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Frontrunning: June 21

Tyler Durden's picture




 
  • Papandreou Confidence Vote May Decide Greece’s Fate (Bloomberg)
  • Fitch sees risk of Greece, U.S. debt defaults (Reuters)
  • China’s new bond buying hints at shift to euro (MarketWatch) as was reported on Zero Hedge 3 weeks ago
  • David Cameron: We won't bail out Greece (Telegraph)
  • Change in China Hits U.S. Purse (WSJ)
  • Debtors hail changes to EU rescue fund (FT)
  • SEC Should Free ’Fab’ Tourre, Target Big Fish: (William Cohan)
  • German energy plan seen as ‘viable’ (FT)
  • Kenya Shilling at 17-Year Low on Inflation (Bloomberg)
  • China Floods Claim Victims, Crops (WSJ)
  • Hong Kong’s May Inflation Rises to 5.2% (Bloomberg)
  • UAE May Win MSCI Emerging-Market Status Amid Limits on Stock Ownership (Bloomberg)
  • Paulson May Deal Clients $720 Million Loss (Bloomberg)
  • Syria’s Assad Nods to Critics (WSJ)
  • Power groups win case on greenhouse gases (FT)
  • One in Three U.S. Workers Wants to Leave Job, Mercer Survey Says (Bloomberg)
  • Protests in Yemen Target President's Sons (WSJ)
  • e-Crime unit arrest man (Met Police)

European economic highlights:

  • United Kingdom PSNCR (nsa)forMay 11.1bn – Higher than expected.Consensus 6.6bn.Previous 3.3bn.
  • United Kingdom Public Finances (ex interventions)forMay 17.4bn – Higher than expected.Consensus 17.0bn.Previous 10.0bn.
  • Germany ZEW Financial Markets IndicatorforJune-9.0 mom – Lower than expected.Consensus -3.0.Previous 3.1.
  • United Kingdom CBI Industrial Trends SurveyforJune– Higher than expected.Consensus -5.Previous -2

Global news development courtesy of Egan-Jones

  • Asian stocks rise as easing concern of Greek default boosts mining shares.
  • Accuride Corp. said it acquired substantially all assets of Forgitron Technologies LLC.
  • American Industrial Partners to acquire Weyerhaeuser's Northwest Hardwoods biz unit.
  • BofA said to weigh sale of part of $21B CCB stake to boost capital.
  • Borders seeks amendments to $30M credit facility, plans to hold an auction on July 19.
  • CACI Intl agreed to buy Pangia Technologies LLC. Terms undisclosed.
  • Chubb estimates losses from April and May catastrophes at ~$0.55-0.68 per share.
  • EMI Group placed on block, faces chance of breakup.
  • FDA approved generic versions of J&J's antibiotic Levofloxacin for 12 makers.
  • Foster’s rejects $10.1B offer as SABMiller seeks talks; shares surge.
  • HTC is sued for patent infringement in UK by IPCom after Nokia ruling.
  • ING Groep confirmed that is looking to sell its European car leasing unit.
  • JPMorgan, RBS sued by Credit Union Agency over mortgage-backed securities.
  • Merck disallowed a new trial after judge rejected claims to $473M of federal tax refunds.
  • Office Depot's CEO says the co. may be open to a potential deal with its rival.
  • Panasonic sees FY11 profits declining by 59%, cites natural calamity.
  • Paulson sells its Sino-Forest stake at $500M loss, amid claims timber holdings overstated.
  • Susquehanna Bancshares Inc. to buy Tower Bancorp Inc. for $28/sh ($343M).
  • Weatherford Intl to pay BP $75M to cover its liability for any current or future claims related to the Macondo oil spill.

Economic Calendar: Data on Existing Home Sales to be released today.

Earnings Calendar: ADBE, APOG, AVAV, BKS, CCL, FSII, JBL, JEF, LZB, WAG, WSCI.

 

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Tue, 06/21/2011 - 07:37 | 1388325 I am a Man I am...
I am a Man I am Forty's picture

that cohan article is misleading, and is a goldman puppet piece

Tue, 06/21/2011 - 07:57 | 1388333 Monedas
Monedas's picture

Sell in May and go away !!!! Enjoy your "Summer Doldrums" !!!! First day of Summer and the PMs are languishing ???? Hahahahahahahahaha !!!! Monedas 2011 The Summer wind is blowing the confetti fiat around like painted kites !

Tue, 06/21/2011 - 07:47 | 1388345 Franken_Stein
Franken_Stein's picture

 

Tyler,

 

do you have knowledge of this document ?

http://adabyron.net/FederalReserveDirectors.pdf

 

Tue, 06/21/2011 - 08:22 | 1388431 Monedas
Monedas's picture

So Barney Frank's housing bubble was an attempt in good faith to break up the concentration of wealth ? Why do people do back flips to not blame our lovely populist rabble rousers ! The urge to lick government hole is a very deep emotional need like lunching at mama's milk bar ! We (you) voted  for these idiots of the left ! Shit in....shit out ! Monedas 2011 The Socialists trash our way of life and we don't have the heart to hold them accountable because their intentions were good ?

Tue, 06/21/2011 - 09:15 | 1388346 spanish inquisition
spanish inquisition's picture

Couple more (semi OT) - http://articles.latimes.com/2011/jun/16/science/la-sci-memory-switch-20110617 Can't wait for the weaponization of  MK801 in aerosol form- Great for wafting over a battlefield or dispersing protests.

http://cryptogon.com/?p=23126 Individuals may challenge Fed law for violating states rights

Edit:  Treasury Esf video http://www.marketskeptics.com/2011/06/the-esf-and-its-history.html .... must watch - far as I can tell the treasury secretary controls the funds in the ESF and is responsible to no one on how it is spent - also anyone looking for money, it should be in here, but it not reported

Tue, 06/21/2011 - 08:09 | 1388395 Yen Cross
Yen Cross's picture

  My sept. contracts are already opened!

Tue, 06/21/2011 - 08:31 | 1388439 Catullus
Catullus's picture

The "greenhouse" gas decision is a sad end to an outright corporate/executive branch power grab.  The Top 5 Power companies know they're hurting people and that this is a tort.  It's no different than dumping your garbage on your neighbor's lawn.  There's no need to get the Unconstitutional EPA involved.  Having the EPA "regulate" pollution is equivalent to paying off the cops.  They allow you to continue to harm people so long as you pay the "fine" to the cops.  Then the cops turn around and dump money into the same top 5 power companies to build worthless wind turbines or solar panels thousands of miles away.  Your kid got cancer from mercury or sulfur dioxide released from a coal plant? Fuck you.  The EPA gave me a permit to give your kid cancer.

Doesn't surprise me.  The environmentalists were always socialist private property haters anyway. Interesting when the biggest abusers of environment are on the side of the environmentalists, isn't it?  It's like the corporate interests are using the regulatory apparatus to do as they damn well please under the cloak of "protecting" people.

Tue, 06/21/2011 - 08:32 | 1388444 Catullus
Catullus's picture

Melissa McHenry, a spokeswoman for AEP, said that "as we've said since the day the lawsuit was filed, states and private parties should look to Congress and not the courts to set policies on climate change and greenhouse-gas regulation."

She said the court's ruling "ensures that power generators and other companies can continue to operate in accordance with environmental regulations without the threat of incurring substantial costs defending against climate litigation."

Writing for the court, Justice Ruth Bader Ginsburg noted that Congress decided the EPA was "best suited to serve as primary regulator of greenhouse-gas emissions. The expert agency is surely better equipped to do the job than individual district judges issuing ad hoc, case-by-case injunctions."

Ginsburg wrote that individual federal judges "lack authority to render precedential decisions binding other judges - even members of the state court."

Environmentalists, however, also claimed victory, pointing out that the court unanimously re-affirmed its 2007 ruling, Massachusetts v. EPA, in which the justices found that the federal government has the authority under the nation's clean-air laws to regulate greenhouse-gas emissions.

Tue, 06/21/2011 - 08:42 | 1388467 snowball777
snowball777's picture

William Cohan should be slapped to death with John Paulson's flaccid penis.

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