Frontrunning: July 17

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  • 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.

Earnings Calendar: ABCB, BLUD, BRO, DAL, GCI, HAL, HAS, LNCR, PKG, SCHW, STLD, SWK, WYNN, ZION.