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Frontrunning: June 22
- Poll: 44% of Americans Say Worse Off Under Obama (Bloomberg)
- QE 2 Proves No Silver Bullet (Hilsenrath)
- China’s Money Rate Rises to More Than Three-Year High as Banks Hoard Cash (Bloomberg)... hmm, where have we heard this before...
- Europe’s Threat to Asian Exports May Force Slower Interest-Rate Increases (Bloomberg)
- Fed Frets Over Fiscal Recklessness Behind Calm of 0.09% Yield (Bloomberg)
- Greek Two-Year Government Notes Rise After Papandreou Wins Confidence Vote (Bloomberg)
- Plan to Ease Way for Unions (WSJ)
- PIMCO's El-Erian predicts Greece, others will default (Reuters)
- IMF: Spain needs bolder job-market reforms (Businessweek)
- Syrian TV shows rallies backing Assad (FT)
- Saudi Suggests 'Squeezing' Iran Over Nuclear Ambitions (WSJ)
- France Warns of Hunger as Farm Ministers Meet (Bloomberg)
- Timeline of Greece's debt crisis (Reuters)
- Bridgewater to launch $10 billion fund: report (Reuters)
Global economic highlights courtesy of Egan-Jones
- Greece 'essentially bankrupt’ even with aid, says Pimco’s Andrew Balls.
- Papandreou wins Greek confidence vote, boosts rescue chances.
- Sales of existing U.S. homes decreased in May to the lowest level in six months.
- Adobe Systems beats by $0.04, posts Q2 EPS of $0.55. Revs rose 8.5% to $1.02B.
- AeroVironment beats by $0.11, beats on revs; guides FY12 EPS, revs above cons.
- AstraZeneca to selling its dental and healthcare division to Dentsply for $1.8B cash.
- Barnes & Noble posts wider 4Q loss at $59.4M, missing est., on investments in Nook.
- Carnival beats by $0.03, posts Q2 EPS of $0.26. Revs up 10.8% at $3.62B.
- Guides Q3, FY11 EPS below consensus.
- Commercial Metals Co. reported Q3 EPS of 32 cents, beating avg est. by 58 percent.
- FedEx's May net income rose from $419M last year to $558M this year.
- Freescale Semiconductor expects sequential revenue and margins growth for 2Q
- Gannett to lay off about 700, or 2% of workforce.
- Jabil Circuit reported Q3 EPS of $0.58, revs up 22.3% to $4.23B. To repurchase up to $200M of shares.
- JPMorgan to pay $153.6M to settle SEC allegations over mortgage CDO.
- La-Z-Boy Inc.'s Q4 net falls 26% to $10.3M, despite 9.1% rise in revs to $338.9M.
- PetroChina walks away from $5.5B Encana natural-gas deal in Canada.
- Philips warns of weaker-than-expected demand in its lighting, consumer lifestyle unit.
- Pilgrim's Pride Corp.'s CEO: We producer doesn't expect any liquidity problems this year.
- Qantas Airways reaches settlement with Rolls-Royce over Trent 900 failure.
- RIM has become a takeover candidate on valuation terms: reports.
- Shell to acquire 254 petrol retail sites in the UK from Rontec Investments for $400M.
- Vanguard Health Systems raises $450M in public offer, 22% less than sought.
- Video Web site Hulu is considering its options, including a possible sale.
- W R Berkley estimates pre-tax losses of ~$65M from US storms that hit in April & May.
- Walgreen no longer a part of Express Scripts’ pharmacy network as of next year.
- Whole Foods Market to expand to 1,000 stores in US, may consider share buybacks.
Economic Calendar: Data on MBA Mortgage Index, FHFA Housing Price Index, Crude Inventories & FOMC Rate Decision to be released today.
Earnings Calendar: AMN, AZZ, BBBY, FDX, FLOW, FUL, IHS, KMX, PAYX, RHT, SCS, SONC.
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Good example of the mess spain and esp the savings banks are in:
http://hosted.ap.org/dynamic/stories/E/EU_SPAIN_GHOST_AIRPORTS?SITE=CARIE&SECTION=HOME&TEMPLATE=DEFAULT
And i thought the Japanese had a monopoly on airports to nowhere.
lol
"Poll: 44% of Americans Say Worse Off Under Obama"... Obama has done his job. He was introduced like a ipad at an Apple conference, recall the Keynote speech at 2004 Dem National convention. Who brought him forth,? Based on book he never wrote, "Audacity of Hope". Next, Lehman allowed to fail. Usher in Obama. Now we get the former NY Fed President, Tim Geithner. Bernanke kept on. Stooges and tools Summers, Romer, Orzag, Bernstein, Goolsbee all brought on board. McCain never had a shot. TPTB needed a smiling, articulate, handsmome teleprompter reading manaquin , and they got one. Yes, Obama has done his job.
http://littlegreenfootballs.com/weblog/pictures/20080529ObamaSorosSF.jpg
The only thing different under John (I want to kill everyone) McCain would have been the names.
Yes, but Obama was a lock and offered no curveballs.
My point is that the CB's run the gubments. Elections are meaningless. Have some more cake.
No curveballs................?
He removed mine.
Palin might have been annoying enough to have goaded the russians to fuck it and nuke us anyway.
Palin would have been a saint compared to this assclown.
absolute disaster he is. Even worse is that he is such a screw up it is likley the republican plan (which in many ways is even worse for the majority of americans) is likely to be enacted. A lot of attacks from the right are motivated by race I believe, but he really has listened to republican economic advisors and carried out almost the exact same economic programs they would. Because he did that, they will be elected and the tax breaks for the super wealthy will become perminant. disaster. I was suckered in voting for him. So based on the republican field so far I will skip the next presidential election. I refuse to vote for Obama again as a matter of principle. If democrats vote for him again it just tells the entire party elite they can screw over the people who vote for them and get away with it.
dcb,
dude, NO vote, is a vote for Obama.
They actually had to take a POLL to show that?
What idiots.
44% say worse off under Obamainator
56% say they like the two year no-worky checks and SNAP
'QE2 proves no silver bullet'? Hell its a proven total failure.
May have been a tungsten bullet.
Cannot be worse under Obama, cause he doing absolutely
nothing Null (not even Zero) Ahh, forgot about his
Poem "Obamacare", which actually rise my private insurance
cost. Should it attempt to do exact appositive?
IAEA will create "level 8" for Fukushima
IAEA????????????????????????????????????????????????????????????????????????????????????????????????????
What about whats coming out of france right now?
a Taiwan media reported in Japan
Belize nationalized their electricity grid.
interesting. but they had no choice. one electric company. 70% foreign owned. about to shut it down due to losses.
http://belizean.com/news/belize-electricity-limited-expropriated-by-beli...
This today from the WSJ
"A leading member of Saudi Arabia's royal family warned that Riyadh could seek to supplant Iran's oil exports if the country doesn't constrain its nuclear program, a move that could hobble Tehran's finances.
In closed-door remarks earlier this month, Saudi Prince Turki al-Faisal also strongly implied that Riyadh would be forced to follow suit if Tehran pushed ahead to develop nuclear weapons and said Saudi Arabia is preparing to employ all of its economic, diplomatic and security assets to confront Tehran's regional ambitions.
"Iran is very vulnerable in the oil sector, and it is there that more could be done ...
Could be a white swan for the second half of the year. It certainly aligns with Obama's needs. Look for then anti-iran producing block to pitch in...
Buy airlines Short oil stocks
I don't care for either party too much, but just wait till the repukes get back in and put everyones head on the chopping board. I am going to lmao when everyone votes in a Bush replacement and this place goes up in flames. Of course with the current state of affairs I think that's inevitable regardless of who's playing for the puppet master.
On the bright side, maybe they'll inherit their own shitstorm for once, but they'll just use it to move the fascist ratchet one position tighter.
Only 44% worse off under Obama? That is about the percentage of the poplulation that is supposed to be paying for all of the giveaways.
The govt workers and people feeding at the slop trough are having great success. What could go wrong with using credit from China to keep that part of the population content? Maybe there have a greek gene in their DNA.