EQUITY RESEARCH MORNING RESEARCH SUMMARY July 16, 2014

What's Inside Focus Items Initiation Country Allocation Samuel Burns, CFA UNFI O United Natural Foods Inc. Portfolio Strategy Country Allocation July 2014

Estimates & PT Revisions INDUSTRIAL/CAPITAL GOODS Christopher Glynn CTAS P ↓ Cintas Corporation 2Q14 Industrial Preview GS P ↑ Goldman Sachs Group INTC P ↑ Intel Corp. TECHNOLOGY Andrew Uerkwitz 2 Up, 1 Down SYNA P ↑ Synaptics, Incorporated TSCO P ↓ Tractor Supply Company Yahoo! Inc. (YHOO) Jason Helfstein YHOO O ↑ Yahoo! Inc. Core Results Below Expectations, But Will Maintain Larger Post- IPO Stake Estimates/Ratings/Price Target Updates Annual Estimates Tractor Supply Company (TSCO) Brian Nagel, CFA Current FY Next FY Ratings Price Targets Still Not the Time to Jump into TSCO

Company Ticker Prev Curr Prev Curr Prev Curr Prev Curr Other Headlines Intel Corp. (INTC) Rick Schafer Cintas CTAS 3.04 3.00 3.36 3.36 P P NA NA Corporation Solid Print and Guidance, Driven by PC & Data Center

Goldman Sachs GS 16.50 17.12 17.61 18.50 P P NA NA Group TECHNOLOGY Rick Schafer

Intel Corp. INTC 1.94 2.13 1.84 2.15 P P NA NA Daily Chip Clips

Synaptics, SYNA 4.15 4.15 -- -- P P NA NA Incorporated United Natural Foods Inc. (UNFI) Rupesh Parikh, CFA

Tractor Supply TSCO 2.64 2.55 3.05 2.90 P P $70.00 $60.00 Pullback Creates an Attractive Entry Point; Initiating with an Company Outperform Rating Yahoo! Inc. YHOO 1.52 1.28 1.82 0.94 O O $40.00 $43.00 Cintas Corporation (CTAS) Scott Schneeberger, CFA Solid F4Q14; FY15 Adjusted EPS Guidance Consistent with Consensus

Goldman Sachs Group (GS) Chris Kotowski Solid 2Q14 Beat On Investing & Lending, Assist By FICC

Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. See "Important Disclosures and Certifications" section at the end of this report for important disclosures, including potential conflicts of interest. See "Price Target Calculation" and "Key Risks to Price Target" sections at the end of this report, where applicable.

Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 212-885-4646 Fax: 212-856-3989 Morning Summary -July 16, 2014

Snap Commentaries - Equities Updates PORTFOLIO STRATEGY Samuel Burns 617-556-3735

Portfolio Strategy Country Allocation July 2014

INDUSTRIAL/CAPITAL GOODS Christopher Glynn 617 556-3711

2Q14 Industrial Preview

In this report, we provide write-ups on earnings setup and considerations beyond for each of our covered companies ahead of 2Q14 reporting season. For context and backdrop, we also include compilations from 1Q earnings season: (1) tables of 1Q financial results for 31 industrial companies breaking down organic growth rates, incremental margins, and earnings trends across the early, mid-, and late-cycle groups; (2) analysis of earnings surprise and coincident stock price performance; (3) analysis of industrials' relative valuations by group; and (4) tables of conference call commentary for about a dozen categories. We currently favor shares of HON, ETN, GWW, ST, and NDSN. Near term, we see modest risk to GWW's consensus expectations for 2Q, but expect that favorable transitions in investment and pricing cycles into 2H create a favorable backdrop for the shares.

TECHNOLOGY Andrew Uerkwitz 212 667-5316

2 Up, 1 Down

In our quarterly preview, we try to identify short-term plays into the 2Q14 earnings season—companies that we think are likely to beat expectations and those that are likely to under-deliver. Our favorite picks into the quarter are INVN, for its several near-term catalysts and a potential Apple design win, and ORBK, for its significantly undervalued acquisition of SPTS and near-term tailwinds in PCB segments. We have a cautious near-term outlook on HIMX, which may see more headwinds from weak Samsung orders (well known) and no update on catalysts. We maintain a negative long-term outlook on the upstream LED supply chain (MOCVD and sapphire) based on consolidation, muted capex and pricing environment. However, we see room for debate in the near-term performance of this space, as these companies have stayed at the bottom of the cycle for an extended period and general LED lighting growth is greatly expanding.

Jason Helfstein INTERNET 212-667-6433 Yahoo! Inc. (YHOO - $35.61) Internet

Rating Market Cap Price Target / Prior Earnings Type 2013A 2014E / Prior 2015E / Prior

O $35,852.4M $43.00 / $40.00 EPS 1.48 1.28 / 1.52 0.94 / 1.82

Core Results Below Expectations, But Will Maintain Larger Post-IPO Stake

We are raising our target to $43 from $40 as YHOO can now sell 33% fewer shares during the Alibaba IPO, and we are now assuming a 2016 target P/E of 25x (was 22x) discounted 12% to 2015. Meanwhile, YHOO reported weaker 2Q results and guidance, driven by a delay in the company's new programmatic ad platform (Ad Manager+), and weaker results in premium ad sales, caused by overly aggressive pricing, less

2 Morning Summary -July 16, 2014

competitive ad formats and reduced sales productivity. While we are reducing '14E and '15E EBITDA by 15% and 13%, respectively, we believe investors are focused on the value creation caused by an Alibaba IPO. Maintain Outperform as target assumes 25% upside.

Brian Nagel, CFA CONSUMER & BUSINESS SERVICES 212 667-8381 Tractor Supply Company (TSCO - $60.98) Hardlines Retailing

Rating Market Cap Price Target / Prior Earnings Type 2013A 2014E / Prior 2015E / Prior

P $8,445.3M $60.00 / $70.00 EPS 2.32 2.55 / 2.64 2.90 / 3.05

Still Not the Time to Jump into TSCO

Earlier this year, we lowered our rating on TSCO to Perform (2/14/14 at $66.18). Thus far in 2014, TSCO is down 21% and underperforming the S&P 500 (+7%) and our Opco Hardlines coverage (-3%). Management indicated recently that Q2 (June) results would fall short of plan. Clients reach out frequently to discuss our latest thinking on TSCO. We remain impressed with the operating prowess of TSCO and foresee no structural cracks in the company’s business model. Investors are nonetheless advised to stay on the sidelines. TSCO still trades at a premium valuation. More subdued EPS forecasts remain at risk of further downward revisions. Our price target on TSCO goes to $60 from $70.

Rick Schafer TECHNOLOGY 720-554-1119 Intel Corp. (INTC - $31.71) Semiconductors & Components

Rating Market Cap Price Target Earnings Type 2013A 2014E / Prior 2015E / Prior

P $157,852.4M NA EPS 1.89 2.13 / 1.94 2.15 / 1.84

Solid Print and Guidance, Driven by PC & Data Center

INTC kicked off earnings season Tuesday night, reporting solid 2Q sales/EPS of $13.8B/$0.55, in line with estimates and June 12's positively pre-announced results. The third quarter was guided up 4% Q/Q to $14.4B, ahead of consensus and in line with historical seasonality. WinXP/ Enterprise refresh and DCG are driving strength while MCG drags. Gross margin of 64.5% was impressive, is expected up another 150bps in 3Q. Mgmt's effort to return cash to shareholders ($2.1B in share buybacks in 2Q, $4B expected in 3Q, and new $20B authorization) are also encouraging. PC momentum looks sustainable near-term; we remain on the sidelines as INTC's pay-to-play strategy in mobile will likely continue presenting a trade-off between top-line growth and bottom-line dollars for the foreseeable. Maintain Perform.

TECHNOLOGY Rick Schafer 720-554-1119

Daily Chip Clips

■ Earnings—Intel Reports Second-Quarter Revenue of $13.8 Billion (Company Release) ■ China Mobile excluded from FD-LTE pilot operation licenses (Digitimes) ■ Samsung finishes LTE-A solution development for mobile processors, says report (Digitimes) ■ Smartphone sales volume to reach 23.6% growth in 2014, says MIC (Digitimes) ■ Cumulative shipments of 300Mbps smartphone modems to exceed 700 million by 2019, says ABI Research (Digitimes)

3 Morning Summary -July 16, 2014

Rupesh Parikh, CFA CONSUMER & BUSINESS SERVICES 212 667-5263 United Natural Foods Inc. (UNFI - $64.00) Specialty Food Retailers and Packagers

Rating Market Cap Price Target / Prior Earnings Type 2013A / Prior 2014E / Prior 2015E / Prior

O $3,177.7M $75.00 / EPS 2.26 / -- 2.50 / -- 2.85 / --

Pullback Creates an Attractive Entry Point; Initiating with an Outperform Rating

We are initiating coverage of UNFI with an Outperform rating and $75 PT. The company is a leading distributor of natural, organic, specialty foods and non-food products. Following five years of outperformance, the shares have declined more than 15% year to date, easily lagging a 7% gain in the S&P 500. We believe the recent weakness reflects investor concerns over increasing competition and to a certain extent a "rating reset" for natural/organic names. We view competitive concerns as overblown and remain confident in management's ability to sustain organic sales growth north of 10% and drive mid-teens EPS growth. We believe the shares should return closer to recent highs over time as UNFI delivers on longer-term targets.

Scott Schneeberger, CFA CONSUMER & BUSINESS SERVICES 212-667-8114 Cintas Corporation (CTAS - $62.85) Business Services

Rating Market Cap Price Target Earnings Type 2014A / Prior 2015E / Prior 2016E

P $7,598.6M NA EPS 2.79 / 2.77 3.00 / 3.04 3.36

Solid F4Q14; FY15 Adjusted EPS Guidance Consistent with Consensus

Cintas' F4Q14 adjusted EPS of $0.76 (+10% y/y) compared to our $0.74E and consensus of $0.75E. CTAS delivered F4Q14 adj'd revenue of $1.104B (+4.7%; 1 less day y/y), just shy of our/consensus of $1.171B/$1.159B after adding back $54M (two months) from Shredding. Revenue growth was supported by F4Q14 organic growth of 6.1% y/y vs. 6.2% y/y in F4Q13 and 3.1% in F3Q14. CTAS introduced FY15 revenue/adj'd EPS guidance of $4.425-4.525B (3.5-5.8% y/y)/$2.95-3.04 (7.3-10.5% y/y excl. Shred-it revenue and $0.11/sh one time gain). FY15 guidance anticipates "inconsistent US economic performance," and implies moderate margin expansion. CTAS's steady recovery remains intact, though we maintain our Perform, viewing valuation (21x our FY15E EPS of $3.00) as appropriate.

Chris Kotowski FINANCIAL INSTITUTIONS 212 667-6699 Goldman Sachs Group (GS - $167.00) Commercial & Investment Banking

Rating Market Cap Price Target Earnings Type 2013A 2014E / Prior 2015E / Prior

P $77,124.6M NA EPS 15.46 17.12 / 16.50 18.50 / 17.61

Solid 2Q14 Beat On Investing & Lending, Assist By FICC

GS reported 2Q14 EPS of $4.10 vs. our $3.25 forecast and consensus $3.05. The beat came on stronger revenues, driven primarily by stronger Investing & Lending (I&L) revenues and slightly better FICC trading, though the latter was still down 9.7% year to year. Total revenues of $9.1B handily beat our $8.2B estimate. This was driven primarily by I&L, which came in at $2.1B vs. our $1.5B estimate and the trailing-four-quarter

4 Morning Summary -July 16, 2014

average of $1.6B. Here, it was in particular driven by equity investments, which generated $1.253B vs. the trailing-four-quarter average of $826M. FICC trading at $2.2B beat our $2.0B estimate, but still fell from $2.5B a year ago.

Oppenheimer Marketing Events

August 12-13 - 17th Annual Technology, Internet & Communications Conference (Boston) December 10-11 - 25th Annual Healthcare Conference (New York)

5 Morning Summary -July 16, 2014

Important Disclosures and Certifications Other companies mentioned in this report: 005930.KRX 005930-KR 017670.KRX 066570.KRX 2454.TAI AAPL ABC AIXG AMD AME AOS ATML AYI AZO B BA BBBY BDBD BEAV BNNY CAH CAT CEVA CHA CHL CHU COL CONN CORE COST CR CREE CTAS DHR DKS DOV EMAN EMR ETN EZCH FIG FLR FLS FWM GE GGG GLW GNRC GOOG GWW HAIN HD HIMX HON HUB/B IEX INTC INTC INVN IR ITT ITW JCI KKR KMX KR LFUS LII LOW LTM MAS MCK MMM MU MVIS MWA NDSN NGVC NVDA OLED ORBK ORLY OVTI PETM PH PIR PNR PWR QCOM RBC RBCN ROK ROP SFM SPW ST STM SVU SWY SYNA SYY TIF TKR TSCO TXN TXT UNFI UNXL UTX VECO WCC WFM WSM WTS WWAV YAHOF

Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by Oppenheimer & Co. Inc.: Stock Prices as of July 16, 2014 Intel Corp. (INTC - NASDAQ, 31.71, PERFORM) QUALCOMM Incorporated (QCOM - NASDAQ, 79.44, OUTPERFORM) Apple Inc. (AAPL - NASDAQ, 95.32, PERFORM) Aixtron SE (AIXG - NASDAQ, 14.13, PERFORM) Atmel Corp. (ATML - NASDAQ, 8.95, OUTPERFORM) CEVA Inc. (CEVA - NASDAQ, 15.03, PERFORM) Cree, Inc. (CREE - NASDAQ, 48.92, OUTPERFORM) eMagin Corporation (EMAN - NASDAQ, 2.21, PERFORM) EZchip Semiconductor (EZCH - NASDAQ, 26.48, PERFORM) Corning Inc. (GLW - NYSE, 21.96, PERFORM) Himax Technologies, Inc. (HIMX - NASDAQ, 6.13, OUTPERFORM) InvenSense (INVN - NASDAQ, 23.03, PERFORM) Microvision, Inc. (MVIS - NASDAQ, 2.27, PERFORM) Universal Display Corp. (OLED - NASDAQ, 30.05, OUTPERFORM) Orbotech (ORBK - NASDAQ, 15.83, OUTPERFORM) OmniVision Technologies (OVTI - NASDAQ, 22.10, PERFORM) Rubicon Technology, Inc. (RBCN - NASDAQ, 8.40, PERFORM) Synaptics, Incorporated (SYNA - NASDAQ, 84.86, PERFORM) UniPixel, Inc (UNXL - NASDAQ, 8.04, PERFORM) Veeco (VECO - NASDAQ, 34.50, PERFORM) Fairway Group Holdings (FWM - NASDAQ, 6.25, PERFORM) The Kroger Co. (KR - NYSE, 49.26, OUTPERFORM) Natural Grocers by Vitamin Cottage, Inc. (NGVC - NYSE, 22.71, PERFORM) Sprouts Farmers Market, Inc. (SFM - NASDAQ, 31.23, PERFORM) SUPERVALU INC. (SVU - NYSE, 8.32, OUTPERFORM) Whole Foods Market, Inc. (WFM - NASDAQ, 37.21, OUTPERFORM) Advanced Micro Devices (AMD - NYSE, 4.53, UNDERPERFORM) Intel Corp. (INTC - NASDAQ, 31.71, PERFORM) NVIDIA Corp. (NVDA - NASDAQ, 19.37, PERFORM) Texas Instruments (TXN - NYSE, 48.66, PERFORM) AMETEK, Inc. (AME - NYSE, 52.86, OUTPERFORM) Acuity Brands Inc. (AYI - NYSE, 113.08, PERFORM) Barnes Group (B - NYSE, 37.69, PERFORM) Boeing Company (BA - NYSE, 129.10, PERFORM) BE Aerospace, Inc. (BEAV - NASDAQ, 94.06, OUTPERFORM)

6 Morning Summary -July 16, 2014

Rockwell Collins Inc. (COL - NYSE, 79.40, PERFORM) Emerson (EMR - NYSE, 67.50, OUTPERFORM) Eaton Corp. (ETN - NYSE, 78.62, OUTPERFORM) Flowserve Corporation (FLS - NYSE, 72.59, OUTPERFORM) General Electric (GE - NYSE, 26.61, PERFORM) Graco Inc. (GGG - NYSE, 75.84, PERFORM) Generac (GNRC - NASDAQ, 44.13, PERFORM) W.W. Grainger, Inc. (GWW - NYSE, 245.84, OUTPERFORM) Honeywell International Inc. (HON - NYSE, 95.96, OUTPERFORM) Hubbell Inc. (HUB/B - NYSE, 120.27, OUTPERFORM) IDEX Corporation (IEX - NYSE, 78.76, PERFORM) ITT Corporation (ITT - NYSE, 47.19, PERFORM) Littelfuse, Inc. (LFUS - NASDAQ, 92.34, PERFORM) Masco Corp. (MAS - NYSE, 21.13, OUTPERFORM) Nordson Corp. (NDSN - NASDAQ, 77.79, OUTPERFORM) Pentair, Ltd. (PNR - NYSE, 72.50, PERFORM) Regal-Beloit (RBC - NYSE, 77.93, PERFORM) Roper Industries, Inc. (ROP - NYSE, 144.69, PERFORM) Sensata Technologies (ST - NYSE, 48.22, OUTPERFORM) United Technologies Corp. (UTX - NYSE, 114.84, PERFORM) Wesco International, Inc. (WCC - NYSE, 84.06, OUTPERFORM) Watts Water (WTS - NYSE, 60.86, OUTPERFORM) AutoZone, Inc. (AZO - NYSE, 533.51, PERFORM) Bed Bath & Beyond Inc. (BBBY - NASDAQ, 61.05, OUTPERFORM) Conn's Inc. (CONN - NASDAQ, 43.30, PERFORM) Costco Wholesale Corp. (COST - NASDAQ, 117.82, PERFORM) Dick's Sporting Goods (DKS - NYSE, 44.48, PERFORM) Home Depot Inc. (HD - NYSE, 79.86, OUTPERFORM) CarMax (KMX - NYSE, 52.45, OUTPERFORM) Lowe's Cos. (LOW - NYSE, 47.51, OUTPERFORM) Life Time Fitness (LTM - NYSE, 48.47, PERFORM) O'Reilly Automotive, Inc. (ORLY - NASDAQ, 154.25, PERFORM) PetSmart, Inc. (PETM - NASDAQ, 69.92, PERFORM) Pier 1 Imports (PIR - NYSE, 15.03, OUTPERFORM) Tiffany & Co. (TIF - NYSE, 101.11, OUTPERFORM) Tractor Supply Company (TSCO - NASDAQ, 60.98, PERFORM) Williams-Sonoma (WSM - NYSE, 70.22, PERFORM) Cintas Corporation (CTAS - NASDAQ, 62.85, PERFORM) Fortress Investment Group (FIG - NYSE, 7.45, OUTPERFORM) KKR & Co. (KKR - NYSE, 24.99, OUTPERFORM) Google, Inc. (GOOG - NASDAQ, 584.78, PERFORM)

All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer & Co. Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price histories, please write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager.

Oppenheimer & Co. Inc. Rating System as of January 14th, 2008: Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months.

7 Morning Summary -July 16, 2014

Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months. Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months. Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential conflict of interest. Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008: Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments, and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector. Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy, aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere. Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the peer group.

Distribution of Ratings/IB Services Oppenheimer & Co. Inc.

IB Serv./Past 12 Mos.

Rating Count Percent Count Percent BUY [O/B/OP] 311 51.92 144 46.30 HOLD [N/P/SP] 278 46.41 97 34.89 SELL [UP/S/U] 10 1.67 3 30.00

Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform.

Oppenheimer & Co. Inc. makes a market in the securities of UNFI, TSCO, YHOO, INTC, CTAS, SYNA, CORE, FWM, MCK, NVDA, QCOM, SFM and WFM.

Oppenheimer & Co. Inc. expects to receive or intends to seek compensation for investment banking services in the next 3 months from FWM.

The Oppenheimer & Co. Inc. analyst(s) who covers this company also has a long position in GS and KKR.

In the past 12 months Oppenheimer & Co. Inc. or an affiliate has received compensation for non-investment banking services from SYNA.

In the past 12 months Oppenheimer & Co. Inc. has provided non-investment banking, securities-related services for SYNA.

Analyst Certification - The author certifies that this research report accurately states his/her personal views about the subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report.

Additional Information Available

8 Morning Summary -July 16, 2014

Please log on to http://www.opco.com or write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager.

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