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Frontrunning: June 17

Courtesy of Tyler Durden

  • And the truth keeps coming out: Evacuation urged for radioactive hot spots in Japan beyond 20km zone (Japan Times)
  • Germany’s Merkel: Europe and Euro Tightly Bound Together (WSJ)
  • Hardline IMF forced Germany to guarantee Greek bailout (Guardian)
  • Hunt for ‘Holy Grail’ Hunt Pits ECB Against Naked Banks (Bloomberg)
  • Default by Greece ‘Almost Certain’: Greenspan (Bloomberg)
  • SEC could file Civil Fraud charges against some Raters (Reuters)
  • Merkel’s Greek Bondholder Gambit Tested as Sarkozy Visits Berlin (Bloomberg)
  • Biggest banks face capital clampdown (FT)
  • Too Big to Fail Ends With Wave of a Magic Wand (Bloomberg)
  • Biden Talks Aimed at $4 Trillion in Cuts Over 10 Years (WSJ)
  • California’s Brown vetoes fellow Democrats’ budget (Reuters)
  • U.S. Confidence Out of Sync With Stock Gains (Bloomberg)
  • High-frequency trade sparks flash fires in commodities (Reuters)
  • Assad’s cousin to give up business activities (FT)
  • Prada raises HK$16.7bn in Hong Kong listing (FT)
  • Baum: Soft Patch 2, Not QE2, Is Main Influence on Rates (Bloomberg)

Global highlights courtesy of Egan-Jones

  • Bank of Korea may need to slow rate rises, Board member says.
  • Basel said to weigh 3.5 percentage point fee to curb bank growth.
  • China central bank finds officials stole $123.7B of public money over 15 years.
  • Consumer expectations in US drop to lowest level in two years.
  • Euro poised for second weekly loss before EU leaders meet on Greece debt.
  • Greenspan says Greece default ‘almost certain,’ may trigger US recession.
  • IEA warns of sweet crude shortage without Libya.
  • IMF says ‘We stand ready to continue our support for Greece’.
  • Philadelphia Fed Manufacturing Index falls to -7.7 in June from 3.9 in May.
  • Actuant Corp Q3 profit up 67% to $36.4M on 27% higher sales, raises 2012 EPS view.
  • Borders Group extends leases on 11 stores, still negotiating to keep 40 more open.
  • CapitalOne purchases ING’s US bank for $9B cash and stock.
  • Central Garden approves $100M share repurchase program.
  • Energy Transfer Equity LP to acquire Southern Union Co. for about $4.2B.
  • India’s Tata Steel to sell its 26.27% stake in Riversdale Mining to Rio Tinto for $1.12B.
  • ING to sell US online bank to Capital One for $9B in stock and cash.
  • Kroger Co.’s Q1 net rises 16% to $432.3M. Revs up 11% at $27.5B.
  • MBIA hid potential losses of up to $950M from regulator, banks say.
  • McKesson Corp. backs fiscal 2012 EPS f’cast between $5.55 and $5.75.
  • Oracle seeks billions of dollars in damages from Google over alleged patent infringements.
  • Prada said to price shares at $HK39.50 each in Hong Kong IPO.
  • RIM to cut jobs as f’cast misses estimates on sales slump. Sees qtrly revenue dropping for the first time in nine years.
  • Smithfield Foods: Co. has hedged 50% of its feed-grain costs for the year at prices well below the current market.
  • Steel Dynamics guides Q2 EPS at $0.35-0.40 vs. $0.56 consensus estimate.
  • Winnebago profit falls 80% to $1.2M on lower margins. Revs flat at $135.6M.

Economic Calendar: Data on Mich Sentiment, Leading Indicators to be released today.
Earnings Calendar: AIM, CAVO, CCG, FTLK, LPHI, TIK.


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