Frontrunning: July 17

Tyler Durden's picture
  • Reid, McConnell Push Revised Debt Measure as Obama Seeks to Avoid Default (Bloomberg)
  • Fallback plan gains momentum in debt talks (RTRS)... aka the "change nothing" plan, and raise debt ceiling by $2.5 trillion
  • China house price inflation slows in June (FT)
  • Riksbank Members Fear Greek Failure Could Spark Real Crisis (Market News)
  • European Stocks Retreat for Third Day After Bank Stress Tests (Bloomberg)
  • ECB would reject defaulted Greek bonds as collateral (RTRS)
  • Greek debt cut won't solve problem - ECB's Weidmann (RTRS)
  • An Arrest and Scotland Yard Resignation Roil Britain (NYT)
  • Japan set to ban Fukushima cattle shipments after radioactive meat scare (Guardian)
  • Spain and Italy top results in stress tests (FT)
  • South Korea cuts 2011 growth forecasts (FT)
  • Syrian Forces Mass Near Town Where Many Soldiers Have Defected (NYT)
  • Libya rebels fighting to capture eastern oil town (RTRS)
  • Yemenis Organize Shadow Government (NYT)

Global headlines from Egan-Jones

  • China’s June new home prices increase in 67 out of 70 cities, Bureau says.
  • Euro weakens, Asia stocks decline on debt crisis concerns as silver rises.
  • Gold futures extend gains to record $1,601 an ounce on Comex.
  • Spain and Italy top results in stress tests; claims that scrutiny was not strong enough.
  • Adobe acquires electronic signature company EchoSign, for an undisclosed amoutn.
  • Borders attracts no bids ahead of deadline.
  • Citigroup beats by $0.13, beats on revs. Posts Q2 EPS of $1.09. Revs up 4.5% at $20.6B.
  • Genuine Parts beats by $0.07, posts Q2 EPS of $0.96. Revs rose 11.9% to $3.19B.
  • Glencore to acquire from CST Mining Group a 70% stake in Marcobre SAC for $475M.
  • Hertz Global to acquire Donlen in $930M transaction; immediately accretive to earnings.
  • HTC plans to buy back stock after US ruling on Apple patent infringement.
  • Liz Claiborne in talks to sell Mexx; likely to get $100M for it.
  • Mattel Q2 net income jumps 56% to $80.5M as revs rises 14% to $1.16B.
  • McCormick & Schmick’s CEO rescinds offer to acquire the restaurant chain for $9.25/sh.
  • Philips posts Q2 loss of €1.34B on $1.4B in impairment charges. Revs slips 2.6%.
  • Samsung LED files U.S. suit against Siemens unit, for infringing its patents.
  • Santos Ltd. to acquire remaining 80% of Eastern Star Gas Ltd. For $983.5M.
  • Shell to sell its stake in C$16.2B Mackenzie pipeline project and other Canadian assets.
  • SkyWest Inc. cut its f'cast for Q3, Q4 profit. Breaks even in the second quarter.
  • Tanger Factory acquires Atlantic City outlets for a combined acquisition price of $199.3M.
  • Techtronic advances on talks for potential sale of unit that makes Hoover.
  • Teva drops most in a month after court rules Amgen patents were infringed.

Economic Calendar: Data on NAHB Housing Market Index to be released today.


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lolmao500's picture

In other news, Iran invades Iraq...

Report: Iranians seize Kurdish bases in Iraq

Iran's official news agency says Revolutionary Guard forces have taken control of three bases of an Iranian Kurdish opposition group in neighboring Iraq.

lolmao500's picture

And Moodys back to their usual full of crap attitude...

Ratings agency Moody's on Monday suggested the United States should eliminate its statutory limit on government debt to reduce uncertainty among bond holders.

ParaZite's picture

So Moody's suggestion is to stop putting a limit on US debt period. So Bernanke can print to infinity and beyond, and the US people can finally borrow a googolplex. Sounds like a plan for disaster... just keep adding zeros to the US dollar's like Zimbabwe... I mean, that turned out well, didn't it?

DaveyJones's picture

Full of crap is not an attitude so much as a way of life a national vision if you will

HelluvaEngineer's picture

Well, I see the PPT got into the office at 7:20 this morning.

FunkyMonkeyBoy's picture

50DMA and 200DMA death cross on the FTSE now well in place.

Careless Whisper's picture

UAW Chief Wants To Increase Standard Of Living Of Workers OVERSEAS

"We're committed to building a global middle class. We want to export that," King said.

the only way the union can protect its members from further job loss is by working with its counterparts overseas to raise the standard of living of their members.

Careless Whisper's picture

Gun Saves Man and Son

Man shoots 4 a.m. home intruder with knife (a white male); Florida dad and son live to tell.


Careless Whisper's picture

Casey Anthony's Lawyer, My Cousin Jose, Analyzed Social Media Sites To Tweat Strategy


lolmao500's picture

More fun :

Iran to send fleet to Atlantic Ocean

The commander noted that Iran's Navy will send its fleet to the Atlantic after “final ratification.”

He further explained that the Iranian warships will be equipped with Nour long-range anti-ship cruise missiles.

lolmao500's picture

Also fun :

Hezbollah warns Israel over gas fields

"The Israeli enemy cannot drill a single meter in these waters to search for gas and oil if the zone is disputed,” said Mohammed Raad, head of the Hezbollah parliamentary bloc, AFP reported on Sunday.

Raad added that the Lebanese government, where Hezbollah holds the majority, will restore the sovereignty of their waters in their entirety.

Careless Whisper's picture

Train Wreck Du Jour


jse111's picture

Any concern out there that Arnie Gundersen if not silenced has been toned-down to an "acceptable" level of dissonance?  BTW, a powerful typhoon (hurricane) is scheduled to reach the "crippled" (means Cesium-137 and Plutonium-239 spewing junk heap) on July 21st.

Not to worry, move along as there is nothing to see here!


taraxias's picture

That was Arnie's objective from the get go. Get their attention, then accept their "consulting work" bribes. All the real heros in this world are......DEAD.

DaveyJones's picture

Radioactive meat scare - the name of my high school band

spanish inquisition's picture

News Corp question. What is the personal liability of the "independent" board to the shareholders? A couple trillion has been wiped off the books that could be attributed to lack of board action. Shareholder lawsuits on the way?