to sell its stake in Sanofi-Aventis (SASY.PA), whose shares have lost nearly a fifth this year and which sources say is seeking to buy U.S. biotech GENZ Genzyme

o "We are a happy investor, a loyal investor. (We) would be happier if the (share) price was higher," Chief Executive Jean-Paul Agon told an analyst briefing on Thursday

o Top 2 Sanofi Shareholders Seen Wary on Genzyme Bid- Dealboook

o Sanofi-Aventis�s top shareholders L�Oreal and Total have reservations about the drugmaker�s plans to buy Genzyme and are concerned that it does not overpay

o Both the cosmetics group and the oil major �will have a view on not spending too much money,� one banker close to L�Oreal said, adding L�Oreal was not opposed in principle to a deal, but was not sure Genzyme was the best buy

o Sanofi won't go above $70/share for GENZ Genzyme- reuters

o France's Sanofi has offered $69 per share for Genzyme and its board has authorized a bid of up to $70 per share

o According to the Bloomberg report, Sanofi may consider companies such as Bausch & Lomb Inc, Allergan Inc (AGN.N) or Celgene Corp (CELG.O) if a deal with Genzyme falls through

o http://www.reuters.com/article/idUSTRE67O3UI20100825

o VIP Vimpelcom to dissuss Orascom purchase- Reuters

o Russian telecoms group Vimpelcom will discuss on Thursday the possible purchase of a stake in Egyptian group Orascom Telecom

o The newspaper, citing sources close to Vimpelcom, said the issue will be discussed during the company's board of directors meeting in Amsterdam

o http://www.reuters.com/article/idUSLDE67P06E20100826

o Court Square to buy Fibertech for $500 mln � WSJ

o Private equity firm Court Square Capital Partners, formerly known as Citigroup Venture Capital, will buy broadband provider Fibertech Networks LLC for $500 million from another private equity firm

o http://www.reuters.com/article/idUSSGE67P0AT20100826

o FVR Finavera sells stake in Irish wind farm, stock up- Reuters

o Canada's Finavera Renewables said on Wednesday it is selling a majority stake in a wind-power project it is developing in Ireland, news that lifted its stock 15 percent

o The 8.3 million euros ($10.5 million) from the planned sale gives Finavera more financial muscle to complete pre-construction work on four wind-power projects it is developing in British Columbia, NCP Northland Capital Partners analyst Tania Maciver said

o http://www.reuters.com/article/idUSN2515145520100825

o China Life says no recent talks with AIA- Reuters

o China Life (2628.HK), the world's most valuable insurer, said it has not held talks with AIG (AIG.N) since March, despite reports it may be part of a Chinese consortium that aims to buy 30 percent of AIA.

o China Life (601628.SS) held talks with AIG in early 2009 and March this year about buying some of the embattled U.S. insurer's assets, but decided against it on both occasions

o http://www.reuters.com/article/idUSTOE67P05F20100826

o NIS Island confirms challenge of Anaconda Mining bid- Reuters

o New Island Resources confirmed on Wednesday that it has asked Canadian regulators to determine whether Anaconda Mining's takeover bid for the gold explorer violated securities laws

o Anaconda Mining, which holds a 41 percent stake in New Island, had indicated on Tuesday it could go hostile with its takeover offer for New Island

o http://www.reuters.com/article/idUSSGE67O0KR20100825

o Mid-Atlantic Convenience Stores acquires XOM Exxon Sites- PR

o Mid-Atlantic Convenience Stores, an investment platform backed by Catterton Partners, the leading consumer-focused private equity firm in North America, announced today that it has acquired 58 convenience stores/fuel stations, located in Northern Virginia and Maryland, from the Exxon Mobil Corporation.� Terms of the transaction were not disclosed.�

o http://www.prnewswire.com/news-releases/catterton-backed-mid-atlantic-convenience-stores-acquires-additional-portfolio-of-exxon-sites-101502004.html

o Petrominerales offers funding to Norway's InterOil- Reuters

o Petrominerales, which is looking to take control of Norway's InterOil Exploration & Production ASA, said it would provide financing to InterOil on terms equal to its existing Citibank facility, if Petrominerales gets a majority stake in InterOil.

o Petrominerales said separately it has placed an order for a maximum of 28.13 million shares of InterOil for $72 million, offering 16 Norwegian kroner apiece.

o http://www.reuters.com/article/idUSSGE67O0KW20100825

o Boralex revises bid for trust, unit holder opposes- Reuters

o Boralex, a Canadian alternative-power producer, added a cash option to its offer for the income trust it manages, but at least one unit holder said the offer was still inadequate.

o Unit holder O'Leary Funds Management LP said Boralex's revised offer that continues to value Boralex Power Income Fund at C$5/ unit was at least C$1 short of the trust's value

o http://www.reuters.com/article/idUSSGE67O0L920100825

o Harry Winston closes Kinross deal, ups Diavik stake- Reuters

o Harry Winston (HW.TO) said on Wednesday it had closed a deal to reinstate its 40 percent ownership in the Diavik diamond mine in northern Canada by buying back the interest it sold to Kinross Gold (K.TO) in 2009.

o The deal includes $50 million in cash, a note payable in the amount of $70 million and about 7.1 million Harry Winston common shares, worth about $100 million.

o http://www.reuters.com/article/idUSN2515625320100825

o Dubai World prized assets on sale to cut debt- Reuters

o Dubai World is prepared to sell prized assets including previously ringfenced ports firm DP World in a bid to raise as much as $19.4 billion to repay creditors

o Dubai World, battling to win creditor support for a restructuring by October 1 in order to start cleaning up its balance sheet, warned a sale of assets right now would generate a maximum of $10.4 billion

o http://www.reuters.com/article/idUSTRE67O22Z20100825

o Asahi to buy Australia's P&N Beverages for $322 million- Reuters

o The acquisition of P&N from founder Robert Peter Brooks is aimed at bolstering Asahi's beverage business in Australia and overseas

o Asahi President Naoki Izumiya told Reuters in an interview this month that the firm would have 800 billion yen on tap for acquisitions over the next five years as it seeks growth outside the shrinking domestic market

o http://www.reuters.com/article/idUSTRE67P0ZT20100826

o Svyazinvest May Buy Vekselberg�s Cable TV Unit, Leshchenko Says- BBG

o OAO Svyazinvest is considering buying Akado, a Moscow-based media company controlled by billionaire Viktor Vekselberg, said Deputy Chief Executive Officer Mikhail Leshchenko.

o Svyazinvest, Russia�s holding company for regional fixed- line phone companies, is interested in Akado to expand into cable television, Leshchenko told reporters today in Moscow.

$ RAISING

IPOs

o Vodafone-Essar decides against IPO for now- Reuters

o The decision comes after a dozen investment banks last month participated in a beauty parade to bag a mandate for the IPO, which could have raised up to $1.5 billion

o http://www.reuters.com/article/idUSTRE67P15220100826

o ISS eyeing IPO- FT

o ISS, one of the world's largest outsourcing companies with more than half a million global employees, may be poised to launch a $6 billion to $7 billion initial public offering-

o ECMR ECM Realty Trust files $380M IPO through Wells Fargo and Citi

PRICINGS

o Initial Offerings

o WSR Whitestone REIT 2.2m share IPO prices below the range at $12/share.

o SRGV SurgiVision Inc 3.6m share IPO expected to price 8/24 via Rodman: Price Talk $5

o FULL Full Circle Capital Corp 2.8m share IPO expected to price 8/25 via Ladengburg: Price Talk $8-10

o Secondary Offerings

o No secondaries currently on the agenda for next week

NEWS��

o Tanfield shares plunge on funding concerns- Reuters

o Tanfield Group Plc's (TAN.L) shares nearly halved in value, hitting a 7-year low, after the troubled electric van maker said it was in talks to sell its shares at a substantial discount to tackle a cash shortage.

o The company said it expected the fundraising to be structured as an open offer, partially underwritten by certain directors

o http://www.reuters.com/article/idUSSGE67P0C720100826

o Spyker Cars debts greater than assets � Reuters

o The stock exchange said it would not impose any listing measures on Spyker Cars while it was compliant with the exchange's regulations.

o Spyker Cars must issue a statement within five days detailing its financial situation and why it has negative shareholders' equity.

o The statement should also detail the company's solvency and liquidity position, short- and long-term prospects regarding its continued existence, measures taken and planned to improve its solvency and details of any credit facilities

o http://www.reuters.com/article/idUSLDE67O23R20100825

o Oriental Trading files prearranged bankruptcy- Reuters

o Oriental Trading, owned primarily by private equity firms Carlyle Group and Brentwood Associates, filed for bankruptcy on Wednesday

o The retailer of party and hobby supplies has reached a prearranged plan with some lenders which would help it cut debt by 70 percent

o http://www.reuters.com/article/idUSN2514046120100825

o Eisner Said to Be Tribune Chairman Candidatewhen the company exits bankruptcy- BBG

o Michael Eisner, the former chief executive officer of Walt Disney Co., is being considered by Tribune Co. creditors as a candidate to succeed Sam Zell as chairman after the company exits bankruptcy

TODAY�S EVENTS

o CONFERENCES

o ACORD Club Forum - Aug 26, 2010 London, GB (Details)

o AVCJ Infrastructure Finance & Development Asia - India Summit - Aug 26, 2010 - Aug 27, 2010

o CFA Institute / ICMA: International Fixed Income and Derivatives Programme - Aug 21, 2010 - Aug 27, 2010

o Commerzbank Capital Goods, Steel & Transport Conference

� NTS: DMGCF.PK , DPW.DE , TKA.F

o EnerCom Incorporated Oil & Gas Conference - Aug 22, 2010 - Aug 26, 2010

� 10:50AM: CXPO�

� 11:40AM: TLM.TO�

� 12:05PM: APC

� 1:20PM: REN

� 2:20PM: LINE , PBR

o Incisive Media Infrastructure Finance & Development Asia - India Summit - Aug 26, 2010 - Aug 27, 2010

o JPMorgan Brazil Retail, Education and Healthcare Investor Days - Aug 26, 2010 - Aug 27, 2010

o JYSKE Bank Global Wealth Management Seminar - Aug 25, 2010 - Aug 29, 2010

o Macquarie Securities North Asia Corporate Day - Hong Kong - Aug 26, 2010 - Aug 27, 2010

o National Investment Banking Association Conference - Aug 24, 2010 - Aug 27, 2010

o UBS Swiss Small and Mid Cap Summit

� NTS: FI-N.S , PHBN.S

o TODAY�S EVENTS

o Shareholder Meetings

� HTHT, UHAL, KW, OISI, GSIT, GLUU, CPST, RENT, RPI

o UHAL analyst meeting

o ECONOMICS

o 0830 Unemployment Insurance Claims Report - Initial Claims

o 1000 DJ-BTMU U.S. Business Barometer

o 1030 EIA Natural Gas Storage Report

o 1100 Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

o 1200 Chicago Fed Midwest Manufacturing Index

o 1630 Money Stock Measures

o 1630 Foreign Central Bank Holdings

o 1630 Federal Discount Window Borrowings

o EARNINGS

o Consumer/Retail/Education

� BEBE, DSW, JCG, CONN, FRED, RGS, SIG,

o Transports

� SFL, DHT

o Financials

� DLLR

o Gaming, Lodging, & Leisure

� ISLE

o Healthcare

� PDCO, BRLI, PSDV

o Industrials/Homebuilders

� SXI, COHM, SXI, GRB, APWR, MPR

o Tech/Telecom

� ADEP, LAVA, QADI, SLH, UEPS, DRAM, NZ, IRF, OVTI, MCRS, NOVL, XETA, GIGM, HRAY, ARUN, QXM, DHT, SFL

***All eco data from Bloomberg and DJ

Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal.