Frontrunning: July 25

Tyler Durden's picture
  • Spain Will Require Regions to Curb Deficits, Its Finance Minister Says (WSJ)
  • Obama cancels fundraising appearances amid stalled debt talks (CNN)
  • Toying With Default: The President isn't serious about real spending cuts (WSJ Editorial)
  • QE2 is coming to the UK: Cable Appeals for New Dose of Easing (FT)
  • Lawmakers Still Divided as Debt Deadline Looms (Reuters)
  • Rail Stocks Tumble in China, Hong Kong (Bloomberg)
  • Clinton Assures China on U.S. Debt-Ceiling (Bloomberg)
  • Messing With Medicare (Paul Krugman)
  • Europe on Alert after Norway Attacks (FT)
  • Debt-fight doomsayers (Gasbag)
  • That Tweet Just Doomed Your Wall Street Career (Bill Cohan)
  • Must. bash. Meredith: Meredith Whitney Wins If We Lose Meaning of Default (Bloomberg)
  • The anti-Taibbi: NYMag in serious need of GS advertising “It’s Too Bad. And I Don’t Mean It’s Too Bad Like ‘Screw ’Em.’” (NYMag)

European economic update:

  • France Business Survey Overall Demand for July 16. Previous 21
  • Italy Consumer Confidence Ind. sa for July 103.7 – weaker than expected.Consensus 104.5. Previous 105.8      
  • UK BBA Loans for House Purchase for June 31,747 – higher than expected.Consensus 31,000. Previous 30,803 (revised from 30,509)
  • UK Hometrack Housing Survey for July -0.1% m/m -3.9% y/y.Previous -0.1% m/m -3.9% y/y

Global economic headlines from Egan-Jones:

  • Boeing Co. expects its 787 Dreamliner certification by September.
  • Franc and Yen gain on U.S. debt impasse.
  • Japanese lawmakers approve nearly 2T yen ($25.5B) in extra funds for reconstruction.
  • Oil falls to near $99 in Asia as stalled US debt talks worry investors.
  • Oil at $120 becomes biggest energy bet as global growth drives demand for raw materials.
  • Caterpillar net jumps 44% on strong sales of machinery, power-systems equipments.
  • CR Bard posts Q2 loss of $47.8M amid legal charges. Revs rose 8% to $725M.
  • DreamWorks Animation in talks to offer Netflix Inc. exclusive streaming rights to its films.
  • E*TRADE retains Morgan Stanley to conduct another broad review of strategic alternatives.
  • GE boosts earnings 21% in Q2, led by recovery in lending business.
  • India panel said to pave way for Wal-Mart, Carrefour to open retail stores.
  • ING Groep sells Latin American insurance business to Gruposura for around $3.81B.
  • Kimberly-Clark's June net income seclines from $498M to $408M.
  • Loews Corp. CEO doesn’t see any M&A opportunities ‘right now'.
  • McDonald's posts Q2 EPS of $1.35 (cons $1.28); revs rose 16.1% to $6.91B.
  • Oracle’s $6.1B damage estimate thrown out by Judge in its Java case against Google.
  • Portugal Telecom operating revenue dropped 6.5% in the Q2.
  • RBS launched the sale of its airplane-leasing subsidiary, deal could fetch up to $8B.
  • Reynolds American Q2 net falls 11% to $304M on charges; revs (excl excise) rose 1%.
  • Ruby Tuesday 2012 EPS view fell short of analyst est. Co is spending more on advt.
  • Schlumberger Q2 profit jumps 64% to $1.34B as revs rose 62% to $9.62B.
  • Syngenta posts 14% rise to $1.43B in H1 as it benefited from soaring food prices.
  • USG misses by $0.12, posts Q2 loss of $0.69 per share. Revs dip 1% to $761M.
  • YRC Worldwide beats by $0.09, posts Q2 loss of $0.81/sh. Revs rose 12.3% to $1.26B.


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bill1102inf's picture

another country which contributes nothing but negatives to the world, let them starve

Conrad Murray's picture

Cmon man, they're keeping the pirate tradition alive at least. The Kenyans on the other hand...

trav7777's picture

africa has historically been quite human-hostile.  Mammals adapted a survival trait to beat out famines and plagues; it is rapid reproduction.  This behavior is evolved into Africans.  They overbreed because, if left to the natural environment, they have infant mortalities like you see with those turtles trying to waddle from the hatching ground across the beach and make it into the ocean.

We are trying to save every little turtle and are swimming against the weight of evolution here.  It is doomed to fail.  Evolutionary behavior selected long ago for mammals with high offspring rates; this trait predates humans.  It has only been further reinforced by selective pressure in Africans.  They are not going to stop themselves from impulsively reproducing.  For 70,000 years that has been the way to ensure a next generation in the face of all the dangers on that continent.  They go into the reproduction with the expectation that a high percentage of the offspring will not survive, just like every other animal.  Only for modern oil age man is that situation different.

The situation is akin to what happens with house pets; deprived of natural predators and typical diseases by oil age man, they have to be spayed or neutered or else their populations go absolutely ballistic overnight.

trav7777's picture

let's see one of those countries there was a big famine 20 years ago and there were 30 or 35 million people.

Now that the west has fed them for 20 years, there are now 70-75M in the same country.  WTF is going to happen when the food aid can no longer be mustered?  Apocalypse.  The dogooder libtard dumb white bitches have made the problem WORSE with all their stupid ass bleeding heart shit.  Have they helped by feeding people too lazy or stupid to feed themselves?  No.  They've created an entire continent of Gibs Me Dat.

You watch these people begging on jewTV specials how they have to walk 3 miles for water.  Hello, build a pipe maybe?  Oh but one of the other noble savages would steal the pipe and sell it for scrap.  Then walk 3 miles himself to drink.

Nothing can be done here and sterilization would have been the humane option.  We have created yet another exponential growth problem where we now have double the number of starving refugees, needing double the food, double the flights, double the oil, double the everything.  And if we keep pouring food out to stray dogs who will not feed themselves, we will double it again.  The end will come and the deaths will be utterly unaccountable.

If you look at that picture, or others, you always see a starving kid and some buck in the background who looks pretty well fed.  The people there won't FEED THEIR OWN CHILDREN.  Whitey will or the kids starve.

Use of Weapons's picture

Largest Church in Christendom? (Larger than St. Pauls?)

Yep, that'd be Africa.


[Bat shit crazy? Yes. Showing massive infrastructure and building capability? Yes.)


Nairobi and Mombasa: built by corrupt people with their hands in the cookie jar? For sure. Mud huts? Not quite.

Johannesburg, South Africa
Capetown, South Africa
Lagos, Nigeria
Nairobi, Kenya
Abidjan, Ivory coast
Abuja, Nigeria
Khartoum, Sudan
Addis Ababa, Ethiopia
Dar el Salaam, Tanzania
Kampala, Uganda
Durban, South Africa
Kinshasa, DRC
Dakar, Senegal


And so on - Trav, how's about not getting your world view from the back of a marmalade jar, eh? What you've done is take say Albania, then suggest that the entire of Europe is falling apart [it is, but that's macro-economically, not physically] and that Albania = France, for instance.


Pig ignorance is also a bad survival trait.

rossi's picture

Dancing on the head of a pin while we're past the July 22 debt date, $16 trillion 'loaned' to get us to where theres no answer to where more money comes from outside of the solution to have a congress secret star chamber. Bullish. viagra without prescription

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goldencross10's picture

News just keeps getting better and better everyday

papaswamp's picture

Chicago Fed National Activity Index prints negative again at -0.46 from a downward prior revised -0.55 (was -0.37). Expect this to also be revised downward next month.

Jim in MN's picture

Bloomberg on widespread cesium contamination in Japan, government incapable of getting ahead of the curve (updated three hours ago)


SheepDog-One's picture

Dancing on the head of a pin while we're past the July 22 debt date, $16 trillion 'loaned' to get us to where theres no answer to where more money comes from outside of the solution to have a congress secret star chamber. Bullish.

LeBalance's picture

Secret Star Chamber : Rockefeller Foundation and/or CFR Boards of Directors?  /lol/

rossi's picture

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Catullus's picture

Oh Krugman. More Krugmantics to begin the article. Assume you're right and therefore anyone that doesn't agree with you is wrong.

Medicare "costs" less because all of the administration is forced down on the hospitals and service providers to conform to Medicare restrictions. If a bill isn't filled out correctly, Medicare just doesn't pay it. Medicare also forces hospitals to hire hundreds of people to fill claims, verify bills and procedures, and collect data. You know, all those things private companies just do as a part of good business practices.

And the "controlling costs" myth? I guess if Nixon had sold price controls as cost control, you'd have been a nixonian republican... Oh wait. You are. But the 1970s never happened for keynesians. Those were the "pre-Reagan" years.

machineh's picture

Another way Medicare has controlled costs is by running up a negative net worth of $22.812 trillion, according to the Financial Report of the United States.

This is what Kurgman calls 'successful.' Although I doubt he's capable of reading a financial statement.

Drag Racer's picture

Obama cancels fundraising appearances amid stalled debt talks

just too many jokes there... lol


Sudden Debt's picture

RIM is cutting 10% of it's workforce.


Ethics Gradient's picture

Whilst Blackberries are rasberries, you have to accept there'll be fewer RIM jobs.

monopoly's picture

Yup, another 2,000 looking for a job. Really great economy when McDonalds beats again and again. Yes sir, what a vibrant economy.

Sudden Debt's picture

Nothing beats a 5$ a day meal...


Careless Whisper's picture

The Morning Careless Whisper Report

Yuan Hits New High Against US Dollar

JP Morgan Throws NY Mets Curveball

CongressMan to CongressWoman:  "shut the heck up you are not a Lady". Retaliates with WestHatesWomen dot com

Detriot Cop Costing City Big Bucks: 8 Lawsuits Over 15 Years’s-actions-cost-Detroit-$677-000

Hospital Clinician Takes Phote Of Dead Teen With Gunshot Wounds; Shared It

Pablo Dylan: My Grandpa Was 'The Jay-Z Of His Time'


MiningJunkie's picture

Oh fuck - Kramer just recommended gold! Bombs away....Kiss of Death

SheepDog-One's picture

We're now to the point the only way to 'pay the bills' is thru some extra-constitutional 'Star Chamber', yet Im expecting a green day by close again due to 'Lack of news'. Nah, no news out there.

Dr. Engali's picture

The really important news today is that the NFL owners and the players union have reached an agreement to prevent lockout.

Silverhog's picture

Clinton assures China on US debt ceiling. She really know how to throw her weight around :) Bet they feel much better now.

RollinRavenPurple's picture



Nothing on David Wu, you have another Anthony Weiner situation brewing....

Dude was dressed up in a creepy Tigger outfit and cannoodling with a teenager of a family friend. 


Bob's picture

Just what the corporate media needs to divert attention from the continued corporate strip mining of America. 

Use of Weapons's picture

...and the ball goes back to Spain! 35,000 of them are back, to sit around a bit more.


Oh, and Googling "David Wu Tigger Suit" is ... amusing. Although, the picture is from October 30th 2010, so I suspect the release is just an opportunistic sally-forth from the GOP.


granolageek's picture



Some o f y'all stand on the NYSE floor and waggle fingers for a living.

Some of y'all day trade from your mother's basement.

And some of us work for a living.

granolageek's picture

How much of a garden do Lloyd Blankfein's kids have? Can Trig Palin tell chickweed from a parsnip?

Long lead against anyone who doesn't realize Ayn Rand is psycho.

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