Frontrunning: August 26
- Bernanke: A Chance To Talk About Fiscal Policy? (Hilsenrath)
- Bernanke seen stopping short of pledge for QE3 (Reuters)
- Fed Policymaker Says QE is ‘Most Potent Weapon’ (FT)
- El-Erian: Bernanke Must not Push QE3 at Jackson Hole (FT)
- Bernanke Scholar Advises Bernanke Fed Chief to Be Bold on Policy (Bloomberg)
- Bailout for Greece Falters Over Demand for Collateral (WSJ)
- Japan’s Kan Resigns as Party Leader (WSJ)
- European shorting ban extended (FT)
- Finance Ministers Move to Save Greek Bail-Out (FT)
- China steps up march of currency reforms (FT)
- Libya rebels probe corruption at state fund (FT)
- Hu Says China Confident in Europe (China Daily)
European economic update:
- Eurozone ECB M3 Money Supply 3 Month Moving Avg for July 2.1% Consensus 2.30% Previous 2.10%
- Eurozone ECB M3 Annual Growth Rate for July 2.0% Consensus 2.2% Previous 2.1%
- UK GDP for Q2 0.2% q/q 0.7% y/y Consensus 0.2% q/q 0.7%y/y Previous 0.2% q/q 0.7% y/y
Global headlines courtesy of Egan-Jones:
- Asia stocks swing between gains, losses ahead of Bernanke speech, GDP data.
- French, Spanish, Italian regulators extend bans on short selling.
- Hoenig says US should focus on fixing finances, Fed has done all it can.
- Hurricane Irene no longer expected to reach category 4, NHC says.
- Japan’s Core Consumer Prices Increased 0.1% in July.
- Tamiflu-resistant flu outbreak reported in Australia’s Newcastle, WHO says.
- UN authorized Obama admin to release $1.5B in frozen Libya assets to rebels.
- US consumer confidence stabilizes near record low, Bloomberg index shows.
- A.Schulman will cut 60 jobs, shut down Nashville plant; also trims profit f'cast for 2011.
- American Tower takes step toward goal of converting to real estate investment trust.
- Bebe Stores beats by $0.02, posts Q4 EPS of $0.06. Revs rose 8.4% to $132.3M.
- Bloomberg to buy BNA for about $990M to add legal, tax and regulatory research.
- BofA, Citigroup are accused by Schwab in suit of manipulating Libor rates.
- Buffett invests $5B in Bank of America, giving bank a vote of confidence.
- Cinemark acquires 10 Hoyts Theatres with 95 screens in Argentina; terms undisclosed.
- Clearwire Corp. is said to get restructuring advice from Blackstone.
- Fortune Brands approves plan to separate home, security business from Beam spirits co.
- General Electric expects Latin America sales are likely to double in three to four years.
- GM cutting truck production next month as sales disappoint.
- Humana to buy Medicare Advantage plan operator Arcadian Management.
- JPMorgan pays $88.3M to Treasury over alleged violations of international rules.
- Magma Design reports EPS in-line, misses on revs; guides Q2 revs below consensus.
- OmniVision Tech sees Q2 EPS of not more than 64 cents a share (cons $0.79/sh).
- OSI Systems Q4 net jumps 50% to $12M as revs rose 11% to $183.4M.
- SABMiller hired 10 banks to raise loans for its hostile $12.5B bid to take over Foster’s.
- Shoe Carnival misses by $0.11, misses on revs; guides Q3 EPS, revs above cons.
- Urban Outfitters Board approves of addln 10M shares under its share repurchase plan.
Economic Calendar: GDP, Michigan Sentiment to be released today.
Earnings Calendar: CLCT, MSG, PWX, SANW, SUBK, TIF, WH.
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