Frontrunning: July 14

• European Leaders Delay Summit Meeting Over Greece (NYT)
• Tensions Escalate as Stakes Grow in Fiscal Clash (NYT)
• China Growth Suggests Tightening Ahead (WSJ)
• Banks, Regulators Still Jostling Over EU Stress Tests (WSJ)
• Obama and lawmakers face fresh doubts on debt deal (Reuters)
• Italy money supply plunge flashes red warning signals (Telegraph)
• ECB: Greek Debt Outcome Depends Mainly On Greek Government (Market News)
• Helaba pulls out of European stress tests (FT)
• India Says All ‘Hostile’ Groups Are Suspects After Mumbai Blasts Kill 17 (Bloomberg)
• Greece PM says second bailout needed urgently (Reuters)
• Fitch Says Italy Can Cope With Yield Jump, Debt Crisis (Bloomberg)
• Afghan civilian war deaths hit record level: U.N. report (Reuters)
• Libya rebels continue push to Tripoli (FT)

Eurpean economic data:

• ECB Publishes July Monthly Report
• Euro-Zone CPI - Core (YoY) for June 1.6% yoy higher than expected Consensus 1.5% yoy Previous 1.5% yoy
• Euro-Zone CPI (MoM) for June 0.0% mom in line with expectationsConsensus 0.0% mom Previous 0.0% mom
• Euro-Zone CPI (YoY) for June 2.7% yoy in line with expectationsConsensus 2.7% yoy
• Italy CPI (NIC incl. tobacco) (MoM) for June 0.1% mom in line with expectationsConsensus 0.1% mom Previous 0.1% mom
• Italy CPI (NIC incl. tobacco) (YoY) for June 2.7% yoy in line with expectationsConsensus 2.7% yoy Previous 2.7% yoy
• Italy CPI - EU Harmonized (MoM) for June 0.1% mom in line with expectationsConsensus 0.1% mom Previous 0.1% mom
• Italy CPI - EU Harmonized (YoY) for June 3.0% yoy in line with expectationsConsensus 3.0% yoy Previous 3.0% yoy

Global headlines from Egan-Jones

• Bank of Korea keeps interest rate unchanged at 3.25%.
• Bernanke says Fed 'prepared to respond' if additional stimulus is needed.
• Foreclosures jump 4% in June vs May; but down 29% YoY: RealtyTrac.
• Italian yields surge to three-year high for Europe’s 2nd-largest debt burden.
• Oil prices hovered above $98 a barrel in Asia as traders eye possible US stimulus.
• QE3 talk pushes gold to nominal record; Bullion reaches $1,578.46 a troy ounce.
• US corporate credit risk declines as Bernanke raises possibility of QE3.
• US debt rating placed on review for downgrade by Moody’s as talks stall.
• US government ran a budget deficit of $43B in June: Treasury Department.
• Worldwide PC shipments grew slower than expected in the second quarter.
• Allscripts expects its Q2 profit and revenue to surpass Wall Street estimates.
• Capital One announces pricing of $2B common stock offering at $50.00.
• Chrysler recalls nearly 250,000 Ram pickups because a bad part in the steering system.
• ConocoPhillips to split into 2 firms.
• CSX boosts capital spending $200M to $2.2B for railcars; 12-cent dividend set.
• Hartford profit falls 68% to $24M on natural disasters, asbestos costs.
• Investment Technology Grp to post Q2 loss, cites weak trading vols, to cut jobs
• JP Morgan's June net income rose from $4.8B to $5.4B.
• Kinetic Concepts agrees to be acquired by Apax-led group for $4.98B.
• Liberty Global on lookout for acquisitions: CEO.
• Marriott Intl sais Q3 EPS won’t be higher than $0.29, falling short of the $0.30 cons view.
• New York Times Co. to repay $250M Slim loan early due to improving cash position.
• News Corp., BSkyB advisers may lose $90M after offer to buy pulled.
• Northgate Minerals Corp. to buy Primero Mining Corp. in a share swap worth $383M.
• PE groups said to vie for Anglo Irish US real estate loans.
• Saieh, Mexico’s Grupo Bal in talks to buy ING Groep’s LatAm pension business, for $3B.
• Texas Industries reports narrowed Q4 loss of $9.1M, no recovery in construction.
• Universal Forest beats by $0.18, posts Q2 EPS of $0.33. Revs fell 14.8% to $544.1M.
• Walgreen raised its dividend, by 29% to 22.5 cents; sets a new $2B stock buyback plan.
• Yum! Brands said Q2 profit gained 10% and boosted its earnings forecast for the year.

Economic Calendar: Data on Initial & Continuing Claims, Retail Sales, PPI to be released.
Earnings Calendar: ANGO, CBSH, FCS, GOOG, JBHT, JPM, NKSH, PACW, WFSL.

Comments

[Careless Whisper]

It's a tough job, but someone's got to do it.

Casting call for Fashion Week Swim in South Beach

http://www.miamiherald.com/2011/07/13/2312962/mercedes-benz-fashion-week...

[Careless Whisper]

Former partners battle it out in civil court in West Palm Beach. Company was awarded $2.7 Billion (yes billion) to deliver fuel to our troops.

Mohammad Al-Saleh thought he could finally relax after spending months making sure he and his business partners secured yet another $500 million defense contract to deliver fuel to U.S. troops in Iraq.

http://www.palmbeachpost.com/news/sargeant-business-partner-testifies-he...

[snowball777]

Sargeant needs to be busted down to Private. These sick Pug profiteers are the ones that will really cry if the debt ceiling isn't bumped.

[MrBinkeyWhat]

WTF! I am going back to bed, after a stiff vodka beverage.

Silver is looking great....

[MrBinkeyWhat]

OT: About the math questions if you have been logged off...A little calculus perhaps?

Gotta love those accelerations and decelerations.

Side note: I recently took an employment test that did not allow calculators. SOB if I have forgotten how to do long division. Been using an HP-12C since forever. Then switched to Excel, because I did not trust the 12C. Entropy. Enjoy getting old kids. The other option is death.