Frontrunning: May 11

Tyler Durden's picture
  • U.S. post has $2.2 billion loss, warns of Sept insolvency (Reuters)
  • Partisan Divides Harden on Debt Accord as Options Are Rejected (Bloomberg)
  • EU Slows Drive for More Greek Aid as Merkel Seeks ‘Proven’ Steps (Bloomberg)
  • AIG sets $9 billion stock offer, half of expected (Reuters)
  • China Inflation Signals More Tightening to Come (Bloomberg)
  • Japan Aims for Tepco Compensation Scheme this Week (Reuters)
  • U.N.Chief BanCalls forCeasefire in Libya (Reuters)
  • Syria Extends Armed Push; EU Sanctions Begin (WSJ)
  • BOE Says Outlook Weaker, Sees Inflation Falling (Bloomberg)
  • Merkel to Back Draghi as Trichet’s ECB Successor (Bloomberg)
  • Spain Weighs Wider Use of 'Bad Bank' Model for Cajas (WSJ)
  • Wall Street Says Cuts Alone Won't Fix Budget (Reuters)
  • President to Renew Muslim Outreach (WSJ)
  • Federal Retreat on Bigger Loans Rattles Housing (NYT)

Daily Highlights courtesy of Egan-Jones

  • Asian stocks gain on global economic recovery; Oil, Metal futures advance.
  • China Inflation slows to 5.3% from year earlier, Government say.
  • China pledges increased access for US companies without budging on Yuan.
  • China's April industrial output rises 13.4% from year earlier.
  • A.P. Moller-Maersk Q1 net rose 85% but reiterated 2011 bottom line to fall.
  • Apollo Global to pay $5.50 a share in cash, or ~$509 million, for CKX Inc.
  • ArcelorMittal's Q1 net income rose 67% on 27% higher revenue.
  • BioMimetic Therapeutics: Co’s synthetic bone product, Augment, may not be safe: Regulators.
  • ConocoPhillips plans sale of oil, natural-gas stakes off Vietnam’s coast.
  • Dean Foods ups its full-year EPS view to $0.67 vs. cons est. of $0.57.
  • Disney profit declines 1.2% as ‘Mars’ film, Japan quake weigh on results.
  • E.On's Q1 net income was level with a year earlier, and adj net fell 34%, on 8.4% higher sales.
  • Fossil Inc. sees 2011 EPS at $4.44 (cons view $4.37/sh).
  • Google accrues $500M for possible resolution of Justice Ad probe.
  • HSBC is targeting cost cuts of $2.5-3.5B, aims at a return on common equity of 12-15%.
  • Imperial Sugar beats by $0.56, reports Q2 EPS of $0.34. Revs fell 8.0% to $192.2M.
  • McDermott beats by a cent, posts Q1 EPS of $0.29. Revs rose 78.1% to $899.2M.
  • Microsoft, Skype News confirm on $8.5B accord.
  • Northwest Pipe beats by $0.25, posts Q1 EPS of $0.38. Revs rose 38.7% to $111.5M.
  • SRA Intl reports Q3 EPS of $0.43 (cons $0.37); revs rose 10% to $437M.
  • Teva Pharma's Q1 adj net rose 13%, on "strong sales growth in Europe.
  • Toyota's Q4 net slumps 77%, but profit for full fiscal year doubled to $5B.
  • URS misses by $0.05, misses on revs; reaffirms FY11 EPS and revenue guidance.
  • Walt Disney misses by $0.07, reports revs in-line - up 5.8% at $9.08B.

Economic Calendar: Data on MBA Mortgage Index, Trade Balance, Crude Inventories to be released today.

Earnings Calendar: ACXM, ARKR, CASM, CSCO, IOC, KELYA, LACO, M, SPTN, SYMC, UPG. PETS, TA, TSN.