Frontrunning: August 26

  • Bernanke: A Chance To Talk About Fiscal Policy? (Hilsenrath)
  • Bernanke seen stopping short of pledge for QE3 (Reuters)
  • Fed Policymaker Says QE is ‘Most Potent Weapon’ (FT)
  • El-Erian: Bernanke Must not Push QE3 at Jackson Hole (FT)
  • Bernanke Scholar Advises Bernanke Fed Chief to Be Bold on Policy (Bloomberg)
  • Bailout for Greece Falters Over Demand for Collateral (WSJ)
  • Japan’s Kan Resigns as Party Leader (WSJ)
  • European shorting ban extended (FT)
  • Finance Ministers Move to Save Greek Bail-Out (FT)
  • China steps up march of currency reforms (FT)
  • Libya rebels probe corruption at state fund (FT)
  • Hu Says China Confident in Europe (China Daily)

European economic update:

  • Eurozone ECB M3 Money Supply 3 Month Moving Avg for July 2.1% Consensus 2.30% Previous 2.10%
  • Eurozone ECB M3 Annual Growth Rate for July 2.0% Consensus 2.2% Previous 2.1%
  • UK GDP for Q2 0.2% q/q 0.7% y/y Consensus 0.2% q/q 0.7%y/y Previous 0.2% q/q 0.7% y/y

Global headlines courtesy of Egan-Jones:

  • Asia stocks swing between gains, losses ahead of Bernanke speech, GDP data.
  • French, Spanish, Italian regulators extend bans on short selling.
  • Hoenig says US should focus on fixing finances, Fed has done all it can.
  • Hurricane Irene no longer expected to reach category 4, NHC says.
  • Japan’s Core Consumer Prices Increased 0.1% in July.
  • Tamiflu-resistant flu outbreak reported in Australia’s Newcastle, WHO says.
  • UN authorized Obama admin to release $1.5B in frozen Libya assets to rebels.
  • US consumer confidence stabilizes near record low, Bloomberg index shows.
  • A.Schulman will cut 60 jobs, shut down Nashville plant; also trims profit f'cast for 2011.
  • American Tower takes step toward goal of converting to real estate investment trust.
  • Bebe Stores beats by $0.02, posts Q4 EPS of $0.06. Revs rose 8.4% to $132.3M.
  • Bloomberg to buy BNA for about $990M to add legal, tax and regulatory research.
  • BofA, Citigroup are accused by Schwab in suit of manipulating Libor rates.
  • Buffett invests $5B in Bank of America, giving bank a vote of confidence.
  • Cinemark acquires 10 Hoyts Theatres with 95 screens in Argentina; terms undisclosed.
  • Clearwire Corp. is said to get restructuring advice from Blackstone.
  • Fortune Brands approves plan to separate home, security business from Beam spirits co.
  • General Electric expects Latin America sales are likely to double in three to four years.
  • GM cutting truck production next month as sales disappoint.
  • Humana to buy Medicare Advantage plan operator Arcadian Management.
  • JPMorgan pays $88.3M to Treasury over alleged violations of international rules.
  • Magma Design reports EPS in-line, misses on revs; guides Q2 revs below consensus.
  • OmniVision Tech sees Q2 EPS of not more than 64 cents a share (cons $0.79/sh).
  • OSI Systems Q4 net jumps 50% to $12M as revs rose 11% to $183.4M.
  • SABMiller hired 10 banks to raise loans for its hostile $12.5B bid to take over Foster’s.
  • Shoe Carnival misses by $0.11, misses on revs; guides Q3 EPS, revs above cons.
  • Urban Outfitters Board approves of addln 10M shares under its share repurchase plan.

Economic Calendar: GDP, Michigan Sentiment to be released today.

Earnings Calendar: CLCT, MSG, PWX, SANW, SUBK, TIF, WH.


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