Frontrunning: June 14

  • U.S. Says Bank of America Corp. "significantly hindered" a federal investigation of the company's foreclosure practices (WSJ)
  • Additional 23 Fukushima workers exposed to high radiation (NHK)
  • US mirrors sluggish global job creation  (FT)
  • Getting Away With It - Why are Galleon's investors not impaired? (NYT)
  • The Fed flood slows to a trickle (FT)
  • Rising Prices a Risk (WSJ)
  • Berlusconi suffers stinging referendum defeat (Reuters)
  • Roubini Warns Of Euro Break Up As Greek Credit Rating Tumbles (Forbes)
  • China Govt Could Cont Hiking Int Rates (Market News)
  • Trichet signals hostility to Greek ‘credit event’  (FT)
  • Qaddafi Coddled by U.S. Oil Producers (Bloomberg)
  • Kan Says He Plans to Resign After Passage of Japan’s Quake, Energy Bills (Bloomberg)
  • EU tries to save Greek rescue (FT)
  • Stock futures up on China data, bounce seen as temporary (Reuters)
  • Federal Reserve Will Not Implement a QE3 Program, Bloomberg Survey Shows (Bloomberg)

Global economic highlights courtesy of Egan-Jones

  • Bank of Japan keeps key overnight rate between zero to 0.1%.
  • China raises reserve requirement ratio by 50 bps, effective from June 20.
  • China’s inflation accelerates to 5.5% in May, fastest pace since 2008.
  • Euro weakens on concern Greek crisis is worsening; Oil, Asian stocks fall.
  • FDIC official says systemic firms may be forced to restructure.
  • Fed’s Fisher reiterates central bank has done enough to help US economy.
  • Greece branded with world’s lowest credit rating by S&P on default threat.
  • UK house-price index hits 4-month low on concern over economy, RICS says.
  • Avis Europe agrees to $1B bid by Avis Budget.
  • BofA 'significantly hindered' foreclosure review of its loans, US says.
  • Casey's General beats by $0.09, posts Q4 EPS of $0.60. Revs rose 31.3% to $1.55B.
  • EMS Technologies agreed to be bought by Honeywell Intl for $491M ($33 a share).
  • Ericsson to acquire Telcordia for $1.15B.
  • Gerber Scientific Inc. agreed to be sold to PE firm Vector Capital Corp. for $11/sh.
  • Glencore fiscal Q1 net profit $1.09B vs $295M, revs up 39% at $44.23B.
  • GT Solar raises Q1 EPS guidance to ~$0.30 vs. $0.14 cons estimate (prev $0.08-0.11).
  • New York Fed’s AIG assets might fetch $15B, Barclays says.
  • Nokia, Apple settle patent dispute, Settlement involved "a one-time payment payable by
  • Apple and royalty payments to be made by Apple to Nokia. For the term of the pact.
  • Rank Group said to have made rival offer of $1.64B for Graham Packaging.
  • RBS said to be in talks to sell car-leasing unit to GE as assets are shed.
  • Republic Airways Hldgs to seek new investors for its stake in Frontier Airlines.
  • Timberland Co. to be acquired by VF Corp. for $43 a share.
  • VMware to acquire Digital Fuel. Terms of the acquisition were not announced.
  • Wendy's/Arby's to sell most of its struggling Arby's chain for $130M cash to Roark Capital.

Economic Calendar: Data on Retail Sales, PPI, Business Inventories to be released.
Earnings Calendar: AGYS, BBY, CLC, JCDA, OCC.


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