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Frontrunning: September 7

Tyler Durden's picture





 
  • German Court Upholds Bailouts (WSJ)
  • Obama Said to Seek $300 Billion Jobs Package (Bloomberg)
  • Euro Woes Stir Currency Fears (WSJ)
  • Hilsenrath: Bernanke Takes On a Balancing Act (Hilsenrath)
  • ‘Helicopter Ben’ risks destroying credit creation (Bill Gross)
  • China Likely to Ease Money Policy, Journal Says (Bloomberg)
  • Krugman explains why the  price of gold going down is due to deflation, and why it going up is due to... deflation (NYT)
  • Bernanke: US Banks' Exposure to Europe Is 'Manageable' (CNBC)
  • Greece Pledges to Accelerate Austerity (Bloomberg)
  • Nine Killed, 47 Injured in Delhi Terror Attack (WSJ)
  • Stevens Signals Global Risks Outweigh Australia GDP Gains in Rates Debate (Bloomberg)

European Economic Update

  • UK Halifax House Prices s.a. -1.2% m/m - lower than expected. Consensus -0.3% m/m. Previous 0.3% m/m. Revised 0.2% m/m.
  • Sweden Riksbank Interest Rate 2.0% - in line with expectations. Consensus 2.0%. Previous 2.0%.
  • UK Industrial Production -0.2% m/m -0.7% y/y - lower than expected. Consensus 0.2% m/m -0.4% y/y. Previous 0.0% m/m -0.3% y/y.
  • Germany Industrial Production s.a. 4.0% m/m - higher than expected. Consensus 0.5% m/m. Previous -1.1% m/m.

Global news highlights courtesy of Egan-Jones

  • Asian stocks rebound from three-day fall as Aussie, metals prices advance.
  • Bank of Japan says post-quake recovery intact, keeps policy rate unchanged at 0%-0.1%.
  • German court upheld legality of EU bailouts.
  • Gold cleared the key $1,900 level again to set a new nominal record high above $1,923/oz.
  • Swiss National Bank sets a floor for the euro/Swiss franc exchange rate at 1.20 francs.
  • Altera revises down Q3 sales view to +1% to +3% from prev +2% to +6% growth
  • Associated Banc announces plan to repay TARP in late September.
  • Biogen Idec says it will buy out Dompe's stake in Italy and Switzerland joint ventures.
  • Carlyle Group LP filed documents to sell shares in an initial public offering.
  • Darden Restaurants sees Q1 EPS of ~$0.78 (cons $0.87); increases FY12 share repurchase target to $400M from prev $350M.
  • Ecolab Inc. plans to purchase $1B in stock after Nalco acquisition is complete.
  • Equifax Inc. buys Costa Rican credit reporting company Datum. Terms undisclosed.
  • Forest Oil announces spin-off of Lone Pine Resources; to issue stock dividend of 70M shares
  • Groupon is said to delay IPO, planned meetings with investors.
  • Mylan units implicated in US lawsuit against Par Pharma alleging drug switching.
  • NVIDIA sees FY13 revs guidance of $4.7-5.0B vs. cons estimate of $4.5B.
  • Pep Boys' Q2 net soared nearly 32% to $13.9M; revs rose 3.5% to $523M.
  • Progress Software lowers guidance for Q3 citing lower-than-expected sales .
  • S Korea antitrust regulator reportedly raids Google.
  • SAP to acquire 3-D visualization software maker Right Hemisphere.
  • Sprint Nextel files private antitrust suit against AT&T-T-Mobile deal, tagging on to DoJ suit.
  • Sunoco Inc. to sell its two refineries, focus on its pipelines and retail gas stations.
  • Toshiba agrees to buy Shaw’s 20% stake in Westinghouse for $1.6B.
  • Vallares Plc to merge with Genel Energy International Ltd. in a $2.1B all-share deal.
  • VeriFone Systems' Q3 net rose 42% to $26.3M; revs up 21.2% at $316.9M.
  • Walgreen says Express Scripts talks at impasse, to end multibillion-dollar contract from Jan 1.
  • Williams to increase annual dividend by 25% to $1.00/share; plans to pay out most of the distributions it receives from Williams Partners LP.
  • Yahoo fires Carol Bartz as CEO, names CFO to fill void.

Earnings Calendar: AVAV, CHMP, CONN, GIII, HOFT, HOV, LCI, MW, NAV, SCMR, STEI, SWHC, TLB.

 


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Wed, 09/07/2011 - 08:42 | Link to Comment Racer
Racer's picture

"Bernanke: US Banks' Exposure to Europe Is 'Manageable"

 

'sub-prime is well contained'

Wed, 09/07/2011 - 08:42 | Link to Comment monopoly
monopoly's picture

Nice dip in gold. And all is well with Europe and American banks. You guys believe that I got a couple of Chinese stocks to sell you.

Wed, 09/07/2011 - 08:45 | Link to Comment Sir Real
Sir Real's picture

Rule of Law is dead.  Interpretation of Law for your own benefit is alive and well.  Carry on.

Wed, 09/07/2011 - 08:48 | Link to Comment LawsofPhysics
LawsofPhysics's picture

When do we get the German riots in response to the court decision?  And folks call Americans sheep.

Wed, 09/07/2011 - 08:51 | Link to Comment CHARLIE.DONT.SERF
CHARLIE.DONT.SERF's picture

Drudge is linking to ZH.  There goes the neighborhood, again.

Wed, 09/07/2011 - 08:54 | Link to Comment Pants McPants
Pants McPants's picture

Re: Obama "jobs" plan.  Play now, pay later.  Oh, and employers get free labor for a specified period where Uncle Sam picks up the tab.  Sounds good to me (sheesh).

Don't mean to bait people as Obama's misdeeds have been covered extensively.  But seriously, after every program .gov has tried, what makes people certain $300B will make ANY difference?  Oh wait, it's election season.  Silly me.

 

Wed, 09/07/2011 - 09:03 | Link to Comment snowball777
snowball777's picture

Don't worry...the proposal includes increasing taxes "later"...so it won't make it through the house of (dis)reps anyway.

 

Wed, 09/07/2011 - 09:05 | Link to Comment Moneyswirth
Moneyswirth's picture

I'll be listening for the part in his speech where he explains how raising taxes on "the rich" will create all these jobs.  Or is it just class warfare he's playing? 

In all seriousness, its pathetic how people are taken in by this crap.  "Oh lets just spend ANOTHER couple hundred billion to create jobs and if you don't agree with that, you will be villified by the White House and media.  You're welcome bitchez"

Democrats really have no other answers besides spending money.

Wed, 09/07/2011 - 09:15 | Link to Comment Pants McPants
Pants McPants's picture

I think spending is as much of a red team thing as it is a blue team thing.  It's all political theater - the same thing would happen if roles were reversed.  The actors switch sides but the script remains the same. 

They're all statists.

Wed, 09/07/2011 - 10:03 | Link to Comment snowball777
snowball777's picture

It's more like spend other people's money versus spending money we don't have, but thanks for the daily dose of partisan ignorance.

Wed, 09/07/2011 - 08:58 | Link to Comment Iriestx
Iriestx's picture

Krugman is one daffy cunt.

Wed, 09/07/2011 - 09:02 | Link to Comment Raymond K Hassel
Raymond K Hassel's picture

you gotta give the douche some originality points - analyzing the gold market using dental fillings on the x axis.  I've never seen anyone else go there.  

Wed, 09/07/2011 - 09:14 | Link to Comment William Wics
William Wics's picture

Agreed.

I read the linked article, and he seems to miss the idea that some of us are expecting (ha!) a total economic collapse (due to the inability of paying all of the outstanding debt) and are hoarding gold because it is the only store of value that will survive the coming collapse. As more people figure out what is coming, the demand for gold outstrips the supply and the price goes up. (Economics: it always comes down to supply and demand)

I must have confused him with an economist.

Of course he may not have missed it; Perhaps he is just holding his handler's party line until the new kingdom arrives and the faithful are rewarded.

 

Wed, 09/07/2011 - 11:53 | Link to Comment malek
malek's picture

If you read Krugman's article, and especially the update at the end, it seems he really believes that shit.

But I prefer his tripe... ehhh razor-sharp analysis on 7/19: "Wanna become a right wing nut? Buy an ounce of pysical gold or silver!"

Wed, 09/07/2011 - 08:58 | Link to Comment SheepDog-One
SheepDog-One's picture

'Obama seeks $300 billion jobs package'....better off just sending $3,000 to everyone in the US. Ridiculous nonsense.

Wed, 09/07/2011 - 09:04 | Link to Comment SheepDog-One
SheepDog-One's picture

Oh BTW...remember that QE3 thing that has been baked into every bit of bad news since DOW 9,800? 

Gee whatever happened to that? I guess its just irrelevant now since things are so good we wont be needing it Sept 21. All of yesterdays loss recovered in pre market plus some more, all is truly well!

Wed, 09/07/2011 - 09:03 | Link to Comment jdelano
jdelano's picture

Jobs proposal is a feint so Obama can throw up his hands and say, "I tried, folks, but congress wouldn't let me lower your taxes or create new jobs."  yoose ur hed.  BTW--where the heck is everyone today?  Hiding in your bunkers already?  Come out ppl, I need moral support for my languishing pms and puts.    

Wed, 09/07/2011 - 09:09 | Link to Comment jdelano
jdelano's picture

um...what?  Why on earth was I junked for that?

Wed, 09/07/2011 - 09:11 | Link to Comment tocointhephrase
tocointhephrase's picture

I hope the Gold price dips a bit more, to many pussies in this metal for a quick stop. Take em out boys and make my physical cheaper to aquire. Regards

Wed, 09/07/2011 - 09:13 | Link to Comment jhm
jhm's picture

Riots? In Germany? Are you kidding? When the german sheeple get hit really hard in their wallet and they then can't afford their car, the gym, the tekkno party and the flights to Mallorca and the turkish coast anymore, that's when germans will start applying at the townhalls for applications to get rioting permits. After that is accomplished it could, i would say, get extremely ugly.

 

Wed, 09/07/2011 - 09:14 | Link to Comment jdelano
jdelano's picture

tee hee!  okay.  here.  a freebie.  junk it, yeah.  junk it harder baby, I love it.   

Wed, 09/07/2011 - 09:38 | Link to Comment tocointhephrase
tocointhephrase's picture

Just for that +1 lol

Wed, 09/07/2011 - 09:41 | Link to Comment KowPie
KowPie's picture

"Obama Said to Seek $300 Billion Jobs Package"

 

What the fuck!?!?! How can people not UNIVERSALLY hate this idiot? The ultimate liar, panderer, outright theif in chief. One can only hope that he would fall into a hunk of lead at 700 FPS along with his entire cabinet,  the house and the senate shortly thereafter. One can dream anyways.

Wed, 09/07/2011 - 10:04 | Link to Comment snowball777
snowball777's picture

And then?

Wed, 09/07/2011 - 10:12 | Link to Comment krispkritter
krispkritter's picture

'700 FPS'?  You using pellets?  And why should he care, it's not his money. Mr & Mrs O'Hole struck it rich and are partying like it's 1999; vacations, travel, golf, etc. You can tell from what little we know about the stooge that he's a puppet and the hand up his ass is a mighty big one. He's playing the same record over and over again and it will somehow be spun into a Solid Gold hit by the MSM but you'll never hear about it crashing and burning once the election music stops. I consider myself a realist and watching this clown car careening off one gov't managed boondoggle after another while it heads for the cliff is demoralyzing. I've shut down all but one cylinder of my money-making and have stockpiled what I can as a kind of Linus' blanket. I can't even use that word, the H word, 'hope', anymore. They sold that off and left us a pocketful of Change. Now it's Pray for the best, prepare for the Worst. Because the Worst is what I think they want and I don't think I'm in a position to change that...

Wed, 09/07/2011 - 10:15 | Link to Comment weimdog
weimdog's picture

I think the SCOAMF is hoping everyone forgot he spent $800 Billion on "shovel ready" jobs last year. We would have been better off giving the cash to hobos under a bridge so they could burn it to keep warm.

Wed, 09/07/2011 - 09:54 | Link to Comment dcb
dcb's picture

OK, bull shit short squeezse on this morning, futures up so high at open, shopuld drop most day, perhaps even retouch or get close top yesterdays bottom, with a close up maybe a small amount, that's a good base.

Wed, 09/07/2011 - 12:17 | Link to Comment Gold Man-Sacks
Gold Man-Sacks's picture

WTF?  Are the Chinese insane?  Aren't they having riots over inflation right now? 

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