Frontrunning: May 16

Tyler Durden's picture
  • Tepco Says Fuel in 2 Reactors May Have Melted (Bloomberg) "The findings at the No. 1 reactor indicate the likelihood
    that the water level readings in the other reactors aren’t
    accurate"
  • The Destruction of Economic Facts (BusinessWeek)
  • US residents flee sacrificed Mississippi flood towns (BBC)
  • 'Dominique Strauss-Kahn Is Finished' (Spiegel)
  • IMF in Wake of Scandal Turns to Lipsky (Bloomberg)
  • The Known Unknown of Greek Debt (WSJ)
  • Greece Aid May Be Clouded by Strauss-Kahn Arrest (Bloomberg)
  • Lowe’s Profit Trails Estimates as Home Projects Curbed (Bloomberg), and, you guessed it, bad wearther blamed
  • Warning signs on market liquidity risks (Reuters)... pretty much as warned on Zero Hedge in April 2009
  • U.S. College Education Isn’t Worth Price: Report (Bloomberg)
  • Debt worries keep bears in the box seat (FT)
  • Glencore narrows IPO price range to 520p-550p (FT)
  • Euro Crisis May Hit Eastern European Recovery (Bloomberg)
  • US tax fears prompt overseas M&A rush (FT)
  • Obama Job Approval Rebounds Amid Discontent (Bloomberg)

Economic Highlights courtesy of Egan-Jones

  • Asian equities decline on global economic concern about US, Greece debt.
  • Atlanta Fed’s Lockhart says it’s too soon to consider exit from stimulus.
  • Beijing to introduce the Euro 5 emission standard for vehicles next year.
  • China's April power consumption rose 11.2% YoY to 376.8 billion kilowatt hours.
  • Greece to plead for more aid as arrest of IMF’s Strauss-Kahn clouds talks.
  • Home Sales, Starts probably lagged behind as factories drove US recovery.
  • Japan’s machinery orders unexpectedly rose 2.9% in March from Feb.
  • Most economists stick to the view that U.S. growth will accelerate later in the year.
  • Agilent beats by $0.09, beats on revs; guides Q3 EPS, revs above consensus.
  • Benihana Inc. terminated a possible sale process and proposed eliminating its dual-class stock structure.
  • Borders Group may have bidder for more than half its remaining stores.
  • Canadian consortium of banks, pension funds have made a rival, C$3.58B bid for
  • TMX Group Inc. which has plans to merge with LSE.
  • Citic agrees to buy Gold One for $469M, adding South African assets.
  • Citigroup reinstates common stock dividend of $0.01 per share.
  • Conmed Healthcare Mgmt hires Gleacher & Co. to explore a potential sale or acquisitions.
  • Dillard's beats by $0.36, posts Q1 EPS of $1.27. Revs rose 1.0% to $1.47B.
  • El Paso Pipeline Partners prices public offering of 14M common units at $34.51 per unit.
  • Glencore is looking again at spinning off its gold assets: reports.
  • Hennes & Mauritz April same store sales rose 11% while total sales rose 21%.
  • Joy Global to purchase LeTourneau for $1.1B.
  • John Wood Group to buy back shares worth $1.7B,
  • Kesa Electricals has drawn up a plan to sell struggling U.K. electronics retailer Comet.
  • Lowe's April net income declines from $489M to $461M.
  • Merck bags US approval for the first hepatitis C drug in almost a decade.
  • RIM recalls about 1,000 PlayBook tablets for faulty operating systems.
  • Transocean shareholders approve dividend of ~$1B.
  • Wal-Mart to buy a stake in China’s web-based retailer, Yihaodian. Terms undisclosed.
  • Yahoo’s China foothold threatened by rift with Alibaba over secret spinoff.

Economic Calendar: Data on Empire Manufacturing, NAHB Housing Market Index to be released.

Earnings Calendar: AL, ARKR, CTRP, HAST, ICCC, JCP, LOW, URBN, VAL, VOXX, WINN