S&P Consumer Discretionary Index trading higher and modestly outperforming the broader market The consumer discretionary group is outperforming the broader market in early trade. The retail group is also in the green with the Retail HOLDRS Trust (RTH) 0.5% and the SPDR S&P Retail ETF (XRT) 0.6%. Select restaurant/QSR names are under pressure following BWLD results and cautious analyst comments. A few names trading lower include: EAT -3.1%, BJRI -2.5%, DRI -2%, CMG -1.4%, TAST -1.3%, MCD -1.2%, SONC -1.1%, CAKE -1.1%, JACK -0.9%, PNRA -0.7%, WEN -0.6%, TXRH -0.5%, YUM -0.3%, SBUX -0.3%, BKW -0.2% Trading higher following earnings/guidance: TRLA +19.8%, ONE +6.9%, CMCSA +6.2%, JNY +0.3%... Trading lower following earnings/guidance: CTRN -16.3%, DF -8.9%, BWLD -4.5%, PNK -2.6%, H -2.4%

Other notable mentions: CONN flat (announces sale and lease back of four store locations)... Leaders: AMZN 2.8% (announced access to the Amazon Cloud Player in Ford SYNC AppLink-equipped vehicles; Amazon and CBS Announce Expanded Content Licensing Agreement), IPG 0.4% (announces redemption of 4.75% convertible senior notes due 2023), ZNGA 2.8% (early strength attributed to CFO and COO comments at Goldman conference), JCP 3.7% (increases credit facility availability to $1.85 billion), HTSI 2.8% (late strength yesterday on reports that the co is considering options, including sale of the company), TVL 5% (Lin TV executes first of two transactions to resolve NBC JV overhangs)... Laggards: MPAA -0.7% (Motorcar Parts of America files to delay its 10-Q) Analyst related: Upgrades: GRPN 5.1% (upgraded to Buy from Neutral at Sterne Agee), AVP 1.6% ( upgraded to Buy at B. Riley Caris; upgraded to Neutral from Sell at UBS, upgraded to Hold from Sell at Wellington Shields)... Downgrades: MDP -0.8% (downgraded to Neutral from Buy at ROTH Capital), FOSL -3% (downgraded to Outperform from Buy at Credit Agricole, downgraded to Neutral from Outperform at Macquarie)... Misc: NFLX 3.3% (tgt to $205 from $180 at JPMorgan), DRI -2.1% (initiated with a Underperform at Credit Agricole)

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