Frontrunning: May 19

  • Japanese economy shrinks in first quarter (FT)
  • Power Shifts on Foreign-Policy Team (WSJ)
  • Government Prays a Bigger Sucker Is Out There (Bloomberg)
  • Row within Europe over Greece (FT)
  • U.S. Hits Syrian President With Sanctions (Bloomberg)
  • Think prices are high? Just wait ’til summer (Post)
  • Top European Bank Officials Urge Greece to Persevere on Fiscal Overhauls (WSJ)
  • Medvedev Makes a Slight Break With Putin (WSJ)
  • U.S. Grants Asylum to Chavez Opponent (WSJ)
  • Sex Scandal Is Another Travesty at IMF Door (Bloomberg)
  • How far will home prices fall? (Fundmastery)
  • Obama to offer debt relief to Egypt in Mideast speech (Reuters)
  • Are Oil Futures Markets Being Manipulated? (Forbes)
  • Lagarde May Stake Claim as First Female IMF Chief (Bloomberg)
  • BOE Bean: Key Question Is - Is Economic Soft Patch Temporary? (Market News)
  • Eric Schneiderman: One Lawman With the Guts to Go After Wall Street (Nation)
  • Osama bin Tupac: Al Qaeda releases posthumous bin Laden audio recording (Reuters)
  • Tunisia demands Libya stop cross-border shelling (Reuters)
  • South Africa’s ANC Leads in Early Results (Bloomberg)

Global highlights from Egan-Jones

  • Fed favors exit strategy of raising rates before selling assets.
  • Japan’s economy shrank at 3.7% annual pace in first quarter.
  • Yen, Dollar slide on record stimulus outlook; Asia stocks, silver advance.
  • Advance Auto misses by $0.03, misses on revs; reaffirms FY11 EPS guidance.
  • Advance Auto Parts miss est., Q1 net flat at $109.6M. Revs up 3.8% at $1.90B.
  • Alkermes f'cast a loss in FY2012 of at least $0.38/s, wider than the $0.21/sh cons est.
  • Brady Corp. Q3 misses est., profit up 20.7% at $28.6M. Revs rose 5% to $338M.
  • Chrysler has deal to repay $7.5B in government bailout money by refinancing loans.
  • Cincinnati Fincl announces preliminary loss estimate of $150-$200M for April storms.
  • CSX looks for EPS growth of up to 20 percent per year through 2015.
  • Eaton Vance beats by $0.04, reports Q2 EPS of $0.50. Revs rose 4.3% to $325.8M.
  • EMCOR Group to acquire USM Services Holdings for $255M in cash.
  • Glencore priced its shares at 530 pence apiece in an IPO, valuing it at $59.2B.
  • Healthsouth agrees to sell its six long-term acute care hospitals for ~$120M.
  • Hot Topic reports Q1 net at breakeven vs. cons est. of a loss of a cent a share.
  • Jack in the Box Q2 income falls 62% on higher costs. Revs fell 4.6% to $505.1M.
  • Leeds Equity Partners to buy Nobel Learning Communities in deal valued at $149M.
  • Limited beats by $0.01, beats on revs; guides Q2 EPS, FY12 EPS in-line.
  • LinkedIn is said to price IPO at $45 a share, top end of range.
  • beats by $0.15, posts Q1 EPS of $0.86. Revs rose 28.7% to $234.9M.
  • New York Palace Hotel to be sold to Northwood investors for $400M.
  • PetSmart Inc. said Q1 EPS was 61 cents, exceeding cons estimate of 55 cents.
  • SABMiller FY profit $2.41B vs $1.91B; group sales $28.31B vs $26.35B.
  • Spartan Stores Board authorizes $50M share repurchase program.
  • Takeda to buy closely held Nycomed for $14B on a cash-free, debt-free basis.
  • Target beats by $0.05, posts Q1 EPS of $0.99. Revs rose 5.1% to $15.94B.
  • Toshiba to buy utility-metering firm Landis & Gyr for $2.3B, incl debt.

Economic Calendar: Data on Initial & Continuing Claims, Existing Home Sales, Philadelphia Fed, Leading Indicators to be released today.


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