Frontrunning: May 9

  • Fannie Mae requests additional 8.5 billion dollars in government aid (Xinhua)
  • U.S. Will Press China to Hasten Yuan's Rise (WSJ)
  • European Officials to Revamp Greek Aid (FT)
  • Europe Pressured to Revise Irish and Greek Bailouts (Reuters)
  • Krugman: The Inflation Monster Under the Bed (NYT)
  • Goldman Sees Commodity Recovery as Slump Erases $99 Billion (Bloomberg)
  • Euro Holds No. 1 Spot as EU Shows Resolve on Greece Debt (Bloomberg)
  • EU to Cut Emerging Nations’ Trade Benefits (FT)
  • Japan Reaffirms Nuclear Energy Use (NYT)
  • The truth behind the popular markets adage of 'sell in May' (Telegraph)
  • What to watch, on the Street and on the court, to determine whether the rally will continue…or fizzle (Barrons)
  • SEC Reform Proposal Threatens "Dark Pools" (FT)
  • U.S. Raises Pressure on Pakistan in Raid’s Wake (NYT)
  • Nouriel Roubini: 'We Haven't Seen the Last of Financial Crises' (Independent)
  • In Tripoli, Dissenters Speak Softly (FT)
  • Syria Crackdown Drives Activists Into Hiding (WSJ)

Daily Highlights courtesy of Egan Jones:

  • Asian Development Bank plans $5B fund for clean energy investments.
  • Greece is considering leaving the euro zone, according to sources in German govt.
  • US will urge China to boost interest rates in Washington Talks.
  • AM Castle swings to Q1 profit of $2.7M as revs jump 22% to $272.8M.
  • AquaChile to seek salmon farm buys after raising up to $400M in IPO.
  • Avista beats by $0.09, posts Q1 EPS of $0.73. Revs rose 4.4% to $476.6M.
  • Barclays to $1.64B provision in Q2 after deciding not to participate in any attempt to appeal against a recent HC judgment over the sale of payment protection insurance.
  • Berkshire reported Q1 EPS of $966 per Class A share, less than cons est. of $1,149.
  • Broadcom Corp. to buy SC Square Ltd., developer of security software, for $41.9M cash.
  • Buckeye Partners Q1 net surges to $66.5M after it acquired a stake in BORCO. Revenue jumped 71% to $1.25B.
  • Chubu Electric falls to 11-year low on Kan’s request to shut nuclear plant.
  • Church & Dwight beats by $0.01, reports revs in-line; guides Q2 EPS in-line.
  • Constellation Energy misses by $0.33, misses on revs. Posts Q1 EPS of $0.63, revs fell 0.5% to $3.57B.
  • Elan Corp. to sell its drug technology unit EDT to Alkermes Inc. for ~$960M.
  • Fannie Mae seeks $8.5B more in federal aid. Reports $8.69B loss for Q1.
  • HPT's March net income risesfrom $41M to $53M.
  • HSBC said Q1 net rose to $4.15B from $2.6B in the year- ago period on lower provisions.
  • International Coal revised Q1 results to a loss of $6.3M from profit of $22M on loss in court to Allegheny Energy Supply.
  • MGM Venture plans to raise up to $1.5B via IPO.
  • PNM Resources reports EPS in-line; reaffirms FY11 EPS guidance.
  • Tyson's March net income remains at $159M.
  • Unilever gets US OK for Alberto Culver buy.
  • VimpelCom buys a mobile operator in far east Russia ; price based on EV of $420M.
  • WellCare Group beats by $0.50, beats on revs; raises FY11 EPS above consensus.

Economic Calendar: Data on Nonfarm Payrolls, Unemployment Rate, Consumer Credit to be released.




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