Frontrunning: September 27

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  • China’s Developers Face More ‘Severe’ Credit Outlook, S&P Says (Bloomberg)
  • Hong Kong’s Tsang Sees ‘Soft Landing’ for Property, Keeps Peg (Bloomberg)
  • SEC Eyes Ratings From S&P (WSJ)
  • Geithner Predicts Europe Will Step Up on Crisis After Chiding (Bloomberg)
  • Big audit firms face Brussels onslaught (FT)
  • Fed Officials Express Doubt About Faster Inflation as Tool to Boost Growth (BBG)
  • Medvedev fires mutinous finance minister (FT)
  • EU urged to probe Hungary mortgage move (FT)
  • Anger rises in India over redrawn poverty line (FT)

Global economic highlights from Egan-Jones

  • Asian stocks rebounded from a 16- month low, following two days of gains in the US. 
  • ECB dramatically scaled back its purchases of government bonds last week.
  • German business confidence fell to a 15-month low in Sept amid Europe’s debt crisis.
  • Sales of new US Homes decreased to six-month low in August.
  • Senate reached a bipartisan deal on stopgap spending designed to avoid a govt shutdown.
  • Accuride lowers FY11 EPS guidance to $(0.05)-$0.04 vs. $0.48 consensus.
  • Berkshire to repurchase Class A,B shares at prices no higher than a 10% premium. 
  • Carlyle Group buys technology provider ITRS Group, terms not disclosed.
  • Clorox investor Carl Icahn withdraws proposed slate of directors.
  • Deloitte & Touche sued for $7.6 billion in massive mortgage fraud case.
  • Enbridge Energy Partners LP raised by 20% to $700M its cost estimate for cleaning
    up oil pipeline leak in Michigan.
  • Equity One Inc. to sell 36 shopping centers to Blackstone Realty fund for $473.1M. 
  • Genuine Parts acquires 30% stake in Exego for ~ $150M.
  • Integrated Device Technology cuts revenue forecast on 'broad-based weakness'.
  • Intercell is in exploratory talks with PE firms after stock plunges.
  • Kodak's shares plunge 27% as investors worry co. can't pull off turnaround plan.
  • Lions Gate estimates 2Q loss on movie duds.
  • ONEOK Partners guides FY12 net guidance to $740-800M; FY11 view is $630-660M.
  • Oracle may make acquisitions to gain industry-specific software, Hurd says.
  • Several influential shareholders called for more changes atop UBS.
  • Economic Calendar: Case-Shiller 20-city Index, Consumer Confidence to be released.
  • Earnings Calendar: AM, CMTL, HPOL, PAYX, PRGS, ZANE.