Frontrunning: May 18

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  • Al Qaeda names Egyptian militant Adel as interim chief - Al Jazeera (Reuters)
  • Geithner: U.S. must deal with budget woes or pay more (Reuters)
  • Pressure mounts on Strauss-Kahn to quit (FT)
  • Europe Aims to Keep IMF Job After Strauss-Kahn (Bloomberg)
  • The eurozone after Strauss-Kahn (Martin Wolf, FT)
  • IMF issues stark warning to Greece on fiscal goals (Reuters)
  • U.S. mulls White House aide Lipton for IMF No. 2 job (Reuters)
  • Could Greece be the next Lehman Brothers? Yes – and potentially even worse (Guardian)
  • Moody's Cuts Rating of Four Major Australian Banks (WSJ)
  • Fed seeks annual US bank stress tests (FT)
  • Mideast peace bid needed more than ever (Reuters)
  • World Bank sees end to dollar’s hegemony (FT)
  • BoE keeps 6-3 vote in May to hold rates at record low (Reuters)
  • Japan Reactor Failings Offer Danger Signs for the U.S. (NYT)
  • Hedge Farm! The Doomsday Food Price Scenario Turning Hedgies into Survivalists (Observer)
  • Commodities may correct for next month or two-MF Global (Reuters)
  • First troops to pull out of Afghanistan (FT)
  • Saudi Arabia Defies Mideast Upheaval (Bloomberg)
  • Libya Rebel Chief Says Aid Taking ‘Too Long.’ (Bloomberg)
  • Some See Rise Ahead for Dollar (NYT)

Key global highlights, courtesy of Egan-Jones

  • Asian stocks gain on earnings growth, Yen slide; Commodities, Oil advance.
  • China April Home Prices gain as smaller cities defy efforts to curb prices.
  • China is likely to face additional power shortages this year: Xinhua.
  • U.S. April Industrial Production unexpectedly stalls on autos.
  • U.S. Housing Starts unexpectedly fell in April to 523,000 pace.
  • Advanced BioHealing to be acquired by Shire Plc for $750M.
  • Analog Devices f'casts Q3 EPS of as much as 75 cents a share (cons est. $0.70/sh).
  • BP, ConocoPhillips drops bid to build $35B Alaska pipeline.
  • Coldwater Creek sees Q1 loss of $0.34/sh vs. cons est. for a loss of $0.10/sh.
  • Dell beats by $0.11, misses on revs; reaffirms FY12 revs guidance.
  • Delphi Automotive said to hire Goldman, JPMorgan to lead $1B IPO.
  • Home Depot Q1 profit rises 12% on expense control. May same-store sales turns positive.
  • J&J, McDonald’s, Caterpillar expected to sell bonds Tuesday as borrowing costs fall.
  • LinkedIn increases IPO share price 29% as site’s value may top $4B.
  • Mack Trucks, parent Volvo to pay $525M to settle class-action suit by Mack retirees.
  • ONEOK repurchases $300M of common stock.
  • Photronics posts Q2 loss of $8M on one-time debt costs. Revs rise 27% to $133.1M.
  • Publicis to buy Rosetta Marketing for at least $575M.
  • Saks Inc. Q1 net rose 51% to $28.4M. Revenue was $726M, up 9 percent.
  • SAP forecasts $7B revenue from Mobile, In-Memory software by 2015.
  • Skyworks to acquire SiGe Semiconductor for $210M cash, plus an addln $65M if certain performance targets are met.
  • Target's April net income rises from $671M to $689M.
  • TJX Q1 net drops 19.7% to $266M on AJ Wright store closings, but revs, customer traffic rise.
  • Verizon COO McAdam says spectrum shortage is driving industry acquisitions.
  • ViaSat misses by $0.01, reports Q4 EPS of $0.41. Revs rose 1.8% to $216.4M.
  • Wal-Mart reported a 3% increase in net income, powered by international sale.

Economic Calendar: Data on MBA Mortgage Index, Crude Inventories & FOMC Minutes to be released today.

Earnings Calendar: AAP, ABMD, ALKS, ANF, BJ, CHMP, CHS, DE, EV, HOTT, JACK, KENT, KIRK, LTD, NTES, PETM, SPLS, TGT.