Frontrunning: June 14

Tyler Durden's picture
  • U.S. Says Bank of America Corp. "significantly hindered" a federal investigation of the company's foreclosure practices (WSJ)
  • Additional 23 Fukushima workers exposed to high radiation (NHK)
  • US mirrors sluggish global job creation  (FT)
  • Getting Away With It - Why are Galleon's investors not impaired? (NYT)
  • The Fed flood slows to a trickle (FT)
  • Rising Prices a Risk (WSJ)
  • Berlusconi suffers stinging referendum defeat (Reuters)
  • Roubini Warns Of Euro Break Up As Greek Credit Rating Tumbles (Forbes)
  • China Govt Could Cont Hiking Int Rates (Market News)
  • Trichet signals hostility to Greek ‘credit event’  (FT)
  • Qaddafi Coddled by U.S. Oil Producers (Bloomberg)
  • Kan Says He Plans to Resign After Passage of Japan’s Quake, Energy Bills (Bloomberg)
  • EU tries to save Greek rescue (FT)
  • Stock futures up on China data, bounce seen as temporary (Reuters)
  • Federal Reserve Will Not Implement a QE3 Program, Bloomberg Survey Shows (Bloomberg)

Global economic highlights courtesy of Egan-Jones

  • Bank of Japan keeps key overnight rate between zero to 0.1%.
  • China raises reserve requirement ratio by 50 bps, effective from June 20.
  • China’s inflation accelerates to 5.5% in May, fastest pace since 2008.
  • Euro weakens on concern Greek crisis is worsening; Oil, Asian stocks fall.
  • FDIC official says systemic firms may be forced to restructure.
  • Fed’s Fisher reiterates central bank has done enough to help US economy.
  • Greece branded with world’s lowest credit rating by S&P on default threat.
  • UK house-price index hits 4-month low on concern over economy, RICS says.
  • Avis Europe agrees to $1B bid by Avis Budget.
  • BofA 'significantly hindered' foreclosure review of its loans, US says.
  • Casey's General beats by $0.09, posts Q4 EPS of $0.60. Revs rose 31.3% to $1.55B.
  • EMS Technologies agreed to be bought by Honeywell Intl for $491M ($33 a share).
  • Ericsson to acquire Telcordia for $1.15B.
  • Gerber Scientific Inc. agreed to be sold to PE firm Vector Capital Corp. for $11/sh.
  • Glencore fiscal Q1 net profit $1.09B vs $295M, revs up 39% at $44.23B.
  • GT Solar raises Q1 EPS guidance to ~$0.30 vs. $0.14 cons estimate (prev $0.08-0.11).
  • New York Fed’s AIG assets might fetch $15B, Barclays says.
  • Nokia, Apple settle patent dispute, Settlement involved "a one-time payment payable by
  • Apple and royalty payments to be made by Apple to Nokia. For the term of the pact.
  • Rank Group said to have made rival offer of $1.64B for Graham Packaging.
  • RBS said to be in talks to sell car-leasing unit to GE as assets are shed.
  • Republic Airways Hldgs to seek new investors for its stake in Frontier Airlines.
  • Timberland Co. to be acquired by VF Corp. for $43 a share.
  • VMware to acquire Digital Fuel. Terms of the acquisition were not announced.
  • Wendy's/Arby's to sell most of its struggling Arby's chain for $130M cash to Roark Capital.

Economic Calendar: Data on Retail Sales, PPI, Business Inventories to be released.
Earnings Calendar: AGYS, BBY, CLC, JCDA, OCC.

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mess nonster's picture

Arby's is worth only 130 M? This is the most TEOTWAWKI thing I have read yet.

CPL's picture

Have you ever eaten in an Arby's? 

buzzsaw99's picture

Fed’s Fisher reiterates central bank has done enough to help US economy.


Yes, thank you so much for all your help. :roll:

Jim in MN's picture

Radioactive contamination in Japan far more widespread than previously reported/admitted; 1/3 of Japan's prefectures affected, no rules or plan in place:


Radioactive material in sludge at 16 prefectures

NHK has learned that 16 prefectures in Japan have detected radioactive material in sludge since the crisis began at the Fukushima Daiichi nuclear plant in March.

NHK has found through interviews that at least 22 of Japan's 47 prefectures have been testing sludge for radioactive material. 16 of them, ranging from Hokkaido to Osaka, have actually detected radioactive substances.

The level of radioactive cesium was highest in Fukushima city, at 447,000 becquerels per kilogram. This was followed by Tokyo at 55,000 becquerels and Maebashi, north of Tokyo, at 42,800 becquerels.

Rain-soaked soil containing radioactive substances has turned into contaminated sludge and is being stored at waste treatment plants.

Maebashi has designated area around its waste treatment plant a radiation danger zone, after radiation levels at 2 storage sites for incinerated sludge exceeded the government set-safety level.

Japan has had no safety guidelines for contaminated sludge, which is a new problem.

Last month, the government decided on an emergency measure to incinerate and store sludge that's been found to contain 100,000 becquerels or more of radioactive materials.

But the measure applies only within Fukushima Prefecture, prompting other prefectures and municipalities to demand that the government quickly set guidelines on how to handle contaminated sludge.

Tuesday, June 14, 2011 19:13 +0900 (JST)

rsnoble's picture

Sounds like one huge shithole.  Business as usual.

kaiserhoff's picture

Those TEPCO workers are dead men walking.  In spite of the treason in New York and DC, the continuing crisis in Japan is the only thing worth watching this summer.  All the other shit can be fixed, eventually.  On the other hand, on a long enough time line...

rsnoble's picture

Looks like someones busy pumping futures for a nice backdrop for Lord Stinky's upcoming speech.

Catullus's picture

FDIC: yeah, we probably shouldn't have bailed anyone out 3 years ago and just allowed the market to restructure the TBTFs.

So much time and effort wasted on this.