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Frontrunning: May 13

Tyler Durden's picture




 
  • Japan’s Most Important Banker Sees Only Bubbles (Bloomberg)
  • China May Limit Rate Increases After Raising Bank Reserve Ratio (Bloomberg)
  • Japan Approves Tepco Nuclear Claims Plan (Reuters)
  • What Is The Purpose Of The Euro? (Forbes)
  • Senior IMF Official: Asian Countries, Including China, Increasingly See Currency Rise Needed (WSJ)
  • Suicide Bombing Kills At Least 69 in Pakistan (Reuters)
  • U.S. Attorney Sends a Message to Wall Street (NYT)
  • Mighty Determined Sellers (NYT)
  • IMF Weighs Extending Greek Repayments (WSJ)
  • Beef Buying Koreans Fuel Record U.S. Meat Rally (Bloomberg)
  • Money Markets: Stretching Hard for Yields (PIMCO)
  • Exchange operator BATS Global files for IPO (Reuters)
  • Greece Debt Default Anticipated by 85% in Poll (Bloomberg)
  • Dispute Looms over Leading Roles at ECB (FT)
  • Sons of Blackwater Open Corporate Spying Shop (Wired)
  • Uncertain Leadership Strains Financial Overhaul (NYT)

 

European Economic Highlights:

  • Germany GDP for Q1 - Flash +1.5%qoq – higher than expected. Consensus +0.9%qoq. Previous +0.4%qoq.
  • France GDP - Provisional for Q1 +1.0%qoq – higher than expected.Consensus +0.6%qoq. Previous +0.3%qoq.
  • Spain GDP for Q1 – Flash +0.3%qoq, +0.8%yoy – higher than expected.Consensus +0.2%qoq +0.7%yoy. Previous +0.2% qoq +0.6%yoy.
  • Euroland GDP for Q1 - Flash +0.8%qoq +2.5%yoy – higher than expected.Consensus +0.6%qoq +2.2%yoy. Previous +0.3%qoq +2.0%yoy.
  • Italy GDP - Provisional for Q1 +0.1%qoq +1.0%yoy – lower than expected.Consensus +0.1%qoq +1.3%yoy. Previous +0.1%qoq, +1.5%yoy.

Summary Highlights via Egan-Jones:

  • Asian stocks, oil decline on China tightening.
  • Bank of Korea unexpectedly leaves interest rate unchanged at 3%.
  • Bernanke: System unstable if debt limit not lifted.
  • China hikes reserve requirement ratio for banks to 21%.
  • Retail Sales in US rise 0.5% vs. 0.7% expected, helped by gains in fuel, food.
  • Advent Software to acquire Black Diamond Performance Reporting for $73M.
  • Burger King swings to Q1 loss of $6.8M, sales drop 8% 552M.
  • CA Tech sees 2012 EPS at $2.12-2.19 (cons $2.10); Board announces addln $500M of repurchase of Co's shares.
  • Enel Q1 net rose 14%, above expectations, due to lower financial charges.
  • Feds seeks $1B to resolve a long-running probe into J&J's marketing of Risperdal.
  • FleetCor beats by $0.03, beats on revs; reaffirms FY11 EPS, revs guidance.
  • General Mills seeing higher prices sticking: CFO.
  • Japan to aid Tepco compensation for Fukushima nuclear crisis.
  • Kohl's Corp. Q1 net rises 6% to $211M as sales rose 2.9% to $4.16B.
  • Nissan ends record sales year with $380M quarterly profit; plans to ramp up US deals.
  • Nordstrom announces $750M buyback of its common stock. Q1 net up 25% at $145M as revs rose 12% to $2.23B.
  • Precision Castparts' Q1 net rises 12% to $271M as overall revs rose 17% to $1.68B.revs rose 12% to $2.23B.
  • Rambus to acquire CRI for an aggregate of $342.5M.
  • Rent-A-Center increases quarterly cash dividend 167% to $0.16/sh.
  • Takeda: No truth to reports on Nycomed deal.
  • Teekay Corp.'s Q1 loss doubled to $29.7M as revs slipped 14.6% to $488M.
  • Tree.com agrees to sell home loan business to Discover Financial Services for $55.9M.
  • Tyson board reactivates 22.5M share buyback.
  • Vivendi SA's Q1 net rises 193.7% to €1.73B on gains from tax settlement in Poland. Revs up 3.8% at €7.18B.
  • Yahoo said the transfer of control of Alipay - an online payment unit of Alibaba Group, in which Yahoo holds a roughly 39% stake, occurred without its knowledge.
  • Yum Brands plans to privatize Little Sheep Group Ltd. and gain a roughly 93% stake in the Chinese restaurant chain.

Economic Calendar: Data on CPI, Mich Sentiment to be released today.

Earnings Calendar: A, ARKR, BEC, CLSN, DDS, INTG, LDK, PRKR, USBI.

 

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Fri, 05/13/2011 - 08:26 | 1271191 anynonmous
anynonmous's picture

second day of Blanchflower and Keene on Bloomberg - Blanch's cure for underwater homeowners - they should welcome inflation it will be good for the value of their houses

 

(is it any wonder that we are in the situaiton we are in when "leading" economic teachers spew crap like that)

Fri, 05/13/2011 - 08:42 | 1271213 DavidC
DavidC's picture

Spot on, anonymous.

Your house may be worth a million, but you won't able to afford the mortgage, fuel for the car or food. But hey, the house will be 'worth' a million.

Idiots. Them and Blinder yesterday, another educated idiot.

DavidC

Fri, 05/13/2011 - 09:04 | 1271254 speedy
speedy's picture

If the interest rate on your mortgage is fixed, you have a job and your wages rise in line with inflation, the yes it would help such a person. Being underwater is irrelevant.

If you have either no mortgage, no job and no PM's maybe inflation is not so good.

Fri, 05/13/2011 - 08:30 | 1271199 achmachat
achmachat's picture

"Beef Buying Koreans Fuel Record U.S. Meat Rally "

bullish bulls?

Fri, 05/13/2011 - 08:43 | 1271220 Josh Randall
Josh Randall's picture

U.S. Attorney Sends a Message to Wall Street: "..do you perfer Dark Chocolate or White Chocolate Bunnys for Easter next year ?" 

Fri, 05/13/2011 - 10:34 | 1271649 Mesquite
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