Frontrunning: May 12

• Don’t Let Go of the (Wall Street) Anger (William Cohan)
• Blame Washington, D.C., Not Wall Street (RCM)
• Fed Officials Divided on Policy Outlook (Reuters)
• Goldman Sachs Viewed Unfavorably by 54%. (Bloomberg)... although either that number is really 154% or Junker "edited' it
• Bill Proposes Mortgage Shake-Up (WSJ)
• Obama Defense Cuts Under Fire (FT)
• Japan Confirms Fukushima Nuclear Reactor 4 Leaning And In Danger Of Complete Collapse (Intel Hub)
• Portugal's Aid Plan Advances (WSJ)
• UK Country Risk: Is Lloyd's of London Too Big to Sue? (IRR)
• Osama Bin Laden Journal Said to Outline Plots (Bloomberg)
• Italian, and Goldmanite, Set to Lead Europe's Top Bank (WSJ)
• On Housing, There Will Be More Lean Years Ahead (WSJ)
• Forbes’ Foresight (The Sun)
• India to Lose EU Preferential Benefits (Business Standard)
• Crummy economy may take down Obama in 2012 (Post)
• Obama Seeks Reset in Arab World (NYT)
• Greeks Stage Protests Against Spending Cuts and Tax Increases (NYT)
• Taliban Leaders Aid Hunt for al Qaeda, Afghans Say (WSJ)
• Somalia Would Embrace U.S. Strike (WSJ)

Event highlights courtesy of Egan-Jones

• Bernanke: Fed to unveil banking rules this summer.
• BOE cuts growth forecasts; raises inflation outlook, predicting peak of 5% this year.
• China’s Yuan convertible by 2016 in global poll marking big investor shift.
• Euro rises on bets region’s expansion will support further rate increases.
• US Budget deficit on track to exceed $1 trillion.
• US farm exports surge to six-month record of $75B, led by China.
• Acxiom posts loss of $71M in Q4 on write-down to European unit. Revs rose 4% to $298.8M.
• AIG plans to buy back shares in latter part of 2012, CEO Benmosche says.
• Chrysler may hire more than 3,000 workers, add shifts in US, Union says.
• Cisco reported Q3 EPS of 42 cents a share, beating cons estimate of 37 cents. To cut 4,000-5,000 jobs and $1B in costs.
• Clearwire Corp. to sell 10M shares beginning about May 13.
• EBay to make $1.4B on Skype investment after Microsoft acquisition.
• Galleon’s Rajaratnam found guilty in US insider-trading case.
• Hartford said to seek buyers for mutual-fund unit, may fetch $1.5B.
• Iamgold Q1 net income more than doubles to $162.3M as revs jump 80% to $432.5M.
• Macy's beats by $0.11, reports revs in-line; raises FY12 EPS above consensus.
• Precision Drilling announces 28 new addln rigs, increases 2011 capex to $790M.
• Spectra Energy to a natural gas pipeline in eastern Kentucky from EQT Corp. for $390M.
• Symantec beats by $0.02, beats on revs; guides Q1 EPS in-line, revs above consensus.
• Takeda in talks to acquire closely held Swiss competitor Nycomed for more than $14.2B.
• US approves Shell plan to drill in Gulf of Mexico.
• Wabtec increases share buyback authorization to $150M.

Economic Calendar: Data on Initial & Continuing Claims, PPI, Retail Sales, Business Inventories to be released today.
Earnings Calendar: CA, CACH, DRYS, DXYN, JWN, KSS.

Comments

[digitlman]

"Bernanke: Fed to unveil banking rules this summer."

I can't stop laughing on this one.

[DavidC]

Well, I guess, since the Fed has only existed for 98 years, it's taking a little bit of time to get it right.

DavidC

[Sudden Debt]

to get it right? :)

HA!

The banking rules will be wirtten by the banks themselves. They've got the FED and Obama in their pocket.

All I wonder is :

WILL OBAMA SHOW NO SHAME YET AGAIN IN 2012 WHEN HE TAKES MILLIONS OF DOLLARS OF BRIBE MONEY FROM THE BANKS TO GET REELECTED AND PAY FOR HIS COMMERCIALS?!!

And that's all the rest of America should ask themselves. Every million "donated" by the banks to Obama has cost the US 10billion$!!!!

TALK ABOUT A INVESTMENT!!!

100,000% RETURN IN 4 YEARS TIME!!!

HELL!! EVEN I FEEL LIKE DONATING TO OBAMA!!! TAKE IT ALL MY PUPPET FRIEND!!!

[Catullus]

There is no learning in Congress on these mortgage backed securities and governmental guarentees.  They are designed to blow up. What are the chances they'll tap their government guarentees? 100% if they're designed correctly. 

Let Fannie and Freddie be replaced by nothing.  NOTHING. ZERO. ZILCH.  ALL THOSE PRECIOUS PSUEDO-GOVERNMENT JOBS IN ALL WHITE SUBURBS OF DC GONE.  It will not be the end of all humanity.  These houses will still exist.  Mortgages will still exist.  Some smart people will figure it out. 

[Element]

"Goldman Sachs Viewed Unfavorably by 54%."

So 46% are ok with GS, or are 'undecided'?

Anon 'surveys' like this always make me go ... hhmmmm ...

Lump me with the sceptics.