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Frontrunning: August 25

Tyler Durden's picture




 
  • Analysts warn China facing pressure from US, EU debts (China Daily)
  • U.S. May Back Refinance Plan for Mortgages (NYT)
  • US budget watchdog cuts debt forecast (FT)
  • ECB ‘Stands Ready’ to EaseDollar-Market Tensions, Dombret Says (Bloomberg)
  • Merkel Rejects Seeking Collateral in European Bailouts as Splits Emerge (Bloomberg)
  • Europe Banks Lean More on Emergency Funding (WSJ)
  • Apple’s Steve Jobs Resigns as CEO, Will Be Succeeded by Tim Cook (Bloomberg)
  • Bernanke Signaling No QE Backed by Higher Data (Bloomberg)
  • Libya rebels set to root out Gaddafi diehards (Reuters)
  • North Korea seeks allies in Russia talks (FT)
  • China’s Stocks Rise Most in 10 Months on Bank Earnings, Fiscal Spending (Bloomberg)

European economic update:

  • Germany GfK Consumer Confidence Survey for September 5.2 Consensus 5.1 Previous 5.3
  • France Jobseekers - Net Change for July Consensus 0.0 Previous 33.6
  • France Total Jobseekers for July Consensus 2720.4 Previous 2720.4
  • Sweden Consumer Confidence for August 4.3 Consensus 9.0 Previous 12.0
  • Sweden Manufacturing Confidence s.a. for August -3 Consensus 0 Previous 3
  • Sweden Economic Tendency Survey for August 100.2 In line with expectations Consensus 100.0 Previous 103.2
  • Sweden Household Lending for July 6.4% Previous 6.6%
  • Sweden PPI for July 0.4% m/m 0.2% y/y Consensus 0.3% m/m 0.1% y/y Previous 0.1% m/m -0.2% y/y
  • Sweden Unemployment Rate for July 6.9% Consensus 7.1% Previous 8.8%
  • Switzerland Credit Suisse ZEW Survey (Expectations) for August -71.4 Previous -58.9
  • UK CBI Reported Sales for August 49 Consensus 45 Previous 51
  • UK Nat'wide House prices s.a. for August Consensus -10 Previous -5

Global highlights from Egan-Jones

  • Asian stocks gain on economy, US futures fall on Apple; Yen strengthens.
  • Gold tumbles 5.6%; to $1,754.10 an ounce.
  • Hurricane Irene could be a major test of "insurers of last resort" created by US states.
  • Oil floats near $85 in Asia as investors eye Libya conflict and Bernanke speech.
  • UK consumer confidence declines to three-month low as recovery falters.
  • Wall Street banks plan $5B in CMBS sales as spreads soar.
  • Ahold NV's Q2 net dropped 1.5% to €199M as sales were hit by a weaker dollar.
  • American Eagle Outfitters f'cast disappointing Q3 earnings amid higher product costs.
  • Apple stock drops 5% as Steve Jobs resigns as CEO; Tim Cook hand-picked as a successor.
  • Applied Materials beats by $0.02, beats on revs; guides Q4 EPS, revs below consensus.
  • Collective Brands beats by $0.05, beats on revs; announces review of strategic alternatives.
  • Collective Brands plans to close 475 stores and has engaged a firm to explore its options.
  • Credit Agricole posts a smaller decline in profit, sending shares as much as 9.1% higher.
  • CSC reaches deal in principle to settle claims; to record a $250M charge in Q2 as a result.
  • CVS Caremark announces new share repurchase authorization for up to $4B of common stock.
  • Express Inc.'s Q2 net falls 43% on higher costs. Revs up 10% at $446M.
  • FCC asked AT&T for more details about how its proposed acquisition of T-Mobile.
  • Fresh Del Monte's Fresh Produce unit files lawsuit against FDA in US District Court.
  • Genomatica files for $100M IPO, Laredo Petroleum planning $450M IPO.
  • Glencore's H1 net per share nearly doubled on 32% higher revenue.
  • Google reached a $500M settlement with Justice Dept to avoid prosecution over advts by Canadian online pharmacies' sales.
  • Guess Inc.'s Q2 net falls 9% to $60.7m amid one time charges. Revs up 17% at $677.2M.
  • Healthways to acquire Navvis for $28.7M; to have negligible impact on EPS for FY2011.
  • HEICO beats by $0.08, posts Q3 EPS of $0.48. Revs rose 24.6% to $197.3M.
  • Manchester United picks Singapore IPO over Hong Kong for speedier approval.
  • Nokia launches its cheapest handsets, at $30-$35 to challenge Asian makers.
  • Russia may allow OAO Gazprom to raise domestic prices by 15% next year.
  • STX Group in talks with Abu Dhabi's Aabar to jointly bid for a stake in Hynix Semiconductor.
  • TiVo loss widens in Q2 to $19.6M, but results beat analyst expectations.
  • Toll Brothers net tops estimates on higher luxury home orders, tax benefit.
  • Unilever to sell parts of Alberto Culver, to resolve the Justice Department's antitrust concerns.

Earnings: BEBE, BIG, BNHN, BWS, CPWM, DLIA, DLLR, HRL, ISLE, KKD, OSIS, SAFM, SCVL.

 

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Thu, 08/25/2011 - 08:28 | 1598630 Earl of Chiswick
Earl of Chiswick's picture

U.S. May Back Refinance Plan for Mortgages

 

 

The two prevailing ideas, lowering rates on mortgages and converting houses owned by government entities like Freddie and Fannie into rentals  and other uses, (WTF other uses) 

 

But refinancing could have far greater breadth, saving homeowners, by one estimate, $85 billion a year. (and costing taxpayers same)

Thu, 08/25/2011 - 08:50 | 1598721 Alpha Monkey
Alpha Monkey's picture

U.S. May Back Refinance Plan for Mortgages

i wonder if it's just to try to keep some suckers paying their mortgages a little while longer.  Or do we have a whole lot more projects about to be developed.  Judging by the tent cities I'm seeing spring up in Seattle, I think there are plenty of people that could use cheap government housing.

Thu, 08/25/2011 - 08:54 | 1598744 snowball777
snowball777's picture

Kindling?

Thu, 08/25/2011 - 08:25 | 1598633 IMA5U
IMA5U's picture

And high yield index up 3/4 of a point

 

Bad week to be a Bear    Wait until September 

Thu, 08/25/2011 - 08:31 | 1598650 SheepDog-One
SheepDog-One's picture

'Bernanke signaling no QE' bad time to be a Hindu cow.

Thu, 08/25/2011 - 08:33 | 1598654 firstdivision
firstdivision's picture

Tyler, why no mention of this http://www.bloomberg.com/news/2011-08-23/new-york-is-removed-from-state-foreclosure-group-after-voicing-concerns.html 

Looks like banks are getting an easy way out again.

Thu, 08/25/2011 - 08:38 | 1598662 snowball777
snowball777's picture

Sounds like Schniederman didn't want to play ball...let's hope he hasn't spent too much time in whorehouses of late.

Thu, 08/25/2011 - 08:38 | 1598666 Cdad
Cdad's picture

U.S. May Back Refinance Plan for Mortgages

Great.  I'm sure people who have left their homes and left the keys in the mailbox will sign up in droves.  Just another bank bailout move.  

How many bank bailouts does it take to make a bank whole and thus preserve the bonus pool?

Fri, 08/26/2011 - 03:34 | 1603146 MGHJFHD
MGHJFHD's picture

I feel like I’m constantly looking for interesting things to read about a variety of topics, but I manage to include your site among my reads every day because you have compelling entries that I look forward to. Here’s hoping there’s a lot more top-notch material coming!

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