Frontrunning: May 20

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  • Netanyahu: U.S. "does not understand reality" (Reuters)
  • Bank of Japan Refrains From Adding Stimulus (Bloomberg)
  • Tepco Credit-Default Swaps Surge Above Levels BP Hit After Gulf Oil Spill (Bloomberg)
  • IEA: More Oil Needed Urgently (WSJ)
  • Obama Speech Elicits Conflicting Reactions (WSJ)
  • Two top Fed officials say easy money still needed (Reuters)
  • ECB Threatens Greek Funding (WSJ)
  • Meredith Whitney Trips Over Her Muni Default Tale (Bloomberg)
  • Watch out for tail risks hanging over Treasuries (FT)
  • Spain Vote Threatens to Uncover Debt (WSJ)
  • As we warned starting in December: Profit Margin Squeeze Continues to Grip the Economy (dshort)
  • Capitalists Who Fear Free Markets (NYT)
  • Drifting back to gold standard (The Hindu)
  • Senate will await Biden group budget plan (Reuters)
  • N.Korea's heir apparent in China to boost economic ties (Reuters)
  • Chinese set new standard in buying gold (FT)
  • Phony fears on fracking (Post)
  • What are China’s next steps? (Reuters)
  • Yemen leadership may yet sign transition deal (Reuters)
  • Senator downplays urgency of US debt limit (FT)
  • Pakistan Taliban says attacked U.S. consulate convoy (Reuters)
  • Lagarde Is Favored to Head IMF (Bloomberg)
  • Liberty Media offers $1 billion for Barnes & Noble (Reuters)

Global highlights courtesy of Egan-Jones

  • Asia stocks pare weekly loss as US Jobless Claims report lifts exporters.
  • BOJ refrains from adding stimulus even as economy contracts.
  • Existing-Home Sales in US decrease 0.8% to 5.05 million pace.
  • Aeropostale guides Q2 EPS below consensus, plans to clear through spring inventories.
  • Aeropostale's Q1 net falls 64% to $16.4M on weak growth in sales and margins.
  • American Tower Board approves reorganization for REIT qualification.
  • Autodesk beats by $0.03, reports revs in-line; guides Q2 EPS, revs in-line.
  • Barnes & Noble Board receives $17/sh cash bid from Liberty Media to buy the company.
  • BoA to sell its remaining stake in BlackRock Inc. back to the company for ~$2.5B.
  • BP, MOEX reach settlement on Gulf oil spill. Latter to pay $1.065B to BP.
  • Brocade posts Q2 EPS of $0.13 (cons $0.10); revs rose 9.8% to $550M.
  • China Unicom says National Audit uncovered 'improper’ procedures by group.
  • Deckers Outdoor to purchase Sanuk Brands for ~$120M.
  • Foot Locker Q1 profit jumped 74% to $94M as sales rose 13% to $1.4B.
  • Fortune Brands to sell its golf unit for $1.2B.
  • Gap beats by $0.01, beats on revs; guides FY12 EPS below consensus.
  • Hasbro plans additional $500M in stock buybacks.
  • Hercules Offshore cautiously optimistic of Gulf rig demand.
  • Intuit beats by $0.05, reports Q3 EPS of $2.33. Revs rose 15.0% to $1.85B.
  • LDK Solar postpones dollar-denominated debt deal, blames high interest rates.
  • LinkedIn stock soars 109% after IPO; Warnings of return to the internet bubble as shares more than double.
  • Nordson posts Q2 EPS of $0.95 (cons $0.88); revs rose 26.7% to $318.9M.
  • Quest Diagnostics to pay $241M to settle California lawsuit related to Medi-Cal billing.
  • Salesforce.com beats by $0.01, beats on revs; guides Q2 EPS, revs above consensus.
  • Shoe Carnival sees Q2 EPS of $0.27-0.31 (cons $0.30); revs of $169-172M (cons $174.89M).
  • Symantec to acquire Clearwell Systems for a purchase price of ~$390M.
  • Thermo Fisher rises to record on agreement to buy Phadia for $3.5B.

Earnings Calendar: BAMM, CHINA, DCI, HIBB, LPHI, RAVN.