Frontrunning: September 7

  • German Court Upholds Bailouts (WSJ)
  • Obama Said to Seek $300 Billion Jobs Package (Bloomberg)
  • Euro Woes Stir Currency Fears (WSJ)
  • Hilsenrath: Bernanke Takes On a Balancing Act (Hilsenrath)
  • ‘Helicopter Ben’ risks destroying credit creation (Bill Gross)
  • China Likely to Ease Money Policy, Journal Says (Bloomberg)
  • Krugman explains why the  price of gold going down is due to deflation, and why it going up is due to... deflation (NYT)
  • Bernanke: US Banks' Exposure to Europe Is 'Manageable' (CNBC)
  • Greece Pledges to Accelerate Austerity (Bloomberg)
  • Nine Killed, 47 Injured in Delhi Terror Attack (WSJ)
  • Stevens Signals Global Risks Outweigh Australia GDP Gains in Rates Debate (Bloomberg)

European Economic Update

  • UK Halifax House Prices s.a. -1.2% m/m - lower than expected. Consensus -0.3% m/m. Previous 0.3% m/m. Revised 0.2% m/m.
  • Sweden Riksbank Interest Rate 2.0% - in line with expectations. Consensus 2.0%. Previous 2.0%.
  • UK Industrial Production -0.2% m/m -0.7% y/y - lower than expected. Consensus 0.2% m/m -0.4% y/y. Previous 0.0% m/m -0.3% y/y.
  • Germany Industrial Production s.a. 4.0% m/m - higher than expected. Consensus 0.5% m/m. Previous -1.1% m/m.

Global news highlights courtesy of Egan-Jones

  • Asian stocks rebound from three-day fall as Aussie, metals prices advance.
  • Bank of Japan says post-quake recovery intact, keeps policy rate unchanged at 0%-0.1%.
  • German court upheld legality of EU bailouts.
  • Gold cleared the key $1,900 level again to set a new nominal record high above $1,923/oz.
  • Swiss National Bank sets a floor for the euro/Swiss franc exchange rate at 1.20 francs.
  • Altera revises down Q3 sales view to +1% to +3% from prev +2% to +6% growth
  • Associated Banc announces plan to repay TARP in late September.
  • Biogen Idec says it will buy out Dompe's stake in Italy and Switzerland joint ventures.
  • Carlyle Group LP filed documents to sell shares in an initial public offering.
  • Darden Restaurants sees Q1 EPS of ~$0.78 (cons $0.87); increases FY12 share repurchase target to $400M from prev $350M.
  • Ecolab Inc. plans to purchase $1B in stock after Nalco acquisition is complete.
  • Equifax Inc. buys Costa Rican credit reporting company Datum. Terms undisclosed.
  • Forest Oil announces spin-off of Lone Pine Resources; to issue stock dividend of 70M shares
  • Groupon is said to delay IPO, planned meetings with investors.
  • Mylan units implicated in US lawsuit against Par Pharma alleging drug switching.
  • NVIDIA sees FY13 revs guidance of $4.7-5.0B vs. cons estimate of $4.5B.
  • Pep Boys' Q2 net soared nearly 32% to $13.9M; revs rose 3.5% to $523M.
  • Progress Software lowers guidance for Q3 citing lower-than-expected sales .
  • S Korea antitrust regulator reportedly raids Google.
  • SAP to acquire 3-D visualization software maker Right Hemisphere.
  • Sprint Nextel files private antitrust suit against AT&T-T-Mobile deal, tagging on to DoJ suit.
  • Sunoco Inc. to sell its two refineries, focus on its pipelines and retail gas stations.
  • Toshiba agrees to buy Shaw’s 20% stake in Westinghouse for $1.6B.
  • Vallares Plc to merge with Genel Energy International Ltd. in a $2.1B all-share deal.
  • VeriFone Systems' Q3 net rose 42% to $26.3M; revs up 21.2% at $316.9M.
  • Walgreen says Express Scripts talks at impasse, to end multibillion-dollar contract from Jan 1.
  • Williams to increase annual dividend by 25% to $1.00/share; plans to pay out most of the distributions it receives from Williams Partners LP.
  • Yahoo fires Carol Bartz as CEO, names CFO to fill void.



No comments yet! Be the first to add yours.