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Frontrunning: May 10

Courtesy of Tyler Durden

  • Eurozone gesteht Athen weitere Milliarden zu (Handelsblatt) always remember: German is the official language of the Weimar Republic
  • Japan’s Prime Minister to give up salary until nuclear crisis over (CNN), while Tim Geithner will give up nothing until debt ceiling crisis solved
  • Mississippi crests in Memphis at nearly 48 feet (AP)
  • New Greek Deal Possible by June (WSJ)
  • Merkel Says No Aid Decisions Until Greek Assessment Reports (Bloomberg)
  • Japan Unlikely to Get In Yen’s Way (WSJ)
  • Pressure Put on Pakistan Army (FT)
  • Trouble in Syria Sets off Alarm in Tehran (FT)
  • Military Draws Up Afghan Exit Plan (WSJ)
  • Libya Accused of Forcing Migrants to Flee (FT)
  • How they failed to catch Madoff (Fortune)
  • Spin: Bernanke’s QE2 Averts Deflation, Spurs Rally, Expands Credit (Bloomberg) how about makes rich richer, poor poorer, cause gas prices to spike, incites revolutions in MENA, and confirms central planning in US is firmly established
  • Boehner Wants Cuts With Debt Increase (WSJ)
  • U.S. and China Spar on Human Rights (Reuters)

Daily Higlights from Egan-Jones

  • Asian stocks rise on commodities, optimism over Japan earnings.
  • China Exports fuel wider-than estimated $11.4B April trade surplus.
  • IMF is arranging an €80-100B aid package to replace Greece’s existing bailout program.
  • Oil rises above $102 on economic outlook after 15% weekly loss.
  • UK Home-Price gauge increases to highest level in nine months, RICS says.
  • Activision’s qtrly net jumps 32% to $503M as revs rose nearly 12% to $1.45B.
  • Ambac in $27.1M deal to settle securities suits.
  • Ametek Inc. acquires Coining Holding Co. for $148M in cash.
  • Babcock & Wilcox’s Q1 net falls 19.6% to $13.5M, hurt by adjustments for loss contracts. Revs rose 4.4% to $691.3M.
  • Barclays will get $1.1B from trustee liquidating Lehman’s brokerage.
  • BG Group’s Q1 net falls 37.8% to $597M on $265M in charges related to UK taxation.
  • Fiat SpA could own 70% of Chrysler by next year, could buy back US Treasury stake.
  • Hertz makes new bid for Dollar Thrifty. Offers $72/sh in cash and stock ($2.1B).
  • Home Inns misses by $0.02, beats on revs; guides Q2 revs above consensus.
  • IBM sells $1B of notes that match lowest three-year coupon of 2011.
  • Imperial Tobacco H1 profit at 926M pounds against 689M pounds in the year-ago period.
  • InterContinental Hotels’ Q1 net rises 28% to $69M as revs rose 9.4% to $396M.
  • MannKind Corp narrows Q1 loss to $41.5M; awaits FDA approval for insulin drug.
  • Microsoft buys Skype for $8.5 billion
  • NEC Corp. Q4 profit fell 36%, posts losses for the full year.
  • Nvidia to buy Icera, which develops baseband chips for cell phones, tablets for $367M.
  • Sempra Energy Q1 net doubles amid absence of year-ago charges. Sees 2011 EPS of $4-4.30, 2012 EPS at $4.30-4.60.
  • Tenet rejects Community Health’s $7.3B takeover bid.
  • Tower Group’s Q1 net nearly doubled to $25.5M as revs rose 42% to $430.5M.
  • Tyson Foods’ quarterly profit was flat as higher feed costs offset improving demand.
  • Valassis Communications said it will increase its share buyback program by 6M shares.
  • Volkswagen makes a bid for MAN SE after acquiring 30.26% of the latter’s voting rights.

Economic Calendar: Data on Export & Import Prices, Wholesale Inventories to be released.

Earnings Calendar: ALCO, CHKM, DF, DIS, HELE, INSM, IPSU, MDC, MDR, SGMS, SSP, URS, WEN.


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Click here to see some testimonials from our members!

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