Frontrunning: July 19

Tyler Durden's picture
  • Moody's suggests U.S. eliminate debt ceiling (Reuters)
  • ECB weighing eurozone default options (FT)
  • Debt Deal Search Intensifies (WSJ)
  • Obama struggles to get Wall Street funding (FT)
  • Euro Zone Sees 3 Options For Private Role in Greece (Reuters)
  • Germany Says It's Confident EU to Reach Agreement on Second Greek Bailout (Bloomberg)
  • ECB's Mersch-Inflation risks to upside, eyeing developments‎ (Reuters)
  • Lockhart: Fed could keep rates low "much longer" (Reuters)
  • Greece Seeks Advisers for Privatization (WSJ) - there's always Goldman
  • Taiwan Looks to Open products to Insurers (WSJ)
  • RBA Had ‘More Time’ to Assess Inflation (Bloomberg)
  • Asia Crisis Veteran Zeti Sees Region Resilient to Risks From U.S., Europe (Bloomberg)
  • Keep the faith: Gaddafi will fall very soon (FT)

European economic update:

  • Euro-Zone Construction Output SA for May -1.1% mom Previous 1.2% mom (Revised from 0.7% mom)
  • Euro-Zone Construction Output WDA for May -1.9% yoyPrevious -1.3% yoy (Revised from -2.0% yoy)
  • Euro-Zone ZEW Survey (Econ.Sentiment) for July -7.0Previous -5.9
  • Germany Zew Survey (Current Situation) for July 90.6 Higher than ExpectedConsensus 85.0 Previous 87.6
  • Germany Zew Survey (Econ. Sentiment) for July -15.1 Lower than ExpectedConsensus -12.5 Previous -9.0

Global highlights courtesy of Egan-Jones:

  • Asian shares dropped for a fourth day, led by Japanese banks and exporters.
  • Euro strengthens against the dollar and Swiss franc, as Greek minister says agreement on debt is ‘attainable’.
  • Oil rises above $96 a barrel in Asia amid expectations of US crude supply drop.
  • AIG may list part of its aircraft-leasing arm: reports.
  • American Airlines said to review splitting order between Airbus, Boeing.
  • Avery Dennison sees Q2 EPS of $0.74-0.79 (cons $0.88); revs of ~$1.7B (cons $1.83B).
  • Borders' seeks bankruptcy court approval to liquidate, shutter all 399 stores.
  • Brown & Brown reports Q2 EPS of $0.26 (cons $0.30); revs rose 1.3% to $246.8M.
  • Charles Schwab reports 16% gain Q2 income at $238M helped by invt advisory business.
  • Cisco cuts 6,500 workers, record $1.3B in costs.
  • Clorox rejects Carl Icahn's offer; Board concludes Icahn's proposal not in best interest.
  • Deutsche Bank, SocGen, RBS face pressure to boost funds after stress tests.
  • Facebook ad prices soar more than 74%; Big brands shift from TV and print media.
  • Gannett's Q2 net falls 22.5% to $151.5M; resumes buybacks, doubles dividend.
  • HNA vies for GE’s container leasing unit; SeaCo could fetch up to $3B including debt.
  • IBM raises guidance, beats estimates on increases in all major divisions.
  • Johnson & Johnson's June net income slips from $3.4B last year to $2.8B this year.
  • Magellan Bio sells TREK Microbiology unit to Thermo Fisher Scientific. Terms undisclosed.
  • MGIC Investment misses by $0.62, posts Q2 loss of $0.75/sh. Revs fell 9.7% to $367M.
  • Mosaic Co. Q4 net more than doubles to $649.2M as sales grew 54%.
  • Packaging Corp beats by $0.04, beats on revs; guides Q3 EPS below consensus.
  • Stanley Black & Decker expects organic sales growth of 4-5% (prev 5-6%).
  • Steel Dynamics' Q2 net doubles to $98.7M as revs rose 27.6% to $2.08B.
  • Wynn Resorts' Q2 net more than doubles to $122M as revs rise 33% to $1.37B.
  • Zions Bancorp swings to profit ($29M) on lower bad loans. Revs up 4.2%, at $544.5M.

Economic Calendar: Housing Starts - June, Building Permits-June.

Earnings Calendar: AAPL, AOS, ASRV, BAC, BK, BLUD, BTU, CCK, CMA, CMG, CSX, CTAS, FULT, GWW, HOG, JNJ, KEY, KNL, KO, RBCAA, SYK, TCO, WCN, WFC, YHOO.