Frontrunning: June 23

• America Faces Critical "Colonel Jessup" Moment (RCM)
• Democrats push for jobs package in debt deal (Reuters)
• HSBC Preliminary China June PMI Falls to 11-Month Low (WSJ)
• Most Euro-Zone Economies Contract (WSJ)
• Trichet Says Risk Signals Are Flashing Red as Debt Crisis Threatens Banks (Bloomberg)
• A Divine Wind Blows Against Iran’s President (NYT)
• Syrian troops mass near Turkish border (Reuters)
• Yemen Jailbreak by Al-Qaeda Fighters Highlights Risk of Descent into Chaos (Bloomberg)
• Buy and Hold Crushes Day Traders, New Report Shows (CBS)
• Greek, Irish Incomes Take Hit (WSJ)
• Parliament Torpedoes EU Reform Plan (WSJ)
• The U.S. and E.U.: Have They Ever Been in Such Terrible Shape? (New Republic)
• Singapore Consumer Prices Climbed 4.5% in May, More Than Analyst Estimates (Bloomberg)
• Biggest Banks May Get Boost From Basel (Bloomberg)
• Quake Rattles Northeast Japan (WSJ)
• Lagarde Pitches IMF Board Members, Geithner For Fund Chief Job (WSJ)
• Hopes fade for accord at Doha talks (FT)
• McConnell attacks financial regulators (FT)

European Economic Highlights:

• Switzerland Trade Balance for May CHF 3.31bn.Previous CHF 1.44bn.
• France Flash Manufacturing PMI for June 52.5 – Lower than expected.Consensus 54.0; Previous 54.9.
• France Flash Services PMI for June 56.7 – Lower than expected.Consensus 62.5 mom; previous 62.5.
• Germany Purchasing Managers Index - Manufacturing for June 54.9 – Lower than expected.Consensus 57.0; Previous 57.7.   
• Germany Purchasing Managers Index - Services for June 58.3 – Higher than expected.Consensus 55.7; Previous 56.1.    
• Sweden Producer Prices for May -0.9% mom +1.0% yoy – Lower than expected.Consensus 0.0% mom 1.9% yoy; Previous 0.0%mom 1.9%yoy.
• Euroland Flash composite for June 53.6 - Lower than expected.Consensus 55.2, Previous 55.8.
• Euroland Flash Manufacturing PMI for June 52.0 – Lower than expected.Consensus 53.8; Previous 54.6.
• Euroland Flash Services PMI for June 54.2 – Lower than expected.Consensus 55.3; Previous 56.0.
• Italy Consumer Confidence for June 105.8 – in line with expectations.Consensus 105.3; Previous 106.5.
• Czech Republic Monetary Policy Meeting 0.75% - unchanged as expected.
• Turkey Monetary Policy Meeting 6.25% - unchanged as expected.

Global economic highlights courtesy of Egan-Jones

• Bernanke says Greek default would have 'very small' impact on US banks.
• China money rate jumps to three-year high as higher reserve ratio squeezes cash.
• Fed revises economic forecast to show weaker outlook for jobs and growth for 2011.
• Fed to keep stimulus after asset purchases end, sees slowdown as temporary.
• HSBC flash China PMI for June at 11-month low, at 50.1.
• Trichet says risk signals are flashing red as debt crisis threatens banks.
• Adobe sees Q3 EPS to be as low as $0.50 vs. cons est for $0.54.
• Airbus wins record 200-plane order from AirAsia at Paris Show.
• AMR said to be in talks for 100 Airbus jets in shift from Boeing.
• Bed Bath & Beyond sees profit rising 15-20% in the year ending February 2012.
• Borders Group wins approval for new loan terms, more time for sale of about 40 stores.
• Cargill, Royal DSM said to make bids in $2.6B sale of Provimi SA, a maker of animal feed.
• Conagra's May net income rises from $90M to $255M.
• Eastman Chemical signed a deal to buy Sterling Chemicals Inc. for $100M in cash.
• Encore Energy Partners to buy a 50% interest in West Texas’s Permian Basin for $42.5M.
• FedEx says full-year profit may exceed estimates as shipping demand gains.
• Icahn Capital cuts its stake in Biogen Idec Inc. to 3.4 percent from 5.6 percent.
• IHS Inc. f'casts revenue for the year to as much as $1.32B (cons $1.29B).
• Illinois Tool reaffirms Q2, FY11 guidance; reports March-May rev +18% YoY.
• Lennar's May net income declines from $40M to $14M.
• Maple Group raised its offer for TMX Group Inc. to $50 a share from $48 a piece.
• Nokia completes outsourcing deal with Accenture, incl transfer of 2,800 personnel.
• Paychex reports in-line, posts Q4 EPS of $0.33. Revs rose 5.3% to $522.7M.
• ProLogis to offer 30M shares of common stock.
• PVH updates its earnings estimates to the high end of the prior range.
• Regions Fincl Corp to pay $200M to settle fraud allegations related to subprime MBOs.
• Rite Aid's May net losses improve from a $76M last year to $63M this year.
• Telstra strikes a $11.6B deal with AUS govt to allow access to its fixed-lined infrastructure.

Economic Calendar: Data on Initial & Continuing Claims, New Home Sales to be released today.
Earnings Calendar: CAG, DFS, FINL, HRB, LBIX, LEN, ORCL, RAD, TIBX.

Comments

[Scoted]

First one to post. Whoopey!

[Rodent Freikorps]

Dinnerjacket isn't in league with the djinn, he is a djinn.

[apberusdisvet]

TPTB are doing their best to keep the AQ strawman alive; wouldn't want to diminish the police state rationale, now would we?

[Occams Aftershave]

the article "buy and hold crushes daytraders" is the stupidest, most irrelevant and useless study i have ever seen.     The headlines may be true or false, but one can not ascertain that from the methodology of the study.    

Most interesting is that the original data, from Bespoke, doesn't have the same stupid headline.   That was dreamed up by the geniuses at CBS Marketwatch.

[rsnoble]

Yes buy and hold, that gives them days instead of seconds to steal your money.