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Frontrunning: August 4

Tyler Durden's picture




 
  • Japan Launches Campaign to Weaken Yen (WSJ)
  • ECB to protect Europe by buying bonds (Telegraph)
  • Silent Scream of Swiss Franc Shows Great Distortion Amid Great Moderation (Bloomberg)
  • Pressured by White House, Treasury Secretary Is Expected to Stay at Post (NYT)
  • The U.S. Economy Feels the Pull of Gravity (BusinessWeek)
  • ECB Sees Lenders Rush to HoardCash (FT)
  • Groupon’s Strikeouts Reveal an Unspoken Truth (BusinessWeek)
  • Americans' Spending Increases in July (Gallup)
  • Pentagon’s First Installment on Cutting Debt May Be $28 Billion (Bloomberg)
  • Korea Finance Ministry Warns of Food Security Issues as Prices Rise (JoongAng)
  • Central Banks Join Rush to Gold (DW)
  • Stiglitz Urges US To Move On Hiking Bank Capital (WSJ)
  • Turkey Cuts Benchmark Interest Rate to 5.75% (Bloomberg)
  • China Refutes Japan's 2011 Defense White (China Daily)

European economic News:

  • Germany Manufacturing Orders (Jun) 1.8% m/m 9.5% y/y – higher than expected.Consensus -0.5% m/m 6.7% y/y. Previous 1.5% m/m 11.7% y/y (revised from 1.8% m/m 12.2% y/y)
  • Norway Unemployment rate (AKU) for May 3.3% - lower than expected.Consensus 3.4%. Previous 3.4%
  • UK New Car Registrations for July -3.5%.Previous -6.2%
  • BOE Rates 0.5% - unchanged as expected
  • BOE Asset Purchase Target 200B – unchanged as expected

Global economic highlights:

  • Japan intervened in the foreign-exchange markets Thursday to curb the yen’s strength.
  • Unemployment rose in nearly all US cities in June as hiring slows, natural disasters hit.
  • US Services firms expand at slowest pace in 17 months - at 52.7 in July vs 53.3 in June.
  • Activision Blizzard's Q2 net jumps 53% to $335M as revs climbed 19% to $1.15B.
  • Adidas AG raised its FY11 sales, EPS forecast after reporting profit advanced in the first half.
  • Atmel Corp. swings to profit of $90.9M in Q2 as revs rose 22% to $478.6M.
  • Career Education Q2 profit falls 13.9% to $55.4M, revs slip 5.8%.
  • Cargill recalling 36 million pounds of ground turkey linked to nationwide salmonella outbreak.
  • Chiquita Brands' Q2 net fell 18% to $78M as revs slipped by 5% to $870M.
  • Clearwire Corp.'s Q2 loss widened to $168.7M on higher operating costs.
  • Comcast Q2 profit up 16%, tops expectations, as cable and NBC Universal post strong results.
  • Dendreon says prostate cancer therapy sales won't reach target of at least $350M.
  • Hot Topic Inc. July same store sales rose 7.3% - beating estimates.
  • ING Group Q2 net rises 24% to €1.51B; takes €310M of impairments on Greek govt bonds.
  • Inmarsat said it will take longer than prev expected for growth in its core business to recover.
  • Lloyds Banking posts $3.78B loss in H1 mainly due to a one-time charges.
  • MasterCard Q2 profit jumps 33% to $608M on heavier card use; debit use surges worldwide.
  • McDermott Intl's Q2 profit down 11% on higher expenses. Revs rose 36% to $849.8M.
  • Munich Re Q2 net profit rose 3.8% to €736M; upbeat on 2011.
  • Pfizer plans OTC version of Lipitor.
  • Prudential Financial Q2 net rise 4.1% to $831M; revs up 32% at $10.15B.
  • RBS to cut 2,000 investment-banking jobs: report.
  • Rio Tinto increased its share buy-back by $2B to $7B; H1 net income at $7.587B (cons $8.36B).
  • Tesla Q2 loss widens to $59M on new car costs, but company raises full-year revenue f'cast.
  • Time Warner 2Q upbeat but economic worries drag.
  • Transocean Q2 net falls 78% to $155M as rigs idled, misses analyst est. Revs fell 5.8%.

Economic Calendar: Initial Claims & Continuing Claims to be released.
Earnings Calendar: ABMD, AEE, AIRM, CAH, CHD, CNW, CTB, DF, DISCA, EIX, ELON, FLR, GM, HUN, KFT, LNT, MDC, NRG, PCG, RMD, VTR, XRIT.

 

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Thu, 08/04/2011 - 08:13 | 1523242 goldencross10
goldencross10's picture

Thought yesterday was a tradeable bottom, bot some $AKS under $11, looks a bit dicey this morning again though

 

Thu, 08/04/2011 - 08:57 | 1523344 snowball777
snowball777's picture

You were only off by about 40%!

Thu, 08/04/2011 - 08:20 | 1523259 cosmictrainwreck
cosmictrainwreck's picture

well, all I know is what I see: since last Thurs AH...FIVE (that I saw) extraordinary TVIX deals 200K to 500K at a pop, the latest today 8:00 sharp. One for 200K & one for 499,874. Hmmmm... I'm thinking that with the amount of loot at stake, surely these cats have inside info, buying data from BLS or whoever mid-level staff. Oh - never mind -  that could never happen

Thu, 08/04/2011 - 08:30 | 1523276 Careless Whisper
Careless Whisper's picture

 

 

The Morning Careless Whisper Report

Bio Weapons Expert, Author, Found Dead: Police Investigate

http://www.washingtonpost.com/local/obituaries/biological-weapons-expert...

Stalled Construction Project Converts To Farm -- In Midtown Manhattan

http://www.observer.com/2011/08/tom-colicchios-farm-on-east-29th-street/

MTV Has Better Lawyers Than GoldmanSachs

http://blogs.villagevoice.com/runninscared/2011/08/mtv_real_world_contra...

Bloomberg Partners With Soros To Open 5 New Probation Centers To "Help" Blacks, Latinos; Will Offer Yoga So Black Men Can Control Anger

http://www.nytimes.com/2011/08/04/nyregion/new-york-plan-will-aim-to-lif...

90% of Glass In Shanghai Skyscrapers Ready To Pop

http://www.shanghaidaily.com/article/?id=478919

Fake IKEA Store In China Claims IKEA Copied Them

http://shanghaiist.com/2011/08/02/step_over_fake_apple_stores_copycat.php

Facebook Censors Against Identifying Police

http://www.guardian.co.uk/uk/2011/aug/04/irish-republicans-facebook-iden...

FL Governor Makeover; Pretends To Work In Donut Shop To Be Regular Person

http://www.palmbeachpost.com/news/cerabino-doughnut-clerk-thats-not-how-...

Pat Buchanan Refers To Obama As "Your Boy"; Thought He Was Talking To Blankfein

http://www.nydailynews.com/news/politics/2011/08/03/2011-08-03_pat_bucha...

 

 

 

 

 

Thu, 08/04/2011 - 08:35 | 1523288 Sudden Debt
Sudden Debt's picture

GROUPON:

Here are Groupon’s official numbers. The company said it had a net loss for 2010 of $413.4 million on $713.4 million of revenue, under generally accepted accounting principles. On an adjusted CSOI basis, meanwhile, it showed income of $60.6 million. The company’s chief executive officer, Andrew Mason, in a letter to investors that Groupon included in its July 14 amended prospectus, said this metric “provides us with critical visibility into our business,” though he didn’t say how.

 

net loss of 413 million on 713 revenue.... are they paying for the discounts themselves?!

 

Thu, 08/04/2011 - 08:42 | 1523296 snowball777
snowball777's picture

Of course not, that's what shareholders are for...ya heard?

CSOI: Composted Sewage Offal Intake

Thu, 08/04/2011 - 08:39 | 1523295 snowball777
snowball777's picture

ECB to protect Europe by buying bonds

"However, legally changing the basis of the EFSF and ratifying the changes in 17 eurozone countries, where the expanded fund's role is controversial in German, Dutch and Finnish parliaments, could take weeks or even months, leaving a dangerous vacuum."

Or....never.

Wed, 09/14/2011 - 04:44 | 1667373 chinawholesaler
chinawholesaler's picture

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