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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.

 

 

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Wed, 05/11/2011 - 08:31 | 1262330 Careless Whisper
Careless Whisper's picture

Did you leave the lights on when no one was home? You'll get taxed for that. Google will eventually collect information of everything that uses electricity.

Google to make lightbulbs and dishwashers

http://www.telegraph.co.uk/technology/google/8506050/Google-to-make-ligh...

 

Wed, 05/11/2011 - 08:31 | 1262331 thedrickster
thedrickster's picture

Frank Bergstrom is too stupd to live, as is Liesman.

Wed, 05/11/2011 - 08:33 | 1262341 Careless Whisper
Careless Whisper's picture

Internet censorship back in a big way. Introducing the PROTECT IP Act.

Son Of COICA: PROTECT IP Act Will Allow For Broad Censorship Powers, Even Granted To Copyright Holders

http://www.techdirt.com/articles/20110510/13285714230/son-coica-protect-...

 

Wed, 05/11/2011 - 08:35 | 1262344 SheepDog-One
SheepDog-One's picture

How da fuk can the Post Office LOSE $2.2 billion dollars? I can see not making as much profits, but losing that much...what is the USPS doing running a triple inverse leveraged energy hedge fund out back?

Wed, 05/11/2011 - 08:41 | 1262356 squexx
squexx's picture

How can they lose money? Too many unions, too many Affirmative Action hires that they can't fire. The government always fucks up everything it touches!

Wed, 05/11/2011 - 08:57 | 1262401 Careless Whisper
Careless Whisper's picture

simple solution: deliver mail every other day.

Wed, 05/11/2011 - 10:03 | 1262725 capitalist bison
capitalist bison's picture

How can they lose $2.2B? It's the government. Amtrak is running a massive deficit as well.

 

"I'm from the government, and I'm here to help."

Wed, 05/11/2011 - 08:38 | 1262347 I am Jobe
I am Jobe's picture

Look Green Shitz

Stick a fork in this pig followed by FRE and FNM. Idiots runnign the show. Fools will be elected over and over. Hang the bitchez or send them to Syria.

 

U.S. Postal Service reports $2.2 billion loss

http://money.cnn.com/2011/05/10/news/companies/usps_earnings/index.htm?i...

Wed, 05/11/2011 - 08:42 | 1262354 Ray1968
Ray1968's picture

Between the Post Office, Fannie, Freddie and every other thing the government touches going bankrupt, how the hell will they "fix" our heathcare system?!?!?!?!?!?

We're so screwed!

Wed, 05/11/2011 - 08:50 | 1262379 I am Jobe
I am Jobe's picture

Beyond screwed. One big fucking revolving door and corrpt system will never end in the USA.

Wed, 05/11/2011 - 08:49 | 1262384 squexx
squexx's picture

How you loving the "change" Obongo gave us?!??!

Wed, 05/11/2011 - 09:01 | 1262411 lizzy36
lizzy36's picture

Don't forget Amtrack.

Wed, 05/11/2011 - 08:39 | 1262355 SheepDog-One
SheepDog-One's picture

'Wall St says cuts alone wont fix budget'...Oh of course not, the only way Wall St thinks the budget can be fixed is more transfers of trillions from taxpayer to them at 0%, THEN the budget is really gettin fixed!

Wed, 05/11/2011 - 08:49 | 1262376 Jim Lahey
Jim Lahey's picture

A tax on wall street would fix. Watch the deficit go down as HFTs push low volume back and forth.  But that would make too much sense.

The wall street solution may go by way of Irish pension tax in American theater.

Wed, 05/11/2011 - 08:48 | 1262382 I am Jobe
I am Jobe's picture

Easy money is certainly something which Whore Street has done to destroy the USA.

Wed, 05/11/2011 - 09:08 | 1262438 GOSPLAN HERO
GOSPLAN HERO's picture
Forbes Predicts U.S. Gold Standard Within 5 Years?

Honest money in the USA again!

Wed, 05/11/2011 - 09:30 | 1262554 buzzsaw99
buzzsaw99's picture

The AIG thing may partially explain why they haven't crashed the stock market yet.

Wed, 05/11/2011 - 09:45 | 1262610 John Law Lives
John Law Lives's picture

Dumb money flees munis:

http://www.bloomberg.com/news/2011-05-03/-dumb-money-flees-muni-funds-as...

excerpt:

<<< investment- grade municipal bonds had a cumulative 10-year default rate of 0.06 percent from 1970 to 2009, according to New York-based Moody’s Investors Service. >>>

I love ZH, but it was flat out WRONG by advising people that munis as a broad investment class are a ticking time bomb.  Some municipalities are poorly run and will default. Investors have a wide selection of munis to purchase and they should do their own DD.

Wed, 05/11/2011 - 10:14 | 1262783 Hard1
Hard1's picture

Best healine today is #1 item in TOP news on Bloomberg

"Commodities, U.S. Stocks Drop on Inflation Concern; Euro Weakens"

Now a days on inflation concerns commodities happen to drop and treasuries rise!!!!

Wed, 05/11/2011 - 11:01 | 1263085 TK7936
TK7936's picture

Its also my Birthday today :)

Sat, 05/21/2011 - 02:49 | 1297761 jimmight
jimmight's picture

'Wall St says cuts alone wont fix budget'...Oh of course not, the only way Wall St thinks the budget can be fixed is more transfers of trillions from taxpayer to them at 0%, THEN the budget is really gettin fixed!

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