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
  • 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.


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Commander Cody's picture

Eventually, TEPCO will finally release what they have known all along - all three operating reactors (Units 1-3) at the time of the earthquake/tsunami have melted down completely.  The plants were not designed to cope without any power for more than a few hours.  After that, with no cooling or makeup water, the cores became uncovered and melted.  Its called - core on the floor.

SheepDog-One's picture

Not only that, but Japan has shut down other reactors now, in anticipation of another 9.0 earthquake.

Jim in MN's picture

Also this morning, the newly-shutdown Hamaoka plant was found to have an undetected seawater contamination in its cooling system which can cause corrosion and failure.  Looks like quake damage to the pipes.

Seawater found in coolant at Hamaoka plant

At the Hamaoka nuclear power plant in central Japan, seawater has been found in coolant at one reactor.

Five nuclear reactors at the Hamaoka plant in Omaezaki City, Shizuoka Prefecture, were all shut down on Saturday due to concern that a massive earthquake might hit the area. The move was in line with a request by Prime Minister Naoto Kan.

In the course of shutdown, plant operator Chubu Electric Power Company found impure substances in coolant water at the No.5 reactor.

The company reports damage to a pipe connected to a condenser, a system that turns the steam generated by a nuclear reactor to water through the use of seawater.
Chubu Electric Power Company says 400 tons of seawater may be mixed into the cooling water that goes through the reactor.

It says 400 tons would not severely affect the reactor, and that no radioactive substances were detected outside the building.

But in order to prevent the reactor being eroded by seawater, the operator will take measures to remove salt from the cooling water.

Monday, May 16, 2011 05:31 +0900 (JST)

Careless Whisper's picture

Gas .20 per gallon in Oregon. For real. There is a catch -- you gotta pay with pre 1964 coins.


buzzsaw99's picture

from the reuters piece:


If the great commodity selloff of 2011 shows nothing else, it is that markets are undergoing serious structural changes that need to be followed closely...


The great commodity selloff? Egad, does anyone have a shed of credibility? Holy farking sheet! Oil at $98, gold at $1500, and they are calling it the great selloff? HAHAHAHAHAHAHAHAHA! gASP! HAHAHAHAHAHAHAHAHA!

SheepDog-One's picture

Its just surreal, living in a Dali painting would look sane compared to all this. There is now a '2011 Great Commodity Selloff' event in the history books with oil, gold, and silver all near all time highs? 

It must be SO bad behind the curtain for them to be pumping out this level of disinformation to the public.

buzzsaw99's picture

They desperately need to sell the "no inflation" mantra to the public while they keep stealing.

monopoly's picture

Now, since they are bailing from the idiot channel, we have Cramer on before breakfast on the West Coast. This is more than I can handle, even pre-market. TV OFF>


SheepDog-One's picture

World on fire and devolving quickly into WW3 all-out....good news, ensures the Maniacal Monetizers will keep printing. Wow this is going to be the biggest mass heroin addict cold-turkey ever, brutal.

agent default's picture

Not a heroin addict. More like an alcoholic going cold turkey. Heroin withdrawal may be painful, but alcohol withdrawal can be deadly.  And alcohol is legal.  Just like compounding debt.(And money printing)

Arch Duke Ferdinand's picture

Five Reasons Why Canada's Four Western Provinces is the Safest Quadrant on this Planet...

7 Reasons Food Shortages Will Become a Global Crisis...

Moe Howard's picture

Yesterday, I had to pay $4.0999 for a gallon of gas, yet the crude price has been dropping.

Winning the future, or what?

stormsailor's picture

and the /es goes green, hooray.