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Frontrunning: June 24

Tyler Durden's picture




 
  • Bernanke Public Approval Falls to Lowest (Bloomberg)
  • On Governments as Portfolio Managers (El-Erian) - good read on the distinction between good and bad inflation
  • Of Wealth and Incomes: Why Americans are so unhappy with this economic recovery (WSJ Editorial)
  • Wen Says China Succeeding in Inflation Battle with Price Gains Set to Slow (Bloomberg)
  • EU Halts New Greek Backtrack (WSJ)
  • Greek Austerity Measures Still Unclear (Market News)
  • Greek Default Insurance Costs Drop (WSJ).... yes, sub 1 point profit taking in 20 pts up CDS is now headline worthy
  • Feds to Launch Probe of Google (WSJ)
  • Italy’s Draghi Appointed to Succeed Trichet as ECB President (Bloomberg)
  • BOE King: UK Banks' Direct Greek Exposure Very Small (Market News)
  • Asia moves to tap oil reserves (Reuters)
  • German business morale rises unexpectedly (Reuters)
  • Durables Orders in U.S. Probably Climbed in May After Slumping Prior Month (Bloomberg)
  • BOE Says Debt Crisis Is Biggest U.K. Financial-Stability Threat (Bloomberg)
  • Obama eyes investments in technology manufacturing (Reuters)
  • US widens scope of Iran sanctions (FT)
  • Bond Sales Surge to Record as Spreads Shrink to 2008 Low: Australia Credit (Bloomberg)
  • Hundreds More Syrians Flee to Turkey (WSJ)

European Highlights:

  • France Consumer ConfidenceforJune83 – Slightly lower than expected.Consensus 84; Previous 83.
  • Hungary Retail SalesforApril-1.3% yoy – Lower than expected.Consensus +0.1%; Previous -0.9%.
  • Germany IFO Business SurveyforJune114.5 – Higher than expected.Consensus 113.4; Previous 114.2.
  • Italy Retail SalesforApril+0.4%mom +2.5%yoy – Higher than expected.Consensus -0.1%mom -0.7%yoy; Previous -0.2%mom -2.1%yoy.

Global headline summary via Egan-Jones:

  • Australia votes to lift its debt ceiling by 25% to A$250B.
  • China inflation will be 'under control’: Wen.
  • EU Leaders to endorse Italy's Draghi as next ECB President, Draft shows.
  • IEA says to release 60M barrels over coming months.
  • Large US banks are starting to ease their underwriting standards, particularly for commercial loans: Regulator.
  • Papandreou assured EU that he would deliver the budget cuts they are demanding.
  • Sales of US New Homes decrease for first time in three months.
  • Accenture beats by $0.04, beats on revs; raises FY11 EPS above consensus.
  • Apple cleared to bid on Nortel patents.
  • Biomarin Pharm to acquire Biologics manf plant in Ireland from Pfizer for $48.5M.
  • Blackboard Inc. in exclusive talks with Providence Equity, deal expected next week.
  • Campbell Soup Co. announces $1B share repurchase program.
  • ConAgra misses by $0.01, reports Q4 EPS of $0.47. Revs rose 5.3% to $3.21B.
  • Finish Line reports in-line, Q1 EPS at $0.30 as revs rose 6.0% to $299.5M.
  • Ford plunges to 23rd in JD Power Auto-Quality Survey as Toyota rebounds.
  • FTC to serve Google with civil subpoenas, probes into whether it abused its dominance.
  • Genesco acquires Schuh Group for $160M.
  • H&R Block’s Q4 net falls 4.9% to $658.2M after US stops tax-refund loans.
  • Lennar's quarterly profit fell 65% as deliveries fell and orders came in flat.
  • Marathon Oil Corp. will replace RadioShack Corp. in the Standard & Poor’s 500 Index.
  • Micron Technology posted net income of 7 cents a share, missing cons est. of $0.18.
  • NYSE Euronext to pay $910M in dividends to settle lawsuits challenging the $9.53B buyout of the parent company of NYSE.
  • Oracle reports Q4 EPS up 34% to $0.62; revs up 13%, but hardware sales slip 6%.
  • Rite Aid beats by $0.05, posts Q1 loss of $0.07. Revs fell 0.1% to $6.39B.
  • Russian social network VKontakte said to consider IPO in US.
  • Sears to spin off its Orchard Supply Hardware unit, an 89-store chain in California.
  • TIBCO Software beats by $0.03, posts Q2 EPS of $0.21. Revs rose 24.9% to $216.4M.
  • Williams Cos. offered to buy pipeline co., Southern Union Co., for $4.86B in cash.

Economic Calendar: Data on GDP, Durable Orders-May to be released today.
Earnings Calendar: CAVO, LPHI, PWX, SLP, TIK.

 

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Fri, 06/24/2011 - 08:37 | 1398071 Silverhog
Silverhog's picture

"Bernanke Public Approval Falls to Lowest" Yeah, thanks Ben. I'm still no where near retirement age and I'm paying the mortgage with money from my IRA. Your the man.

Fri, 06/24/2011 - 08:36 | 1398083 iNull
iNull's picture

You don't know whether to feel sorry for him or cut his balls off. And that's quite a dichotomy.

Fri, 06/24/2011 - 08:46 | 1398097 lizzy36
lizzy36's picture

How many in the "public" even know who Bernanke is?

Fri, 06/24/2011 - 09:02 | 1398128 snowball777
snowball777's picture

Chief downside to tooting your own horn...

http://www.time.com/time/specials/packages/0,28757,1946375,00.html

Fri, 06/24/2011 - 08:39 | 1398091 Zedge Hero
Zedge Hero's picture

The news this week concerning Japan and climate change with record weather.

http://www.youtube.com/user/zedgehero

Fri, 06/24/2011 - 08:59 | 1398123 dcb
dcb's picture

read the bernanke article, the only reason for linking the guy is ignorance. why dems would like him, I'm a dem. don't these idiots realize he a a major reason we have had middle class wage destruction, etc. without the fed we couldn't have endless foreign wars, etc. what the effec of always and excess cheap credit as done to the world and our economy. the poll really shows how little people know about economic issues

Fri, 06/24/2011 - 09:54 | 1398240 Forward History
Forward History's picture

+1

We need more people like you in the big two parties, who have carefully examined the issues and step outside partisanship to understand the real source of our problems.

Happy Friday.

Fri, 06/24/2011 - 11:37 | 1398610 dark pools of soros
dark pools of soros's picture

when did the Fed Head need ANY public approval??  They didn't even get majority when it was created

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