Frontrunning: June 22

  • Poll: 44% of Americans Say Worse Off Under Obama (Bloomberg)
  • QE 2 Proves No Silver Bullet (Hilsenrath)
  • China’s Money Rate Rises to More Than Three-Year High as Banks Hoard Cash (Bloomberg)... hmm, where have we heard this before...
  • Europe’s Threat to Asian Exports May Force Slower Interest-Rate Increases (Bloomberg)
  • Fed Frets Over Fiscal Recklessness Behind Calm of 0.09% Yield (Bloomberg)
  • Greek Two-Year Government Notes Rise After Papandreou Wins Confidence Vote (Bloomberg)
  • Plan to Ease Way for Unions (WSJ)
  • PIMCO's El-Erian predicts Greece, others will default (Reuters)
  • IMF: Spain needs bolder job-market reforms (Businessweek)
  • Syrian TV shows rallies backing Assad (FT)
  • Saudi Suggests 'Squeezing' Iran Over Nuclear Ambitions  (WSJ)
  • France Warns of Hunger as Farm Ministers Meet (Bloomberg)
  • Timeline of Greece's debt crisis (Reuters)
  • Bridgewater to launch $10 billion fund: report (Reuters)

Global economic highlights courtesy of Egan-Jones

  • Greece 'essentially bankrupt’ even with aid, says Pimco’s Andrew Balls.
  • Papandreou wins Greek confidence vote, boosts rescue chances.
  • Sales of existing U.S. homes decreased in May to the lowest level in six months.
  • Adobe Systems beats by $0.04, posts Q2 EPS of $0.55. Revs rose 8.5% to $1.02B.
  • AeroVironment beats by $0.11, beats on revs; guides FY12 EPS, revs above cons.
  • AstraZeneca to selling its dental and healthcare division to Dentsply for $1.8B cash.
  • Barnes & Noble posts wider 4Q loss at $59.4M, missing est., on investments in Nook.
  • Carnival beats by $0.03, posts Q2 EPS of $0.26. Revs up 10.8% at $3.62B.
  • Guides Q3, FY11 EPS below consensus.
  • Commercial Metals Co. reported Q3 EPS of 32 cents, beating avg est. by 58 percent.
  • FedEx's May net income rose from $419M last year to $558M this year.
  • Freescale Semiconductor expects sequential revenue and margins growth for 2Q
  • Gannett to lay off about 700, or 2% of workforce.
  • Jabil Circuit reported Q3 EPS of $0.58, revs up 22.3% to $4.23B. To repurchase up to $200M of shares.
  • JPMorgan to pay $153.6M to settle SEC allegations over mortgage CDO.
  • La-Z-Boy Inc.'s Q4 net falls 26% to $10.3M, despite 9.1% rise in revs to $338.9M.
  • PetroChina walks away from $5.5B Encana natural-gas deal in Canada.
  • Philips warns of weaker-than-expected demand in its lighting, consumer lifestyle unit.
  • Pilgrim's Pride Corp.'s CEO: We producer doesn't expect any liquidity problems this year.
  • Qantas Airways reaches settlement with Rolls-Royce over Trent 900 failure.
  • RIM has become a takeover candidate on valuation terms: reports.
  • Shell to acquire 254 petrol retail sites in the UK from Rontec Investments for $400M.
  • Vanguard Health Systems raises $450M in public offer, 22% less than sought.
  • Video Web site Hulu is considering its options, including a possible sale.
  • W R Berkley estimates pre-tax losses of ~$65M from US storms that hit in April & May.
  • Walgreen no longer a part of Express Scripts’ pharmacy network as of next year.
  • Whole Foods Market to expand to 1,000 stores in US, may consider share buybacks.

Economic Calendar: Data on MBA Mortgage Index, FHFA Housing Price Index, Crude Inventories & FOMC Rate Decision to be released today.


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