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Frontrunning: May 9

Tyler Durden's picture




 
  • Fannie Mae requests additional 8.5 billion dollars in government aid (Xinhua)
  • U.S. Will Press China to Hasten Yuan's Rise (WSJ)
  • European Officials to Revamp Greek Aid (FT)
  • Europe Pressured to Revise Irish and Greek Bailouts (Reuters)
  • Krugman: The Inflation Monster Under the Bed (NYT)
  • Goldman Sees Commodity Recovery as Slump Erases $99 Billion (Bloomberg)
  • Euro Holds No. 1 Spot as EU Shows Resolve on Greece Debt (Bloomberg)
  • EU to Cut Emerging Nations’ Trade Benefits (FT)
  • Japan Reaffirms Nuclear Energy Use (NYT)
  • The truth behind the popular markets adage of 'sell in May' (Telegraph)
  • What to watch, on the Street and on the court, to determine whether the rally will continue…or fizzle (Barrons)
  • SEC Reform Proposal Threatens "Dark Pools" (FT)
  • U.S. Raises Pressure on Pakistan in Raid’s Wake (NYT)
  • Nouriel Roubini: 'We Haven't Seen the Last of Financial Crises' (Independent)
  • In Tripoli, Dissenters Speak Softly (FT)
  • Syria Crackdown Drives Activists Into Hiding (WSJ)

Daily Highlights courtesy of Egan Jones:

  • Asian Development Bank plans $5B fund for clean energy investments.
  • Greece is considering leaving the euro zone, according to sources in German govt.
  • US will urge China to boost interest rates in Washington Talks.
  • AM Castle swings to Q1 profit of $2.7M as revs jump 22% to $272.8M.
  • AquaChile to seek salmon farm buys after raising up to $400M in IPO.
  • Avista beats by $0.09, posts Q1 EPS of $0.73. Revs rose 4.4% to $476.6M.
  • Barclays to $1.64B provision in Q2 after deciding not to participate in any attempt to appeal against a recent HC judgment over the sale of payment protection insurance.
  • Berkshire reported Q1 EPS of $966 per Class A share, less than cons est. of $1,149.
  • Broadcom Corp. to buy SC Square Ltd., developer of security software, for $41.9M cash.
  • Buckeye Partners Q1 net surges to $66.5M after it acquired a stake in BORCO. Revenue jumped 71% to $1.25B.
  • Chubu Electric falls to 11-year low on Kan’s request to shut nuclear plant.
  • Church & Dwight beats by $0.01, reports revs in-line; guides Q2 EPS in-line.
  • Constellation Energy misses by $0.33, misses on revs. Posts Q1 EPS of $0.63, revs fell 0.5% to $3.57B.
  • Elan Corp. to sell its drug technology unit EDT to Alkermes Inc. for ~$960M.
  • Fannie Mae seeks $8.5B more in federal aid. Reports $8.69B loss for Q1.
  • HPT's March net income risesfrom $41M to $53M.
  • HSBC said Q1 net rose to $4.15B from $2.6B in the year- ago period on lower provisions.
  • International Coal revised Q1 results to a loss of $6.3M from profit of $22M on loss in court to Allegheny Energy Supply.
  • MGM Venture plans to raise up to $1.5B via IPO.
  • PNM Resources reports EPS in-line; reaffirms FY11 EPS guidance.
  • Tyson's March net income remains at $159M.
  • Unilever gets US OK for Alberto Culver buy.
  • VimpelCom buys a mobile operator in far east Russia ; price based on EV of $420M.
  • WellCare Group beats by $0.50, beats on revs; raises FY11 EPS above consensus.

Economic Calendar: Data on Nonfarm Payrolls, Unemployment Rate, Consumer Credit to be released.

Earnings Calendar: ATSG, BLD, BWC, CACH, COWN, DDS, HMIN, IPAR, KWK, LVB, MBI, PETS, TA, TSN.

 

 

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Mon, 05/09/2011 - 08:41 | 1255014 Josh Randall
Josh Randall's picture

Linkedin is a great tool - not sure how much their revenue from recruiting solutions will be if the collective world economy doesn't get a shot in the @ss

Mon, 05/09/2011 - 08:37 | 1254994 Darth Silver
Darth Silver's picture

Krugman summary "there is no inflation... what you are seeing is a one time blip...  please do not try to read further into it....  if you do you are an extremist..... time to ramp up the money pump...."

 

amazing what an ivy education can get you. 

Mon, 05/09/2011 - 09:43 | 1255211 Jim B
Jim B's picture

Can't even read Krugman anymore........ Zero credibility....

Mon, 05/09/2011 - 09:58 | 1255246 Catullus
Catullus's picture

He says it's a one time blip and then goes on to question whether any risk of inflation is possible because workers aren't demanding higher wagers and no one is passing through higher costs on to the retail level. It's just hilarious. There's a margin squeeze, but wages aren't going up so there's no risk that companies will raise prices. As if wages are their only input costs. There are no capital costs, no regulatory expenses, no increased SG&A from Obamacare, and all of increase in COGs can be magically be put paid for with lower profits that companies are not making.

Its like he's never actually done a P&L on anything.

Mon, 05/09/2011 - 08:41 | 1255003 Careless Whisper
Careless Whisper's picture

GE Oil & Gas expands with $4 Billion in acquisitions

"With what happened in Japan in the nuclear industry, we see gas becoming a key source of energy in the power-generation industry" and liquefied natural gas demand continuing to grow, he said. "We believe gas will become the de-facto cleanest source of energy."

http://www.greenwichtime.com/news/article/GE-Oil-Gas-focuses-on-research...

 

Mon, 05/09/2011 - 08:53 | 1255030 Careless Whisper
Careless Whisper's picture

Criminal bankers at UBS lead to other criminal bankers

"The investigation is active and ongoing," said Christine Varney, the Justice Department's antitrust chief, in a press conference May 4. "When every municipality that has been victimized by this conspiracy receives restitution, we will conclude."

Bank of America agrees to chirp in exchange for leniency Bank of America also agreed to cooperate with federal investigators in exchange for leniency.
JP Morgan et tu?

JPMorgan, in a quarterly filing Friday, said it was cooperating with the bid-rigging investigations by the Justice Department and SEC, as well as the U.S. Internal Revenue Service and Office of the Comptroller of the Currency. The New York- based bank said it wanted to resolve the probes "on a negotiated basis."

GE fighting charges

Three former employees of a unit of Fairfield-based General Electric Co. are fighting charges in the case.


Mon, 05/09/2011 - 10:04 | 1255273 TruthInSunshine
TruthInSunshine's picture

The monster under Krugman's bed is really Keynes, and when Krugman falls asleep, John Maynard is going to suffocate Krugman with satchels full of fiat.

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