Frontrunning: May 16
- 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
- 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
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