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.