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Frontrunning: May 26
- Merkel-Sarkozy Bond Frays Heading Into Deauville G-8 (Bloomberg)
- China's Cabinet May Impose Temporary Price Controls to Counter Inflation (Bloomberg)
- No Retreat on Medicare (WSJ)
- Goldman Sachs Needs a New Audit Committee (Bloomberg)
- Republicans to roll out new tax-cut proposal (MarketWatch)
- GATA urges Paul to probe Fed's gold swaps; he tells CNBC he will (GATA)
- Civil war looms as dozens killed in Yemen capital (Reuters)
- Foreclosure Drop in Florida and California Do Not Show Recovery (ForeclosureWarehouse)
- Gold Companies Face Liability for Sick Miners (Bloomberg)
- ECB May Have More Scope for Greek Leeway Than Rhetoric Suggests (Bloomberg)
- A 62% Top Tax Rate? (WSJ)
- China's giant sovereign wealth fund ready to spend NZ$6 bln on NZ assets and government bonds (Interest)
- Geithner Praises Lagarde Without Endorsement (Bloomberg)
European Economic Highlights:
- Germany Import Price Index for April 0.4% m/m 9.4% y/y Lower than expectedConsensus 0.7% m/m 9.9% y/y Previous 1.1% m/m 11.3% y/y
- France Consumer Confidence Indicator for May 84 As expectedConsensus 84 Previous 83
- Italy Business Confidence for May 101.3 lower than expectedGS forecast 102.8 Consensus 102.7 Previous 102.6 (revised from 103)
- Norway Unemployment rate(AKU) for March 3.3% higher than expectedConsensus 3.1% Previous 3.1%
- Switzerland Trade Balance for April 1.52BPrevious 1.00B (Revised from 1.09B)
- Switzerland Exports real SA for April 7.9%m/mPrevious -3.1%m/m (Revised from -4.8% m/m)
- Switzerland Imports real SA for April 4.0%m/mPrevious 1.8%m/m (Revised from 1.3% m/m)
- Sweden Consumer Confidence for May 17.9 Higher than expectedConsensus 17.3 Previous 17.6
- Sweden PPI for April 0.0%m/m 1.9% y/y Lower than expectedConsensus 0.4% m/m 2.2% y/y Previous 0.0% m/m 1.7% y/y
- Sweden Trade Balance (Kronor) for April 5.8B Lower than expectedConsensus 9.5B Previous 10.1B (Revised from 9.6B)
- Sweden NIER Business and Consumer Survey 112.4 Higher than expected Consensus 109.5 Previous 110.4
Global highlights from Egan Jones
- Asian stocks rise as commodities gain on Deutsche’s basic materials ‘Buy’.
- ECB rules leave more room for Greek restructuring than rhetoric suggests.
- New China Life aims for $4B dual IPO, to involve up to 20% of equity.
- 99 Cents Only Stores' Q4 net rises 6% to $17.9M as revs rise 11.6% to $378.5M.
- AFC Enterprises beats by $0.01, reports revs in-line; guides FY11 EPS below cons.
- Alpha Natural Resources to replace Massey Energy Co. in Standard & Poor’s 500 Index.
- Apollo, Broadway said to offer $1.68B for Charter Hall US assets.
- Arthur J. Gallagher buys broker Fish & Schulkamp. Terms undisclosed.
- British American Tobacco buys Colombia's Protabaco for $452M.
- California Pizza Kitchen agreed to a $470M offer from Golden Gate Capital Corp.
- Collective Brands' Q1 earnings fell short of cons est. by 48% as sales declined.
- Computer Sciences' Q4 net falls 33.9% to $171M on flat revs (at $4.2B).
- Fiserv announces new share repurchase authorization of up to 7.5M shares.
- Foxtel offers $2B for Austar to expand outside Metropolitan cities.
- Freescale raises $783M in IPO after stock priced at bottom of range.
- Frontline Ltd: Ships operated at a loss in Q1, and Q2 may be no different.
- GE sells 49.77% stake in Colombian bank to partner. Terms undisclosed.
- Guess? Inc. sees Q2 EPS at $0.83/sh vs. cons view for $0.78/sh.
- Marathon Oil board approves spinoff of refining business; shares to be issued June 30.
- Polo Ralph Lauren Corp's Q4 net falls 36% to $73.2M amid rising production costs.
- SEC said to probe insider trading in Fifth Third Bancorp Trust preferreds.
- Sony forecast lower profit than analysts estimated this fiscal year, cites losses from Japan’s record earthquake.
- Tesla to raise up to $214.3M in stock offerings to fund development of another car.
- Toll Brothers' Q2 loss narrowed to $20.8M amid lower write-downs. Revs up 2.7%.
- UBS plans to split investment bank into unit outside Switzerland.
- Yahoo says it’s making headway in getting paid for Chinese Alipay spinoff.
- Zale Corp. posted Q3 loss of 44 cents/sh, lower than cons view for a loss of $0.58/sh.
Economic Calendar: Data on GDP, Initial & Continuing Claims to be released.
Earnings Calendar: BCSI, BIG, CRMT, DLIA, HNZ, OVTI, PFED, SIG, TIF.
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