1. MONDAY 6-13-2016
p. 1 of 5
**US FUTURES: (S&P -9.00, DJI -70.00, NDX -23.25, 10 Year Treasury Yield 1.62% (record low- 6th consecu-
tive day)). Moscow Stock Exchange closed. European equity indices are trading sharply lower once again
as investor remain risk-averse ahead of key central bank meetings this week, and with market participants
awaiting the UKs Brexit referendum adding to risk-off sentiment. Asian Stocks sell off after deadly US
mass shooting, persisting Brexit fears, and soft China data. Gold is Higher. Oil is lower. Pound at an 8-
week low. US$: Higher vs. Pound; Lower vs. Yen; Lower vs. Euro.
**KEY NEWS: Less than two weeks until the UK Referendum on Europe with recent polls suggesting con-
tinued momentum behind the Leave camp for possible Brexit. CHINA: May Fixed Urban Assets YTD Y/Y:
9.6% V 10.5%E; multi-year low; May Indusrtial Production Y/Y: 6.0% V 6.0%E; YTD Y/Y: 5.9% V 5.9%E; May
Retail Sales Y/Y:10.0% (1-year low) V 10.1%E; YTD Y/Y: 10.2% V 10.2%E. Hotel Lotte (HTLOT.KR) to withdraw
application for IPO - financial press. OPEC Monthly Report: Maintains 2016 global oil demand growth forecast at
1.20M bpd to 94.2M bpd
**M & A NEWS: SYMC confirms to acquire Blue Coat for $4.65B; Guides FY18 $1.70-1.80. MD To acquire Car-
don Outreach for $400M. ZBH acquires Compression Therapy Concepts; terms not disclosed - filing. Bain and
KKR reportedly have moved on to the second round bidding for Nissan's 41% stake in Calsonic Kansai - Nikkei.
Kuka AG (KU2.DE): Siemens CEO: No intention to acquire company - financial press.
**IN THE RAGS/ONLINE: NYT: A gunman opened fire with an automatic weapon early Sunday morning at
an Orlando nightclub, killing 50 people and leaving 53 people wounded in what amounts to the worst
mass shooting in U.S. history; WSJ: Senior officials at the International Monetary Fund warned that the
problem of soaring corporate debt in China is getting worse, and must be dealt with to avoid systemic
risk; Government bond yields still have a clear path downward, traders and portfolio managers say, even
after record-shattering declines; Barron’s: Cover story offers picks from participants at Barron’s 2016
Midyear Roundtable; Tech Trader says the expanding constellation of Internet of Things devices has led
to complexity that doesn’t benefit consumers, and that the industry needs to create common standards;
Features are positive on WSM, MCK, LYB; High-yield debt is sill a good possibility for investors seeking
gain in Europe.
**KEY ECONOMICS: 11:00AM: NY Fed Survey of Consumer Expectations (SCE) (May); 11:00AM: Treasury
Announces a 4 Week Bill Auction; 11:30AM: Treasury hosts a $57B 3 and 6-Month Bill Auction
**MONETARY POLICY: 6:00PM: Central Bank of Uganda Monetary Policy Meeting
**KEY INDUSTRY RELEASES: 5:00PM: E.I.A. releases Gasoline and Diesel Fuel Update.
**CONFERENCES: Bloomberg Technology Conference, San Francisco; E3 Expo 2016, Los Angeles; Bever-
age Digest Market Smarts Conference, NYC; 6th European Financial Congress, Sopot; International Eco-
nomic Forum of the Americas Conference of Montreal
**ANALYST MEETINGS: AJG, BABA (China), Bioinvent International AB (BINV.SE/BINV) (Stockholm), Gran
Tierra Energy Inc. (GTE/GTE.CA) (Ontario), JCI, LPI (2 days), NVO (at the American Diabetes Association
2016)
**COMPANY UPDATES: AIMT (results of the tolerability data from the extended maintenance period of the ongo-
ing, open-label Phase 2 continuation trial of Aimmune’s lead investigational product, from the European Academy
of Allergy and Clinical Immunology (EAACI) Congress 2016 in Vienna), AZUR (recent move to the OTCQB),
CDNA (initial results from the company’s DART study), ONCE (updated results of the first cohort from the ongoing
Phase 1/2 clinical trial of SPK-9001); Penn West Petroleum Ltd (PWT.CA) announces $1.1B In Asset Sales,
Including The Sale Of Its Saskatchewan Assets For $975M; QURE (data from the Five Patient, Low-dose Cohort
from the 21st Congress of the European Hematology Association in Copenhagen).
**ANNUAL MEETINGS: HBAN/FMER (re merger)
Events Desk
(212) 884-8096
Alerts For Today Publish Time 7:00AM
**For Key Analyst Actions, After Hours Trading, Earnings Releases and ATC please use the morning report
and the overnight summary on the TTN Platform

2. MONDAY 6-13-2016
p. 2 of 5
FTC
Meetibng
US ECONOMICS
11:00AM: NY Fed Survey of Consumer
Expectations (SCE) (May). Last Reading:
https://www.newyorkfed.org/microeconomics/sce
.html
FED EVENT
12:00PM: Federal Reserve Board of Gover-
nors holds Bi-Monthly Meeting: Review and
determination by the Board of Governors of the
advance and discount rates to be charged by the
Federal Reserve Banks.
AUCTIONS/FED ACTIONS
11:00AM: Treasury Announces a 4 Week Bill
Auction
11:30AM: Treasury hosts a $57B 3 and 6-Month
Bill Auction
IN EUROPE
ECB Chief Draghi Speaks with EU's Juncker.
Comprehensive Test Ban Treaty Organization
ministerial meeting, Vienna.
6/13-6/15: North Atlantic Treasty Organization
Secretary General Jens Stoltenberg holds a
news conference before the NATO defense
ministers’ meeting. U.S. Pentagon chief Ash-
ton Carter will attend to discuss the future
allaince.
6:00AM: Publication of Economic Bulletin
pre-release "Global implications of low oil
prices
7:00AM: Macedonia's parliament to vote on
starting impeachment proceedings against
President Gjorge Ivanov.
7:30AM: ICM Unlimited Weekly Online Track-
er Brexit Poll
8:30AM: Swiss Government Question Time in
Parliament
10:40AM: Sweden Central Bank (Riksbank)
Governor Ingves in Panel Debate in Poland
11:00AM: ECB’s Danièle Nouy First ordinary
public hearing by Ms Nouy at ECON Commit-
tee in Brussels, Belgium
3:00PM: Leaders of Spain’s four biggest
political parties including caretaker Prime
Minister Mariano Rajoy hold a televised
debate ahead of the 6/26 election.
6/13-6/14: South Korean Foreign Minister Yun
Byung-se pays a working visit to Russia
Swiss Parliament Summer Session (Bern)
ECONOMIC RELEASES: 02:00EDT/06:00GMT
Sweden May PES Unemployment Rate;
02:30EDT/06:30GMT Sweden SEB Housing
Price Indicator; 04:00EDT/08:00GMT Czech
Republic Apr Current Account Monthly CZK;
08:00EDT/12:00GMT Poland Apr Current
Account Balance; 08:00EDT/12:00GMT Poland
Apr Trade Balance; Exports; Imports;
08:00EDT/12:00GMT Poland May Final CPI;
TBD Russia May Budget Balance YTD (Expect-
ed release 6/13-6/15)
FIXED INCOME: 05:00EDT/09:00GMT EU Daily
Euribor Fixing; 05:00EDT/09:00GMT Italy Debt
Agency (Tesoro) to combined €9.0B in 2019,
2023, 2044 and 2047 BTP bonds; To sell €2.0B
in 0.1% 2019 BTP Bonds; To sell €3.0B in
0.95% 2023 BTP Bonds; To sell €2.0B in 4.75%
2044 BTP Bonds; To sell €2.0B in 2.7% 2047
BTP Bonds; 05:30EDT/09:30GMT Germany to
sell €3.0B in 6-month BuBills;
06:00EDT/10:00GMT Iceland to sell Bills;
06:00EDT/10:00GMT Romania to sell 3.50%
2022 Bonds; 08:50EDT/12:50GMT France Debt
Agency (AFT) to sell combined €5.0-6.2B in 3-
month, 6-month and 12-month bills; To sell
€3.5B in 3-month Bills; To sell €1.5B in 6-month
Bills; To sell €1.2B in 12-month Bills;
09:30EDT/13:30GMT ECB announces Covered-
Bond Purchases; 09:35EDT/13:35GMT ECB
calls for bids in 7-Day Main Refinancing Tender
IN THE PACIFIC RIM
6/11-6/14: German Chancellor Angela Merkel
visits China
6/13-6/16: Sierra Leone Minister of Foreign
Affairs and International Cooperation Samura
Kamara pays an official visit to China
ECONOMIC RELEASES: 08:00EDT/21:00JST
India May CPI; 21:00EDT/10:00JST(6/14) Aus-
tralia Jun Consumer Inflation Expectation;
21:30EDT/10:30JST(6/14) Australia May NAB
Business Conditions; NAB Business Confidence;
21:30EDT/10:30JST(6/14) Australia Apr Credit
Card Purchases; Credit Card Balances
IN AFRICA
The Coalition for Reforms and Democracy,
Today’s Focus
FINANCIAL SERVICES: NDAQ releases vol-
ume #'s
INDUSTRIAL: 8:00AM: GWW releases sales #'s
for May monthly pre-recorded podcast,
www.grainger.com/investor; Association for
Manufacturing Technology / American
Machine Tool Distributors Association pub-
lishes U.S. machine tool consumption report to
subscribers #'s; Air Conditioning Heating and
Refrigeration Institute (AHRI) publishes Heat-
ing and Cooling Equipment Shipment Data for
April
RETAIL SALES: Kesko Oyj (KESBV.FI) releas-
es sales #'s
TECHNOLOGY: Nintendo (NTDOY/7974.JP)
releases Videogame sales #'s for May; Sunplus
Tech releases sales #'s
TELECOM: TCL Multimedia releases sales #'s
TRANSPORTATION: GWR reports May car-
loads; Aeroports de Paris releases traffic #'s
May; Cass Information Systems publishes
Cass Freight Index for May; Port of Los Ange-
les publishes container traffic #'s
SUPREME COURT
9:30AM: Orders & opinions session.
OBAMA ADMINISTRATION
6/13-6/14: Secretary of State John Kerry is In
Santo Domingo to participate in the General
Assembly of the Organization of American
States. Kerry will meet with Dominican President
Danilo Medina and engage in bilateral discus-
sions and consultations with regional counter-
parts on issues of shared interest
IN THE PACIFIC RIM
8:45PM: BABA Investor Day (Key Executive
Session), Hangzhou, China
IN EUROPE
8:00AM: QURE call to discuss the data from the
Five Patient, Low-dose Cohort from the 21st
Congress of the European Hematology Associa-
tion in Copenhagen. US: #646-254-3367; UK: 44
(0) 20 3427 1912.
Bioinvent International AB (BINV.SE/BINV)
Capital Markets Day, Stockholm.
IN CANADA
11:00AM: Gran Tierra Energy Inc.
(GTE/GTE.CA) Capital Markets Day, Toronto,
Ontario
12:00PM: Penn West Petroleum Ltd (PWT.CA)
announces $1.1 Billion In Asset Sales, Including
The Sale Of Its Saskatchewan Assets For $975
Million. #888-231-8191 or #647-427-7450.
IN THE US
8:30AM: ONCE call to discuss updated results
of the first cohort from the ongoing Phase 1/2
clinical trial of SPK-9001, the lead investigational
compound in the SPK-FIX program in collabora-
tion with PFE, which is being studied for the
treatment of hemophilia B; and an update on
preclinical data in itsSPK-FVIII program for the
treatment of hemophilia A. US: #855-851-4526;
Int'l: 720-634-2901, id=27643823
8:50AM: AJG Investor Meeting, Itasca, IL
11:00AM: JCI Analyst Day, Glendale, WI
12:00PM: AZUR call to update investors on the
company's recent move to the OTCQB, what it
means for investors and their plan for positioning
the company for the current environment and
future growth. RSVP:
https://level3.cwebcast.com/permalink/#/reg/y-
vZeE8NjHqzS8Mg9nmuGQ~~
4:00PM: AIMT call to discuss the results of the
tolerability data from the extended maintenance
period of the ongoing, open-label Phase 2 con-
tinuation trial of Aimmune’s lead investigational
product, from the European Academy of Allergy
and Clinical Immunology (EAACI) Congress
2016 in Vienna. US: #877-497-1438; Int'l: #262-
558-6296, id=27715872
4:00PM: CDNA call to provide initial results from
the company’s DART study. US: #855-420-0616;
Int'l: #678-304-6848, id=27585467
5:00PM: LPI Investor Meeting, Midland, TX (2
days)
7:15PM: NVO Investor and Analyst event the
American Diabetes Association 2016, New
Orleans
OTHER
M&A: PLCM / MITL German FCO due; TYC /
JCI EU due; OPWR / ORCL offer expires;
MDVN / SNY Hart Scott Rodino
Company Events
Washington Events
Kenya’s main opposition party, plans to defy
a government ban on demonstrations and
hold fresh protests to demand the resigna-
tion of senior election officials.
MONETARY POLICY MEETING: 6:00PM: Cen-
tral Bank of Uganda Monetary Policy Meeting
IN CANADA
3:00PM: Canada's Finance Minister Bill
Morneau meets with the press in Montreal.
IN CENTRAL AND SOUTH AMERICA
ECONOMIC RELEASES: TBD Brazil May Tax
Collections (Expected release 6/13-6/20); TBD
Brazil May Total Formal Job Creation (Expected
release 6/13-6/17)
MACRO CONFERENCES
6/13-6/15: 6th European Financial Congress,
Sopot, Poland.
10:40AM: Development of the Financial Sector
and its Impact on the Economy. Keynote:
National Bank of Poland Governor Marek Belka.
Panel: Banco de Portugal Governor Carlos da
Silva Costa, European Banking Authority Chair
Andrea Enria, Sveriges Riksbank Chair Stefan
Ingves, Chair of the Single Resolution Board
Elke Konig, Oesterreichische Nationalbank Gov-
ernor Ewald Nowotny, Danmarks Nationalbank
Chair Lars Rodhe.
6/13-6/14: Fortune Most Powerful Women
International, London.
10:45AM: Saudi Arabia’a Game Changer.
Speaker: Olayan Financing Company CEO Lub-
na Olayan.
11:05AM: Revolutionary Thinking. Speaker:
GOOGL EMEA VP of Marketing Yonca Brunini.
11:20AM: The Most Difficult Job in Media.
Speaker: BBC Trust Chair Rona Fairhead.
6/13-6/16: International Economic Forum of
the Americas Conference of Montreal, Cana-
da.
8:30AM: Opening of the 22nd Edition. Speaker:
Canada Minister of Foreign Affairs Stephane
Dion.
9:00AM: Shaping a New Era of Prosperity.
Speakers: IMF Deputy Managing Director Min
Zhu, Mexico Finance Secretary Luis Videgaray
Caso, EC Commissioner of Economic and
Financial Affairs Pierre Moscovici, North Island
Chair Glenn Hutchins.
10:00AM: Press Conference to Launch the
OECD’s Economic Survey of Canada 2016.
SpeakerS: OECD Secretary General Angel Gur-
ria.
10:30AM: 1) What Impact Will FinTech Have on
Financial Regulation? Speakers: TRI, Banco
Santander, Meridex, Banca Nationala a
Romaniei. 2) FinTech: Unlocking New Opportu-
nities for Small Business Finance. Speakers:
ScotiaBank, ONDK CEO Noah Breslow, Citi
Ventures. 3) Low Rates of Return: Changing
Pension Plans. Speakers: Bennett Jones,
BlackRock Solutions, De Nederlandsche Bank,
Desjardins Group.
12:00PM: Investing for Posterity. Speakers:
HON CEO David Cote, BNP Paribas Group
Chair Jean Lemierre.
3:00PM: Plenary: Towards a New Geopolitical
Order. Speakers: Amnesty International, offi-
cials from Costa Rica, the WTO.
4:30PM: 1) Facing Disruption: Managing Innova-
tion. Speakers: HON CEO David Cote, BNP
Paribas Group Chair Jean Lemierre, Groupe
Dassault Deputy CEO Theirry Dassault. 2) An
Overview of Quebec’s International Action.
Speakers: delegates from various nations.
WEEKLY
AGRICULTURE: 4:00PM: USDA releases crop
progress report.
ENERGY: 5:00PM: E.I.A. releases Gasoline and
Diesel Fuel Update.
FINANCE: 3:30PM: CFTC releases its weekly
report on futures and options positions
HEALTHCARE: IMS Health publishes prescrip-
tion #'s,
RETAIL: NPD Foodworld publishes restaurant
sales #'s.
MONTHLY
AIRLINES: Tigerair Taiwan (JV between Tai-
wan's China Airlines and Singapore's Tiger
Airway) releases traffic #'s
AUTOMOTIVE: F releases European sales #'s;
BMW AG (BMW.DE) releases May Global sales
Deliveries; ACT Research releases State of the
Industry: N.A. OEM Classes 5-8 Build & Retail
Sales report; North American Classes 5-8 Vehi-
cles; Country Report, Classes 5-8 Vehicles; N.A.
Classes 5-7 Bus Market; ACT Research releas-
es final U.S. Trailers, N.A. Classes 5-8 Vehicles
(Truck) for May
ENERGY: 7:30AM: OPEC releases its monthly
oil market report for May Vienna
Indices Releases Expected
Events Desk
(212) 884-8096

3. MONDAY 6-13-2016
p. 3 of 5
6/13-6/15: Calpers Board Meeting, Sacramen-
to, CA. Board of Administration (Closed Session
Only); Investment Committee; Risk & Audit Com-
mittee
9:00AM: Fearless: A Roadmap for the Next
Chapter: Women’s Leadership Breakfast -
"Highlighting Women Leaders, Open to All"
at the Executives' Club of Chicago . Pan-
elists: Roxanne J. Decyk, Retired Executive
Committee Member and EVP, Global Govern-
ment Relations, Royal Dutch Shell Plc, Janice
L. Fields, Former President, McDonald's USA,
Christie Hefner, Former Chairman and CEO,
Playboy Enterprises, Linda S. Wolf, Retired
Chairman and CEO, Leo Burnett Worldwide
ANNUAL MEETINGS:
1:00PM: HBAN, Columbus, OH (Re merger with
FMER)
2:00PM: FMER, Akron, OH (Re merger with
HBAN)
OTHERS: ARII, ARNA, BKD, CEB, CRCM,
CRMD, EQS, FONR, GDEN, HRTG, HTH,
IDRA, IFON, NETE, PBYI, PW, RPBIF, RPD,
RXDX, STMP
DEALS
Week of 6/13:
Viveve Medical (VIVE) (IPO) Ladenburg Thal-
mann/ Craig-Hallum Capital Group
NEW YORK EVENTS
Management Lunches:
HSC, Jefferies.
1on1s:
EnGeneIC, Trout.
EVDY, Leerink.
GSM, Jefferies.
Fosun International Ltd., UBS.
HTGC, JMP.
Massimo Zanetti Beverage Group SpA, JPM.
Mitsubishi Corp, JPM.
PENN, JPM.
SIR, JMP.
SSAB AB, Jefferies.
STLD, CS.
Telkom SA, JPM.
ZEUS, Jefferies.
Management Dinners:
CMC, SSAB, TMST, ZEUS, WOR (Steel out-
look), Jefferies.
BOSTON EVENTS
1 on 1s:
ACOR, RBC.
AMMB Holdings Bhd, Jefferies.
D&L Industries Inc, Jefferies.
Mitsubishi Corp, JPM.
SHOO, CL King.
OTHER US EVENTS
1 on 1s:
Aegon, Kepler, MidAtlantic.
ALK, CS, San Francisco.
CFMS, Sterne, San Francisco.
CTSH, Oppenheimer, Midwest.
ERI, Imperial, San Diego.
ESES, SGS, San Francisco.
IDTI, Wedbush, San Francisco.
GLN, Jefferies, Chicago.
NCLH, JPM, San Francisco.
Norsk Hydro, JPM, Atlanta.
PNW, RBC, San Francisco.
Sabanci, JPM, Chicago.
SCNR, CS, Houston/Dallas.
SPN, RBC, Milwaukee.
Veresen, RBC, Minneapolis/Denver.
WEN, CL King, Los Angeles.
ZION, RBC, San Francisco.
INTERNATIONAL EVENTS
1 on 1s:
AMAT, Pacific Crest, Europe.
ARRS, Jefferies, Amsterdam/Copenhagen.
Axpo Holding AG, UBS, Zurich.
Benchmark Holdings plc, Berenberg, Copen-
hagen.
CCJ, RBC, Montreal.
CTS Eventim & Co KGaA, Berenberg, Copen-
hagen.
DKSH, UBS, Stockholm.
Dollarama, RBC, Toronto.
ERG, Kepler, Zurich.
Intesa Sanpaolo, Kepler, Frankfurt.
INTU, UBS, Copenhagen/Stockholm.
MCO, UBS, Frankfurt.
MGLN, Jefferies, Chicago.
NOF Corp, UBS, Tokyo.
NUVA, Jefferies, London.
On the Beach, Berenberg, Benelux.
Premier Farnell PLC, Jefferies, London.
PTCT, Berenberg, London.
SIG, UBS, London.
V, UBS, Paris.
Broker Events
FIELD TRIPS
IMAX (facility tour & viewing of new laser
system projector), MKM, Playa Vista, CA.
BROKER SPONSORED CALLS
8:00AM: Weekly Macro Call: Credit Suisse
hosts call with analysts. #877-317-6434,
id=56692011
11:00AM: PKI: JP Morgan hosts call with CEO
Rob Friel. #888-677-5380 (US); +1- 773-799-
3356 (Outside US); Passcode: lifescience.
11:00AM: Weekly Industrials Call: Barclays
hosts call with analysts. Contact salesperson for
dial-in.
3:00PM: BAX: JP Morgan hosts call with CEO
Joe Almeida. #800-857-0359 (US); +1- 517-623-
4977 (Outside US); Passcode: medtech.
BROKER
6/13: Daiwa Securities/Korea Exchange Glob-
al Investors Conference, Hong Kong.
1-1s with: Kakao Corp, SK Materials, POSCO,
Nutribiotech, Wemade, Prostemics, TES,
BCWorld Pharm, Access Bio, Hankook Tech,
ISE Commerce, SNU Precision, NVH Korea, Mr.
Blue, TPC Mechatronics.
6/13-6/14: HSBC Asia Investor Forum, Lon-
don.
Meetings with: 000030.KS, 000810.KS,
032830.KS, 1216.TW, 148.HK, 1813.HK,
2385.TW, 2395.TW, 2777.HK, 3044.TW,
3336.HK, 3383.HK, 3918.HK, 6269.TW, 817.HK,
AKRA.JK, DPM.VN, Hartland Shipping Services
Ltd, HSBA.L, YESBANK.NSE, YRD.
6/13: Keefe Bruyette & Woods 5th Annual US
Regional Bank Leaders Conference, London.
BROKER FIELD TRIPS
6/13-6/14: Oppenheimer Annual Semiconduc-
tor Bus Tour, Silicon Valley.
Meetings with: MXIM, NVDA, INVN, MPWR,
SYNA, CY.
6/13-6/14: RBC Capital Software Bus Tour,
Boston. Meetings with: NTCT, FLTX, PTC,
MIME, AKAM, RPD, HUBS.
6/13-6/17: RBC Capital Utilities Investor Trip,
Paris/Zurich/Rome/Madrid/London. Meetings
with: DG FP, GET FP, ADP FP, FHZN SW,
TRN, SRG, ATL IM, ENG SM, FER SM, IBR,
AENA, EDPR PL, REE SM, NG/ LN, SVT LN,
PNN LN.
6/12-6/16: Wedbush Morgan Events at E3
Expo, Los Angeles.
9:00AM: SNE.
12:30PM: MSFT.
3:00PM: GME.
4:00PM: Ubisoft.
5:30PM: ZNGA.
MEDICAL / PHARMA / HEALTHCARE
6/11-6/15: American Transplant Congress,
Boston.
6/11-6/15: European Academy of Allergy &
Clinical Immunology Annual Meeting, Vienna.
TECHNOLOGY / TELECOM / MEDIA
6/13-6/14: Bloomberg Technology Confer-
ence, San Francisco.
10:00PM: New Endeavors in Space. Speaker:
DST Global Founder Yuri Milner.
11:00PM: Reinventing Twitter. Speaker: TWTR
Executive Chairman Omid Kordestani.
6/13-6/15: Confab Conference & Networking
Events, Las Vegas. Speakers: Globalfoundries,
Silicon Catalyst, imec, Siemens, Samsung SSI,
GE Digital.
6/12-6/16: E3 Expo 2016, Los Angeles.
12:30PM: MSFT Xbox (suspected released of
new Xbox One hardware).
2:30PM: PC Gaming Show: Bohemia Interactive,
Relic and Ark: Survival Evolved’s Studio Wild-
card.
4:00PM: Ubisoft (Watch Dogs 2, For Honor and
Ghost Recon Wildlands).
6/12-6/14: Worldwide Business Research
MobileConnect Conference, San Diego.
Speakers: Sam’s Club, Zappos, Harry & David,
Stubhub.
USER GROUP MEETINGS
6/13-6/17: AAPL Worldwide Developer Con-
ference, San Francisco.
4:00PM: Opening Keynote. Speaker: AAPL
CEO Tim Cook.
8:00PM: Platforms State of the Union.
6/13-6/16: SAP Ariba Live Conference,
Madrid. Preconference sessions.
FINANCIAL
Conferences
6/12-6/15: American Bankers Association
National Regulatory & Compliance Confer-
ence, San Diego. Speakers: USB, Old National
Bancorp, Union Bank & Trust.
6/13-6/15: Morningstar 28th Annual Invest-
ment Conference, Chicago.
4:00PM: Opening Keynote. Speaker: Franklin
Templeton Investments Cio Michael Hasenstab.
5:10PM: General Session – Expert Forum: Prac-
tical Advice for an Evolving World. Speakers:
Efficient Frontier, ThirtyNorth Investments.
6/13-6/17: Reuters Global Wealth Manage-
ment Summit 2016,
NYC/Geneva/London/Hong Kong. Wealth
management executives from firms across North
America, Europe and Asia will discuss various
themes and more, including hiring fintech/cyber,
M&A, regulatory/enforcement, Chinese money
flows, politics and investors and investment
trends.
ENERGY / CLIMATE
6/13-6/14: E2 Energy Efficiency for Industry
Conference, Brussels. Speakers: EnergyPro,
DB, Joule.
METALS / MINING / MINERALS
6/13-6/15: AmericanMetalMarket Steel Suc-
cess Strategies XXXI, Sheraton, NYC. Speak-
ers: Tenova, Midrex Tech, Air Liquide, ABB.
6/13-6/14: London Metal Exchange/Hong
Kong Exchange Annual Asia Seminar 2016,
Hong Kong.
9:10PM: Opening Remarks. Speaker: Hong
Kong Financial Secretary John C Tsang.
9:20PM: Keynote: Charting a New Course for
the Development of Commodities Markets in
Hong Kong. Speaker: HKEX CEO Charles Li.
9:40PM: Keynote: Price Formation and Price
Taking in a Global Framework. Speaker: LME
CEO Garry Jones.
10:20PM: Reinforce the Commodities Market to
Better Support the Real Economy. Speakers:
Xinhui Futures, Xi'an Maike Metal International
Group, Hundsun Tech, Oriental Patron Financial
Group.
11:30PM: Precious Metals: East and West Trad-
ing. Speakers: Standard Chartered Bank, Suc-
den Financial, World Gold Council, Shanghai
Gold Exchange.
CONSUMER / RETAIL / GAMING
6/13: Beverage Digest Market Smarts Confer-
ence, Eventi Hotel, NYC.
9:00AM: Heartbeat of the industry. Speakers:
from Beverage Digest.
9:15AM: PepsiCo Global Foodservice Keynote.
Speaker: PEP President Anne Fink.
9:45AM: E-Commerce panel. Speakers: Nestle
Waters North America, MyWebGrocer.
11:15AM: Wall Street panel. Speakers: WFC,
GS, RBC.
12:15PM: Dr, Pepper Snapple - Mexico. Speak-
er: DPS GM Gilberto Maldonado.
2:00PM: Health & Wellness. Speaker: Alliance
for a Healthier Generation.
3:30PM: New Media panel. Speakers: Business
Insider, Bloomberg.
4:30PM: KO.
ANALYST MEETINGS: BABA (China), Casca-
dian Therapeutics formerly ONTY
(Oncothyreon Inc., EARS, Fonciere des
Regions SA (FDR.FR) (France), Gazprom
OAO (GAZP.RU) (Russia), iA Financial Group,
Industrial Alliance Insurance and Financial
Services Inc (IAG.CA) (Toronto), LPI (day 2 of
2), Onex (OCX.CA) (Toronto), VRSK
COMPANY CALLS: MSCI (Press Call to Dis-
cuss its Annual Market Classification Results -
First Call)
ANNUAL MEETINGS: AAT, ACIW, AGEN,
AMG, ANGI, ATHN, BBY, BONT, BSQR, CALA,
CBYL, COWN, CWBR, DRNA, ENTL, ESGR,
EVH, EXA, FBRC, FEYE, FUEL, FXCB/UVSP
(Re Merger), GMED, GST, HEAR, HCAP,
HCHC, HQH, HQL, IDSY, IRL, ITCI, JAGX,
JASO, KKD, LPCN, LYV, KTWO, MACK, MET,
MNST, OCRX, OFIX, PCRX, PCTI, PEB, PLPM,
QADA/QADB, QBAK, SAVE, SGMO, SNNY,
SPLS, SRT, STRZA/STRZB, TAL, TGTX, THQ,
THW, TM, VIRT, VRX, WHLR, WK, XPL
KEY INDUSTRY RELEASES: 2:00AM: MAN
releases employment outlook survey for Q3;
4:00AM: I.E.A. releases May Oil Market Report,
Paris; 8:45AM: SCHW reports monthly activity
highlights; 4:30PM: A.P.I. Crude
Oil/Gasoline/Distillate Inventories;
Washington, DC Democratic presidential pri-
mary.
World Health Organization Emergency Com-
mittee Meeting. Zika Virus on the agenda.
Tuesday’s Key Events
Events Desk
(212) 884-8096

4. Events Desk
(212) 884-8096
MONDAY 6-13-2016
p. 4 of 5
ECONOMICS
MONETARY POLICY MEETINGS: 9:00AM:
FOMC begins a two-day Meeting. 6/15:
2:00PM: Rate Announcement; 2:30PM: Fed
Chair Yellen Press Conference
US: 6:00AM: NFIB Small Business Optimism
(May); 8:30AM: Import / Export Price Index
(May); 8:30AM: Advance Retail Sales; Retail
Sales Ex-Auto; Retail Sales Ex-Auto & Gas;
Retail Sales Control Group (May); 8:30AM:
GDP by State (Q4 and annual 2015); 8:55AM:
Johnson Redbook Retail Sales Reports (w/e
6/10); 10:00AM: Business Inventories (April);
10:00AM: Manufacturing and Trade Inventories
and Sales (April-Revised)
AUCTION: 11:30AM: Treasury hosts a 4-Week
Bill Auction
EUROPE: 02:00EDT/06:00GMT Finland May
CPI; 02:30EDT/06:30GMT Hungary Apr Month-
ly Current Account; 03:00EDT/07:00GMT Spain
May Final CPI; Core CPI; CPI EU Harmonized;
03:15EDT/07:15GMT Swiss May Producer &
Import Prices; 03:30EDT/07:30GMT Sweden
May CPI; CPI CPIF; CPI Level;
04:00EDT/08:00GMT Italy May Final CPI EU
Harmonized; CPI FOI Index Ex-Tobacco;
04:30EDT/08:30GMT UK May CPI; Core CPI;
04:30EDT/08:30GMT UK May Retail Price
Index; RPI; RPI Ex-Mortgage Interest Payments;
04:30EDT/08:30GMT UK May PPI Input; PPI
Output; Core PPI Output; 04:30EDT/08:30GMT
UK Apr ONS House Price; 05:00EDT/09:00GMT
EU Apr Industrial Production;
05:00EDT/09:00GMT EU Q1 Employment;
08:00EDT/12:00GMT Poland May M3 Money
Supply; 08:00EDT/12:00GMT Poland May Core
CPI; 08:00EDT/12:00GMT Iceland May Unem-
ployment Rate; 12:00EDT/16:00GMT Iceland
May International Reserves
FIXED INCOME: 05:00EDT/09:00GMT EU Daily
Euribor Fixing; 05:15EDT/09:15GMT Switzer-
land to sell 3-month Bills; 05:30EDT/09:30GMT
Belgium to sell 3-Month and 12-Month Bills;
05:30EDT/09:30GMT Finland to sell €1.0B in
0.5% 2026 Bonds; 07:00EDT/11:00GMT Russia
announces upcoming OFZ bond auction (held on
Wed)
PACIFIC RIM: 00:30EDT/13:30JST Japan Apr
Final Industrial Production; Capacity Utilization;
02:30EDT/15:30JST India May Wholesale
Prices; 04:30EDT/17:30JST Hong Kong Q1
Industrial Production; 04:30EDT/17:30JST
Hong Kong Q1 PPI; 17:00EDT/06:00JST(6/15)
South Korea May Import Price Index; Export
Price Index; 18:45EDT/07:45JST(6/15) New
Zealand Q1 BoP Current Account Balance; Cur-
rent Account GDP Ratio YTD;
19:00EDT/08:00JST(6/15) South Korea May
Unemployment Rate; 20:30EDT/09:30JST(6/15)
Australia Jun Westpac Consumer Confidence
Index; 23:00EDT/12:00JST(6/15) New Zealand
May Non-Resident Bond Holdings; TBD Indone-
sia May Trade Balance; Exports; Imports (6/14-
6/15); TBD Sri Lanka Q1 GDP (Expected
release 6/14-6/30); TBD Philippines Apr Over-
seas Remittances; Overseas Workers Remit-
tances (6/14-6/15); TBD Philippines Apr Budget
Balance PHP (Expected release 6/14-6/17)
CENTRAL AND SOUTH AMERICA:
08:00EDT/12:00GMT Brazil Apr Retail Sales;
Broad Retail Sales; TBD Brazil Jun CNI Industri-
al Confidence
IN CONGRESS
HEARINGS:
SEC: 10:00AM: Senate Banking Committee
oversight hearing on the SEC.
ENERGY: 10:00AM: Senate Energy & Natural
Resources Committee hearing on oil and gas
pipeline infrastructure and the economic, safety,
environmental, permitting, construction, and
maintenance considerations associated with that
infrastructure.
TAXES: 10:00AM: Senate Finance Committee
hearing to examine energy tax policy in 2016
and beyond.
FINANCE: 10:00AM: House Agriculture Sub-
committee on Commodity Exchanges to
review the impact of G-20 clearing and trade
execution requirements.
EPA: 3:00PM: Senate Environment & Public
Works Subcommittee on Superfund oversight
hearing on the Environmental Protection Agen-
cy's progress in implementing Inspector General
and Government Accountability Office recom-
mendations.
SUPERBUGS: 10:00AM: House Energy &
Commerce Subcommittee on Oversight hear-
ing on Combatting Superbugs: U.S. Public
Health Responses to Antibiotic Resistance.
RUSSIA: 10:00AM: House Foreign Affairs
Committee hearing on US Policy Toward Putin’s
Russia.
FCC: 10:15AM: House Energy & Commerce
Subcommittee on Communications hearing
on FCC Overreach: Examining the Proposed Pri-
vacy Rules.
CONFERENCES
Citi Industrials Conference, Boston; Deutsche
Bank Global Consumer Conference, Paris;
Morgan Stanley Financials Conference, NYC;
Piper Jaffray 36th Annual Consumer Confer-
ence, NYC; William Blair Annual Growth
Stock Conference, Chicago
BARRON’S: Cover story: Barron’s 2016 Midyear
Roundtable offers investment advice from Scott
Black (DHI, WHR), Abby Joseph Cohen (Toto,
SEE, NKE, SYK), Mario Gabelli (SNE, MIICF,
SSP, CST, EPC, HRS, TXT), Jeffrey Gundlach
(10-Year Treasury, GDX), William Priest (AGN,
FIS, GOOGL), Brian Rogers (HRS), Oscar
Schafer (COMM, ANIP, NOMD), Meryl Witmer
(WYN), and Felix Zulauf (short U.S. dollar, long
Argentine peso); Tech Trader: The expanding
constellation of Internet of Things devices has
led to complexity that doesn’t benefit consumers;
it may be time for AAPL, GOOGL, and other
players to cooperate on the creation of a set of
industry standards that work for everybody;
Trader: U.S. stocks’ inability to break through
previous highs isn’t worrisome short-term, says
Michael Shaoul of Marketfield Asset Manage-
ment, but if the market isn’t able to get through,
it will become an issue; Fed futures continue to
forecast the Fed’s rate action, or lack thereof,
accurately, but they will get it wrong someday;
Barron’s admits it should have paid closer atten-
tion when DWRE chief Thomas Ebling, who had
mainly been selling company shares, estab-
lished a 10b5-1 plan to acquire them on the
open market before the CRM deal; + FFIV: Even
without an acquisition, shares of the company
should continue to be rewarding; Profile: Ralph
Bassett, co-manager of Aberdeen U.S. Small
Cap Equity, says speaking with management is
a crucial part of his stock-picking efforts; Fea-
tures: 1) + WSM: Retailer’s shares have fallen
with the sector, but it has differentiated itself with
a strong Internet operation, and can compete
with AMZN because it controls its inventory,
which is exclusive to its brand; 2) + MCK:
Though bears say the drug wholesale is in secu-
lar decline, it has strong cash flow, significant
bargaining power, new clients, and a strong
position in specialty-drug wholesaling; shares
could have 15% upside during the next year; 3)
+ LYB: A selloff creates a buying opportunity for
bargain hunters, who could see the chemical
maker’s shares rebound and return more than
20%; 4) Baruch Lev and Feng Gu say account-
ing hasn’t kept pace with the growth of compa-
nies with intangible assets like research, which
differ from tangible assets like property, and they
call for changes to GAAP; Follow-Up: Dell will
likely go public again, at which point it will be
clear how lucrative Michael Dell’s leveraged buy-
out of the company was; the company’s financial
performance since the deal supports the idea
that Dell and Silver Lake “stole the company”; +
HLF: Despite a few recent hurdles after its move
to separate its properties into a REIT and spin
off its time-share business, momentum is now in
the company's’ favor; European Trader: Follow-
ing the European Central Bank’s move into
Europe’s corporate credit markets, pushing
returns even lower, there are still strategies
investors can use to gain, especially in high-yield
debt; Asian Trader: Five picks from Hong Kong-
based brokerage firm CLSA (+ Macquarie
Group, AIA Group, Samsung Electronics,
Seven & i Holdings, and Tencent Holdings);
Emerging Markets: Peru’s next president, mostly
likely former World Bank economist Pedro Pablo
Kuczynski, will inherit the emerging world’s
hottest 2016 stock market; Commodities: “La
Nina is likely to result in increased production of
cocoa—the key ingredient in chocolate, across
the globe—putting pressure on prices that have
run up on an anticipated deficit this season”;
Streetwise: + POT: Most investors don’t consider
fertilizer producer a quality company, but large
potash producers are more disciplined than the
market gives them credit for, and margins could
recover.
WSJ (Weekend): The Pentagon is investigating
an incident in which a Syrian rebel unit trained
by the U.S. was hit by friendly fire, raising ques-
tions about the Pentagon’s training of local
forces to battle the Islamic State, p. A1; +/- VIA:
Story reports that Sumner Redstone’s daughter
Shari, who was once estranged from the media
mogul, has become a regular presence at his
side amid a growing power struggle for his
empire, p. A1; “Central banks are having a diffi-
cult time in their efforts to stimulate slumping
economies, even as interest rates plunge to
fresh lows,” p. A1; The AFL-CIO, the largest
Weekend Rags
union in the U.S., is set to endorse Hillary Clin-
ton for president this week, giving her a boost
from a major Democratic constituency, p. A4;
Following a judge’s decision to let stand a
$140M settlement against Gawker Media relat-
ed to its legal battle with Hulk Hogan, the media
company filed for bankruptcy protection and will
put itself up for sale, p. B1; +/- UA: The compa-
ny’s latest signature shoe for Golden State War-
riors star Stephen Curry will soon be released,
but early appraisals of it on the Internet have
been dismal, p. B1; “Financial technology has
created an improbable scenario under which cor-
porate managers could use concentrated stock
ownership to put their investors in the dark,” p.
B1; Theodore Dimon, father of JPM chief execu-
tive Jamie Dimon, died on June 5 at 85 after a
battle with cancer, p. B2; + AAL, Frontier Air-
lines, JBLU, Silver Airways, LUV, Sun Coun-
try Airlines: The Transportation Department
gave the U.S. carriers route rights to Cuba,
capped at 20 trips a day, though further details
won’t be announced until this summer, p. B3; +
GM: Automaker will expand its engineering and
software development staff in Ontario, a tech
hub that is beginning to rival Silicon Valley for its
ability to attract talent, p. B3; + BA: Leanne
Caret, president of the company’s Defense,
Space & Security division, wants to focus on
repairs and upgrades to existing jets and convert
commercial planes for military use, p. B3; +
SNE: To announce plans for a more powerful
version of its popular PlayStation 4 videogame
console, though the product won’t be featured at
the upcoming E3 videogame trade show, p. B4;
Weekend Investor: Despite a law passed by
Congress that would revoke the passports of
U.S. citizens who are seriously delinquent on
taxes, no cases have been enforced; A look at
three options for families who need to borrow
more money for college than is available through
traditional student loans, p. B7; H.O.T.S.: Recent
safety issues are a sign TSLA isn’t immune from
the pitfalls of the auto business; A maturing
iPhone business means AAPL’s operations may
grow more complex as it branches out into new
areas; The real risk in China for European luxury
brands may be changing tastes, not faltering
growth, p. B10.
NY TIMES (Saturday): Hillary Clinton’s cam-
paign sees President Obama as a major
resource, a sitting, popular president who can be
deployed to battleground states to muster sup-
port, p. A1; The number of vigilantes targeting
migrants has grown in countries such as Slova-
kia and Hungary, where anti-immigration forces
portray asylum seekers as a menace in a bid to
boost their xeonphobic agendas, p. A1; - INSY:
Two former sales representatives were arrested
for paying bribes to doctors to participate in what
prosecutors claim were “sham” educational pro-
grams in exchange for prescribing fentanyl, p.
B1; A growing body of evidence suggests that
Volkswagen was not the only automaker to flout
pollution standards in its cars, with GM and
Daimler said to be other culprits, p. B1; (Sun-
day): Donald Trump’s claims about the success
of his Atlantic City casinos have been debunked
by regulatory reviews, court records, and securi-
ty filings that show he bankrupted them but still
earned millions, p. 1; Young people in the U.K.
tend to favor staying in the European Union, but
as group they are less likely to vote than older
citizens, creating a challenge for anti-Brexit orga-
nizations, p. 1; In China, a plan to expand higher
education to students from impoverished regions
at the expense of the urban middle class has led
to an intense backlash, p. 1; Some Silicon Valley
cities that have seen their middle class residents
squeezed by high housing costs because of the
tech boom are considering imposing rent control
laws, p. 1; Sunday Business: Lead story says
that in Brazil, the popularity of TV serials known
as telenovelas “have so tight a grip on viewers
that even the Olympics on home turf take a back
seat in prime time,” p. 1; A clique of Chinese
hackers known as the Codoso group has
breached banks, law firms, and tech companies,
prompting the rise of security companies such as
Area 1 that help repel their attacks, p. 1;
Gretchen Morgenson says the demise of for-
profit educational giant ESI could have dire con-
sequences for its present and former students,
p. 1.
FT (Weekend): Front page story reports that
Germans are calling on the U.K. to remain in the
European Union, saying Britain is revered for its
human rights, freedom movements, and culture,
all of which benefit the EU, p. 1; German finance
minister Wolfgang Schauble said Europe must
not respond to a possible Brexit by pushing for
deeper EU integration, p. 6; Analysis piece looks
at how British retailer BHS collapsed after it was
sold by Sir Philip Green to a consortium led by
unknown businessman Dominic Chappell, p. 7; +
C: Guy Hands of Terra Firma dropped his law-
suit against the bank over the acquisition of fail-
ing music business EMI, leaving him with a huge
legal bill, p. 10; Lex Column: Det Norske’s move

5. MONDAY 6-13-2016
p. 5 of 5
to buy BP’s Norwegian operations will make the
new entity stronger; Mid-size brewers in the U.K.
face intense competition from giants such as
SABMiller and Heineken; Air New Zealand
could create more alliances and share more
codes, but would have been better to boost its
efforts in China by working with Virgin, p. 18;
Comment: Timothy Garten Ash says a Brexit
would be a disaster for Europe, as it would com-
pound all the bloc’s other crises, p. 9.
NY POST (Saturday): Two New York state
assemblyman want to end the last of the state’s
so-called Blue Laws, and allow alcohol to be
sold on Sundays starting at 8:00 a.m., p. 3;
Invus Group chief Raymond Debanne has
invested in WTW, which encourages people to
lose weight, and Ashley Stewart, which makes
plus-sizes clothes, p. 23; The SEC has charged
a Connecticut man, Thomas Connerton, with
using online dating sites to lure women into
investing in a revolutionary surgical glove that
never existed, p. 24; +/- TIME: Chief content offi-
cer Norman Pearlstine is said to be stepping
down, with Fortune editor Alan Murray and Time
deputy editor Michael Duffy likely candidates to
replace him, p. 25; (Sunday): An annual report
from BAC found that 72% of New York City’s
small business owners worry about healthcare
costs, and only 22% plan to hire this year, a sign
they aren’t feeling the economic recovery, p. 57;
Career outplacement firm Challenger, Gray &
Christmas says teenagers are increasingly
shunning summer jobs, with the number of them
seeking work down 14% from last year, p. 58;
Bats chief executive Chris Concannon says
companies’ refusal to split expensive stocks
have led to a slowdown in trading, p. 59; With
YHOO’s core business up for sale, oil traders
who have long used its legacy messaging ser-
vice to run their businesses are worried about
possible changes that would come under a new
owner, p. 60.
NYT: A gunman named Omar Mateen opened
fire with an automatic weapon early Sunday
morning at an Orlando nightclub, killing 50 peo-
ple and leaving 53 people wounded in what
amounts to the worst mass shooting in U.S. his-
tory; Mateen was said to have praised ISIS and
had been on the FBI’s radar prior to the shoot-
ing, p. A1; DealBook: Large investors such as
MET, AIG, and the New York City pension plan
have begun to withdraw their money from hedge
funds, prompting some funds negotiate better
terms, including lower fees, in a bid to stem
defections, p. B1; The cable industry is making a
major lobbying push to counter what companies
see as a growing number of onerous FCC regu-
lations, p. B1.
WSJ: Donald Trump and Hillary Clinton took
“sharply different approaches” in their state-
ments about the Orlando shootings,” with Trump
saying jihadists increasingly threaten the U.S. at
home, while Clinton called for stronger efforts
with allies to counter terrorism, p. A1; “While Fed
officials debate when to next raise short-term
interest rates, they are also wrestling with the
question of how high to lift them in coming
years,” p. A2; Ohio is among several states
increasing their efforts to control potentially toxic
algae blooms that are fouling water supplies and
making swimming dangerous in lakes, ponds,
and reservoirs, p. A3; Senior officials at the Inter-
national Monetary Fund warned that the problem
of soaring corporate debt in China is getting
worse, and it must be dealt with to avoid sys-
temic risk, p. A10; Iran on Sunday replaced
Rokneddin Javadi, the head of its state oil com-
pany, with Ali Kardor, following a dispute about
how to handle the return of foreign investment to
the country, p. A12; In Detroit, automakers are
waging a battle with startups to hire skilled engi-
neers to work on electric and autonomous-dri-
ving vehicles, p. B1; Lead finance story reports
that “Government bond yields still have a clear
path downward, traders and portfolio managers
say, even after record-shattering declines,” p.
C1; Vishal Garg, founder of Better Mortgage,
has raised equity from an investor group led by
GS and hopes to learn from the mistakes he
made when he co-founded MyRichUncle more
than a decade ago, p. C1; “International regula-
tors want to limit banks’ leeway in assessing the
riskiness of their assets, a step that critics say
could crimp lending, dent profiles, and worsen
risk rather than reduce it,” p. C1; The Consumer
Financial Protection Bureau will launch a major
ad campaign to promote its mission to the public
and counter criticism from conservative politi-
cians and the financial services industry, p. C1; +
Etihad Airways: Carrier is spending hundreds
of millions of dollars to bring Italian airline Ali-
talia back to its glory days by expanding routes,
redesigning plane interiors, and revamping the
in-flight menu, p. B1; + DIS: The opening of the
In the Rags
$5.5B Shanghai Disney resort will give the com-
pany a flagship in its most important non-U.S.
market and boost its foreign theme-park busi-
ness, a weak spot, p. B1; At the E3 trade show
opening tomorrow in Los Angeles, the
videogame industry’s attempt to do more to
embrace online-savvy gamers at live events will
be put to the test, p. B2; China is expected to
pass the U.S. as the world’s largest box-office
market next year, a trend exemplified by “War-
craft,” which had a weak opening in the U.S. but
grossed $156M in its first five days in China, p.
B4; Ahead of the Tape: “Stocks are entering a
traditional sweet spot in presidential-election
years, but this time might not be so favorable,” p.
C1; H.O.T.S.: There may be some negatives on
the stock market, but one positive is that profits
are set to grow again; At Zurich Insurance
Group, chief Mario Greco has begun a restruc-
turing, but the cost won’t be clear for some time;
The real flaw at online lenders is that they share
a worrying dependence on short-term wholesale
funding, p. C6; In opinion piece, Eric O’Keefe
and David Rivkin say that Donald Trump’s nomi-
nation isn’t inevitable, and that delegates won’t
be legally bound to vote for him at the conven-
tion, p. A15.
FT: A gunman who had been under investigation
by the FBI for terrorist leanings killed 50 people
in a nightclub in Orlando, Florida, the worst mass
shooting in modern U.S. history and the worst
terror attack on U.S. soil since 9/11; +/- C: Bank
filed a lawsuit against T for trademark infringe-
ment based on its use of a term Citibank used in
its credit card loyalty program; + Volkswagen: In
the wake of its emissions scandal, automaker is
set unveil a new strategy to implement far-reach-
ing changes that will involve cost-cutting and the
development of more electric cars, but not cor-
porate governance reform; “Investors may be
fleeing hedge funds in droves, but they are still
allocating money to tech-driven strategies,
despite more than a year of lackluster perfor-
mance”; London-based hedge fund Cumulus,
launched in 2006 by Peter Brewer, an expert in
weather derivatives, has made huge gains even
as the rest of the industry lags; Energy compa-
nies with low credit ratings sold more debt in
May and June than in the 11 previous months
combined as investors regain appetite for risky
corporate debt; Lex Column: Story asks if the
Dodd-Frank law should be replaced by a move
to offer banks the opportunity to maintain a 10
percent leverage ratio, after which they can
return as much capital as they like; Comment:
Edward Luce says there are strong parallels
between U.K. supporters of a Brexit and the peo-
ple who are backing Donald Trump.
IBD: New America: + TTC: Maker of lawnmow-
ers, snow blowers, and other outdoor equipment
is thriving with its concept of “servant leader-
ship,” which encourages rank-and-file employ-
ees to make decisions and solve problems;
Technology: + FB, AMZN, GOOGL: Tech giants
are acquiring companies at a rapid pace, much
like the conglomerates of 50 years ago, and
AAPL could soon join them; + AMZN: Company
will launch a standalone music streaming service
this year, entering into direct competition with
AAPL, Spotify, and GOOGL; + TSLA: Compa-
ny says a blogger who broke news about sus-
pension problems on the Model S car may have
been motivated by financial gain.
USA: May was a bleak month for car sales
around the world, an annual trend automakers
hope to reverse by altering product development
strategies, plant investments, and production
plans.
NY POST: The turmoil surrounding media mogul
Sumner Redstone and his efforts to control VIA
have been a boon for lawyers on all sides,
whose fees continue to mount.
PROJECT SYNDICATE: Greece and Japan
have unsustainable debt burdens, a situation
likely to befall other countries, says Adair Turn-
er—and “it’s time to recognize that many debts,
both public and private, simply cannot be
repaid.”
DIGITIMES: May revenues were up sequentially
at Chunghwa Picture Tubes and HannStar
Display, but declined for Epistar and Everlight;
Opto Tech will expand monthly capacity for
infrared LED receivers by 100M units; Condi-
tions for the memory-IC market are set to
improve in the second half.
WOMEN’S WEAR DAILY: RL is set to release a
collection of 10 fragrances positioned around the
travel experience.
WSJ.D: Pundits pressing AAPL to out-innovate
its competitors fail to realize that runs counter to
Online
its strengths, says columnist Christopher Mims;
Chinese regulators continue to crack down on
foreign content, posing a major challenge to
Western media companies.
TECHCRUNCH: Story reports on the role Silicon
Valley has played in the rise of cyberterrorism.
POLITICO: Democrats hope to win back the
Senate simply by standing aside as Donald
Trump self-destructs.
THE HILL: The Orlando shooting is likely to
influence defense spending, and will heat up the
presidential race between Donald Trump and
Hillary Clinton.
JIM CRAMER’S MAD MONEY: Interview: ETR
chief Leo Denault talked about the transition to a
pure-play energy company; Phononic chief
Tony Atti discussed the company’s appliances,
which use thermo-electric cooling; Positive:
AVY, MCRB, OXY; Negative: EGHT, CRC.
WEEKEND BOX OFFICE: 1) The Conjuring 2,
Warner Bros., $40.3M; 2) Warcraft, Universal,
$24.3M; 3) Now You See Me 2, Lionsgate,
$23M; 4) Teenage Mutant Ninja Turtles: Out of
the Shadows, Paramount, $14.8M; 5) X-Men
Apocalypse, Fox, $10M.
US Futures are Lower
Moscow Stock Exchange closed. European
equity indices are trading sharply lower once
again as investor remain risk-averse ahead of
key central bank meetings this week, and
with market participants awaiting the UKs
Brexit referendum adding to risk-off senti-
ment.
Asian Stocks sell off after deadly US mass
shooting, persisting Brexit fears, and soft
China data
Nikkei: -582.18; Hang Seng: -529.65; CSI 300:
-97.65; Taiwan: -179.26; Kospi: -38.57; FTSE: -
41.11; DAX: -124.19; CAC: -55.91; Gold:
+11.70; Silver: unch: Copper: +0.005; Oil: -
0.59; 10 Year Treasury Yield: 1.62%; US$:
Higher vs. Pound; Lower vs. Yen; Lower vs.
Euro; S&P Futures: -9.00; DOW Futures: -
70.00; NASDAQ Futures: -23.25
IN EUROPEAN OVERSEAS TRADING
(BY SECTOR)
- CONSUMER DISCRETIONARY: G4S GFS.UK
-5.9% (weakness attributed to recent Orlando
gunman suspect), GVC Holdings GVC.UK -
0.5% (New Jersey licence approval)
- INDUSTRIALS: Kuka KU2.DE -0.3% (Siemens
CEO: No intention to acquire company), Manz
M5Z.DE -14.7% (Announces preliminary order
stop in the Energy Storage segment with poten-
tial impact on the 2016 forecast)
- TELECOM: Inmarsat ISAT.UK +2.6% (Enters
into a key strategic partnership with Speedcast)
IN ASIAN OVERSEAS TRADING
(BY SECTOR)
- CONSUMER DISCRETIONARY: Hotel Shilla
Co 008770.KR +1.7% (rival under probe); BAIC
Motor Corp 1958.HK +2.4% (acquisition)
- FINANCIALS: Noble Group NOBL.SG -4.0%
(disposal of US business); Poly Property Group
Co 119.HK -1.0% (YTD result); China Vanke
Co 2202.HK -3.6% (said to resume trading in
early July); Industrial Securities Co 601377.CN
-2.2% (regulatory probe)
- INDUSTRIALS: Nippon Yusen 9101.JP -1.5%
(acquisition); Calsonic Kansei Corp.7248.JP
+5.2% (2nd round bidding); Daewoo Shipbuild-
ing & Marine 042660.KR -3.6% (may further cut
jobs)
- TECHNOLOGY: Sharp Corp 6753.JP -2.2%
(S&P may upgrade rating); TCL Communica-
tion Technology 2618.HK +28.2% (proposes of
privatization)
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PLEASE SEE THE MORNING REPORT ON
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