Frontrunning: April 20

  • Obama Fights Back Against S&P Move (FT)
  • China Speeds Yuan Push (WSJ)
  • BOE Voted 6-3 to Hold Rate as Majority Noted ‘Downside.’ (Bloomberg)
  • Apple to ship new iPhone in September (Reuters)
  • Singapore Aims To Be Renminbi Hub (FT)
  • GM Defying China Slowdown May Reclaim Sales Lead from Toyota (Bloomberg)... or not
  • Cameron Dismisses Idea of Brown at IMF (FT)
  • Banks Lag S&P as Slower Loan Growth Outweighs Higher Dividends (Bloomberg)
  • Syria Government Approves Lifting State of Emergency (Reuters)
  • USA: That ratings agency downgrade meeting (BBC)
  • Glencore Gives Investors Perfect Chance to Pass (Bloomberg)
  • US: When timing is all (FT)
  • Justice Department Seeks Data in Nasdaq-NYSE Antitrust Review (Bloomberg)
  • Portugal Proceeds on Bailout (WSJ)
  • Faltering in a Stormy Sea of Debt (FT)
  • Greece Forced to Pay Sky-High Rates to Borrow (Telegraph)

Economic Highlights from Egan Jones:

  • Asian stocks, Won gain on earnings, economic data; Copper, Wheat advance.
  • Gold broke through the key psychological barrier of $1,500, to set a fresh nominal high.
  • Housing Starts in US increased to 549,000 in March, exceeding forecasts.
  • Japan’s exports fall more-than-estimated 2.2% after Quake damages plants.
  • Abbott Lab's March net income declines from $1.0B to $864M.
  • AES Corp. to acquire DPL Inc. in a transaction valued at $4.7B on an entrp value basis.
  • BHP Billiton quarterly iron ore production up 7%.
  • BofA said to plan spinoff of $5B private-equity unit.
  • Core Labs beats by $0.02, beats on revs; guides Q2 EPS, revs in-line.
  • Cree Inc. sees Q4 EPS of not exceeding $0.31 vs. cons est. for $0.35.
  • Crown Hldgs beats by $0.06, reports Q1 EPS of $0.48. Revs rose 5.9% to $1.88B.
  • CSX Corp. reported Q1 profit of $395M, up 29.5%. Revs rose 13% to $2.8B.
  • Fiat’s first-quarter profit increases 9.1% on Ferrari sales and Brazil demand
  • IBM posts Q1 operating profit of $2.41 a share vs. cons forecast of $2.30 a share. Raises FY11 EPS above consensus.
  • Intel f'casts Q2 sales to exceed est. on higher demand for processors.
  • J&J's Q1 net fell 23% from a year earlier, when results were helped by a litigation gain. Boosts full-year earnings forecast, citing currency trends.
  • Juniper Networks reports EPS, revs in-line; guides Q2 EPS below consensus, revs in-line.
  • MGIC's March loss narrows from $150M to $33M.
  • Nasdaq OMX offers to pay NYSE Euronext $350M fee should merger fail.
  • Nokia net may Fall 49% as pressure grows on Elop’s handset goal
  • NRG Energy said it will drop its plans to build two nuclear reactors in Texas.
  • ProSiebenSat.1 Media to sell its TV and print ops in Netherlands, Belgium for €1.23B.
  • Stryker reports EPS, revs in-line. Posts Q1 EPS of $0.90. Revs rose 12.0% to $2.02B.
  • United Rentals misses by $0.20, posts Q1 loss of $0.32/sh. Revs rose 11.3% to $532M.
  • Vodafone may consider IPO of Indian JV after 2011, Colao says.
  • Wynn Macau jumps to record as quarterly profit grows 66% on second casino.
  • Yahoo! beats by $0.01, reports Q1 EPS of $0.17. Revs fell 5.8% to $1.06B.

Economic Calendar: Data on MBA Mortgage Purchase Index, Existing Home Sales & Crude Inventories to be released today.

Earnings Calendar: AAI, AAPL, ABT, ACU, ALV, AMGN, AMR, APH, AXP, BJRI, BSX, EMC, ETFC, GILD, HBI, MAR, MI, MO, QCOM, STJ, T, WFC, Y, YUM.