Frontrunning: April 29

  • Officials Unfazed by Dollar Slide (WSJ)
  • Egypt May Open Border With Gaza Strip as Israel Expresses Concern on Hamas (Bloomberg)
  • China’s Exports Perch on Uncertain Truck System (NYT)
  • How Goldman Sachs Created the Food Crisis (Foreign Policy)
  • House Budget Ryan Chair Backs Cutting Oil Subsidies (Reuters)
  • Nasdaq Eating Machine Starving for NYSE Deal (Jonathan Weil)
  • Indonesia’s Central Bank Asks 23 Lenders to Stop Adding New Wealth Clients (Bloomberg)
  • Syrian Republican Guards Patrol Main Damascus Road (Reuters)
  • Panetta Faces Big Budget Challenges (WSJ)
  • Russia Unexpectedly Raises Benchmark Interest Rate Quarter Point to 8.25% (Bloomberg)
  • Jobless Gap Makes Life Tough for ECB (WSJ)


Economic Higlights courtesy of Egan-Jones:

  • Asian stocks, crude oil decline as US economic growth slows; Won weakens.
  • China PMI shows ‘lacklustre’ business growth.
  • China’s Yuan breaks through 6.50 against Dollar for first time since 1993.
  • Pending Sales of Existing Homes in US increased 5.1% in March.
  • AK Steel entered into a new $1 bln 5 year revolving credit facility.
  • Allergan loses $212 Million lawsuit in Virginia over Botox side effects
  • Amdocs beats by $0.01, reports revs in-line; guides Q3 EPS, revs in-line.
  • Costco boosts quarterly dividend 17%, announces $4 B buyback program
  • Caterpillar's March net income rises from $233M to $1.2B.
  • Costco boosts quarterly dividend 17%, announces $4 B buyback program
  • Daimler profit rises 71% on demand for Mercedes-Benz S-Class cars in China
  • DBS Group’s first-quarter profit climbs 52% on loan growth and banking fees
  • Deutsche Boerse says first-quarter profit gained 36% on increased trading.
  • Dr Horton's March net income rise from $11M to $28M on tax benefits.
  • Dresser-Rand beats by $0.03, misses on revs. Q1 EPS at $0.13; revs fell 29.5% to $354M.
  • Eastman Chem beats by $0.59, beats on revs; guides Q2, FY11 EPS above consensus.
  • Huawei sues ZTE over patents; Rivalry between Chinese groups reaches Europe.
  • Li Ka-shing’s $1.6B Yuan Property Trust declines in Hong Kong debut.
  • Microsoft reported Q3 sales in the Windows division that missed analysts’ predictions.
  • Merck's March net income up from $299M to $1.04B
  • Nasdaq, ICE said to consider tender offer for NYSE after board rejection.
  • Netgear Inc. sees Q2 sales of at least $270M, topping the $240.3M cons view.
  • Norsk Hydro AS' Q1 net jumps 16% higher revenue, driven by higher pricing and vols.
  • PepsiCo sales climb 27%, beating estimates, on food revenue outside U.S.
  • Procter & Gamble cuts annual forecast after profit misses some estimates
  • PulteGroup reports loss, expects to be profitable in ‘back half’ of 2011
  • Starwood first-quarter profit falls after Mideast Unrest, Japan Earthquake
  • Total SA offered to buy as much as 60% of SunPower Corp. at a price of $23.25/sh.
  • Total SA Q1 net profit rose 51% to €3.95B as sales for the group rose 22% to €46.03B.

Economic Calendar: Data on Personal Income & Spending, PCE Prices, Chicago PMI, Michigan Sentiment - Final to be released.

Earnings Calendar: AAI, AGP, AON, AXL, B, CAT, CPN, CVX, GT, LEA, LPNT, MI, MRK, PPC, VFC, WY.





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