Courtesy of Tyler Durden
- Strauss-Kahn Case Seen as in Jeopardy (NYT)… yes, the soap opera is back…. although don’t expect Lagarde to hand the keys back to DSK – after all the mission has been accomplished. Though president DSK would be a shoo in if cleared of all charges.
- China Salutes 90 Years of Communism (WSJ)… US salutes nearly 100 year of Federal Reserve central planning
- Obama Pushes for a Deficit Deal by July 22 (FT)
- China manufacturing at lowest in 2 years (FT)
- German Banks Agree to Greek Aid Deal (WSJ)
- Ex-Goldman director Gupta SEC Case Postponed Indefinitely (Fin Alternatives)
- Greek, Italian Bonds Lead Peripheral Rebound as Default Concern Ebbs (Bloomberg)
- Republicans boycott trade vote (FT)
- Obama Pushes for a Deficit Deal by July 22 (FT)
- US set to step up Syria sanctions (FT)
- In Washington, Rifts Over Libya Exposed (WSJ)
- India Manufacturing Expands at Slowest Pace in Nine Months After Rate Rise (Bloomberg)
- Concern as Turkish growth hits 11% (FT)
- UBS names ex central banker Weber as future chairman (Reuters)
European economic highlights:
- Sweden PMI Manufacturing June 52.9 – Lower than expected.Consensus 55.5. Previous 56.1.
- Hungary PMI Manufacturing June 54.4.Previous 52.4.
- Norway PMI Manufacturing June 56.1 – Lower than expected.Consensus 57.0. Previous 56.8.
- Norway Unemployment Rate June 2.5% – As expected.Consensus 2.5%. Previous 2.5%.
- Poland PMI Manufacturing June 51.2.Previous 52.6.
- Turkey PMI Manufacturing June 52.3.Previous 50.6.
- Czech Republic PMI Manufacturing June 55.1.Previous 55.9.
- Switzerland PMI Manufacturing June 53.4 – Lower than expected.Consensus 57.8. Previous 59.2.
- Euroland PMI Manufacturing June 52.0 – As expected.Consensus 52.0. Previous 52.0.
- Euroland Unemployment Rate May 9.9% – As expected.Consensus 9.9%. Previous 9.9%.
- Italy PMI Manufacturing 49.9 – Lower than expected.Consensus 50.6. Previous 52.8.
- Italy Unemployment Rate May 8.2% – Lower than expected. Consensus 8.3%. Previous 8.1%.
- UK PMI Manufacturing 51.3 – Lower than expected.Consensus 52.3. Previous 52.1.
Global headline summary from Egan-Jones
- Chinese manf index was 50.9 in June compared with a previously reported 52 in May.
- Geithner said to consider leaving Treasury after budget deal.
- ISM’s business barometer unexpectedly rose to 61.1 in June from 56.6 a month earlier.
- Japan’s Tankan index of sentiment fell to minus 9 in June from 6 in March.
- Ansys Inc. to acquire simulation-software provider Apache Design Solns for $310M.
- Apollo Group Inc. sees 2012 revenue of as much as $4.25B (cons $4.13B).
- AXA SA’s PE arm to buy a $740M PE portfolio from UK’s Barclays PLC.
- AZZ Inc. beats by $0.12, beats on revs; guides FY12 EPS, revs above consensus.
- Borders Group has agreed to sell itself to private investment firm Najafi Cos. for $215M.
- Constellation Brands’ Q1 net jumps 52% to $74.5M on cost-reductions. Revs fell 19% to $635.3M, due to divestiture of its Australian and UK wine business.
- Darden Restaurants reports in-line; 34% increase in dividend to $0.43.
- Dendreon’s prostate cancer medicine Provenge to be covered by Medicare program.
- Eaton to acquire German filtration systems provider E. Begerow GmbH. Terms undisclosed.
- First Solar Inc. won $4.5B in conditional loan guarantees from US Energy Dept for three projects it’s developing in California.
- HP being urged by PE firms to break up and sell some units to them.
- HSBC to cut 700 jobs from retail operations in UK.
- KB Home says it has no plans to issue equity; f’casts cash balance of more than $500M after paying off bond, settlement.
- Lilly sees 2011-2014 revenue at least $20B; at least 10 drugs in Phase III by end 2011.
- McCormick & Co.’s Q2 net rises 11% to $73.6M, helped by price increases. Lowers full-year EPS view to $2.74-2.79 (prev $2.80-2.85).
- NetApp Inc. f’casts 2012 EPS of $2.46-2.62, compared with cons estimates of $2.48.
- New York Fed halts sales of AIG mortgage-backed bonds on market conditions.
- Nortel to sell patents for $4.5B.
- Rite Aid June same-store sales rise 1.8%, on improvement in both front end and pharmacy.
- SABMiller PLC said it will enter the high growth market of specialty beers.
- Smith & Wesson reports Q4 EPS of $0.02; revs rose 7.7% to $111.8M.
- Solorz-Zak buys Polkomtel, telecom co., for $5.5B, in record Polish deal.
- Transocean adopts no-apology strategy in pushing blame on BP for oil spill.
Economic Calendar: Data on Michigan Sentiment, Construction Spending, Auto Sales to be released.
Earnings Calendar: HIHO, LPHI, PWX, RADA, SLP.