M&A Short-List - Src: Morgan Stanley - Revised: 3/24/2014

Energy
Newfield Exploration Co. NFX +0.07%, $4.1 billion cap
Sandridge Energy Inc. SD +0.96%, $3.1 billion cap
Tidewater Inc. TDW -1.86%, $2.3 billion cap

Materials
Cliffs Natural Resources Inc. CLF , $3 billion cap
Axiall Corp. AXLL , $3.1 billion cap
Domtar Corp. UFS -0.01%, $3.4 billion cap
Royal Gold Inc. RGLD +1.50%, $4.2 billion cap

Consumer Discretionary
Sinclair Broadcast Group Inc. SBGI -0.34%, $2.6 billion cap
Wendy’s Co. WEN +1.10%, $3.3 billion cap
Tempur Sealy International Inc. TPX -0.45%, $3 billion cap
Brinker International Inc. EAT , $3.5 billion cap
Bally Technologies Inc. BYI , $2.5 billion cap
DreamWorks Animation Inc. DWA , $2.2 billion cap
J.C. Penney Co. JCP +0.23%, $2.6 billion cap
American Eagle Outfitters Inc. AEO , $2.5 billion cap

Consumer Staples
Ingredion Inc. INGR -0.23%, $5 billion cap
Hain Celestial Group Inc. HAIN +0.27%, $4.6 billion cap
Hillshire Brands Co. HSH +0.00%, $4.6 billion cap
Whitewave Food Co. WWAV -3.72%, $5 billion cap

Health Care
Celgene Corp. CELG +0.19%, $57.8 billion cap
Express Scripts Holding Co. ESRX -0.02%, $29.9 billion cap
WellPoint Inc. WLP +0.23%, $28.5 billion cap
Regeneron Pharmaceuticals Inc. REGN , $31 billion cap
Alexion Pharmaceuticals Inc. ALXN , $29.9 billion cap
Aetna Inc. AET +0.53%, $27 billion cap
Cigna Corp. CI , $21.9 billion cap
Becton Dickinson & Co. BDX , $21.9 billion cap
Cerner Corp. CERN -0.02%, $19.8 billion cap

Financials
Nationstar Mortgage Holdings Inc. NSM -1.93%, $2.7 billion cap

Tech
Brocade Communications Systems Inc. BRCD -0.05%, $4.4 billion cap
On Semiconductor Corp. ONNN -0.75%, $4.1 billion cap
Tibco Software Inc. TIBX -0.58%, $3.4 billion cap
SunPower Corp. SPWR +0.03%, $3.9 billion cap
Ingram Micro Inc. IM -0.04%, $4.5 billion cap
Jabil Circuit Inc. JBL +0.08%, $3.7 billion cap
SunEdison Inc. SUNE -1.39%, $5.3 billion cap
Teradyne Inc. TER -0.02%, $3.9 billion cap
Arris Group Inc. ARRS +0.11%, $4 billion cap
NeuStar Inc. NSR , $2.1 billion cap

Telecom
Crown Castle International Corp. CCI , $24.7 billion cap
SBA Communications Corp. SBAC -0.94%, $11.7 billion cap
Level 3 Communications Inc. LVLT -0.73%, $9 billion cap
Windstream Holdings Inc. WIN -0.02%, $5 billion cap
Frontier Communications Corp. FTR , $5.4 billion cap