Not so early early tour 5.24.11
Sorry had some technical issues.
Good Morning European Markets up 15-75 bps (Italy -12 bps, Greece +2.3%) Nikkei Closed -31 bps (China -28 bps)
EUR 1.4081 (+0.24%) JPY 81.81 (+0.23%) NMI .7978 (+0.95%) Copper +1.0% Silver +2.1% 10yr 3.13%
Futures: Dow +24, Nasdaq +2, S&P +3 DXY 75.99 (-0.19%) Crude $98.89 (+$1.19) Gold $1521.50 (+$6.10)
New Home Sales & Richmond Fed @ 10am, MSFT Windows Phone announcement @ 10am
Wells Fargo Consumer (Las Vegas) & Citi Consumer (NY) conferences begin
AZO & MDT earnings pre-open / AMAT, FMCN, PSS, TIVO, TTWO l's after close
Moody's places 14 of the 18 British banks and building societies on review for potential downgrade
China rating agency Dagong cuts U.K. rating to A+ from AA- (and cuts outlook to negative) (Xinhua)
ECB's Christian Noyer says Greek restructuring is not a solution (would be unacceptable "horror story")
Germany business confidence remains unexpectedly unchanged in May (IFO Index 114.2 vs estimate 113.7)
GS head of commodities research Jeff Currie says "the risk/reward once again favors being long commodities"
Yandex (owner of Russia's most popular internet search engine) raises $1.3B in U.S. IPO (above range)
Tornado in Joplin, Missouri killed 116 people (deadliest single twister in U.S. since 1953) (198 mph winds)
Securities Times article says that China may suspend sale of 3yr notes this week and raise REM for banks
Wal-Mart loses two senior executives in China (CFO & COO in China resign to "explore other opportunities")
Valeant (VRX) agrees to buy AB Sanitas for 0314 million to add dermatology drugs in Eastern & Central Europe
Marks & Spencer reports broadly inline with expectations but sounds cautious tone on outlook (trading -2.0%)
U.K. budget deficit widens to $16.1B as tax receipts fall (largest budget shortfall for any April since at least 1993)
Iceland ash cloud grounds 250 U.K. flights (Ryanair complains to regulators there is no basis for cancellations)
The head of Britain's Serious Fraud Office wants to raise salaries by 50% in bid to retain and recruit staff (FT<http://www.ft.com/intl/cms/s/0/cldb7526-857d-lle0-ae32-
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00144feabdc0.html%axzz1NAtRLmxP>)
Vietnam inflation surges 19.78% in May (highest in Asia) (adding pressure on officials to raise rates further)
New Zealand company executives raises inflation expectations to the highest in almost 3 years (NZD +0.95%)
Leading European Sectors: Autos/Parts +1.47%, Chemicals +1.46%, Basic Resources +1.15% Lagging European Sectors: Travel & Leisure -0.75%, Banks -0.66%, Retail -0.33%
HRS ceo succession plan - TWC to name new ceo - HSFT penny light
SOLR positive 2012 margin forecast - SCOK new biz licenses - JMBA sales fall
ODP names interim ceo - LCC & DAL new agreement - GOOG acquires Sparkbuy
CISG earnings mixed - ZBRA 3M share buyback - TEN 400k share buyback
AVP names cfo - PWRD lower ql profit as costs rise - HBCP -400k share buyback
S&P removes FDO from credit watch neg - UW eps up y/y - NS equity distribution agreement
Secondaries (announced/priced): TA, INVE, CVI IPO's (filed/priced): Yandex (YNDX) 52.2M shares priced at $25
Key Research: Capstone initiates SAM (hold), KBS initiates CINF (mp), Roth initiates CYTR (buy), UBS initiates TEU (buy)
Key Research: Stifel downgrades CBOE (sell), W Blair upgrades ESI/DV/EDMC & downgrades CPLA/STRA, BofA initiates CLGX (buy)
Key Research: Merriman upgrades KVHI (buy), Jefferies initiates SON (hold), Bofa downgrades HSBA.LN & initiates TMS (buy)
Key Research: BMO downgrades LFT & DEER, CS resumes CYH & THC (op's), GS downgrades Russian Oil sector
Key Research: GS upgrades KBR (conviction buy) & initiates MSI (buy) & downgrades IM, Wells upgrades CR20, Wunderlich downgrades RIMM
Key Research: Moke initiates LOGM & ZIXI (op's), MS upgrades CRM, Opco initiates AIS (op), Bofa resumes THC (neutral)
Key Research: FBR upgrades GTIV, Barclays downgrades NKA, GS & JPM initiates ZIP, Citi initiates ARCO (buy)
Reporting Pre-Open: AZO, MDT, BPHX, CBRL, CNTF, DSW, EDAP, HSOL, KUTV, OTIV, PRXI, REDF, SAFM
Reporting Post-Close: AMAT, AVGO, BAMM, CPWR, DY, EXPR, FMCN, HEI, KONG, PSS, PSUN, SQM, TIVO, TTWO
Economic Data: ICSC-Goldman Chain Store Sales 0 7:45am, Redbook Chain Store 0 8:55am, New Home Sales & Richmond Fed Index 0 10am
Treasury auctions in 2yr notes 0 1pm ($35B), API crude oil inventories 0 4:30pm
Fed's Duke speaks on financial education in Boston 0 8:25am, Fed's Hoenig speaks at Drexel University 0 9:50am, Fed's Bullard speaks in Missouri 0 1:20pm
Conferences: Janney Consumer (Boston), Stifel Cleantech (NY), MS Cloud Computing (NY), Wells Consumer (Las Vegas)
Conferences: Stephens Spring Investmen (NY), UBS Global Specialty Pharma (London), BMO Silicon Valley
Conferences: Citi Global Consumer (NY), UBS Oil & Gas (Austin), Barclays Communications/Media & Tech (NY)
Analyst/Investor Days: CKSW, EP, HRC, BA, LLEN
Non-Deal Roadshows: AEGR, ALTR, AMMD, AUDC, BDC, BLC, CBR, CMN, CRDN, DUSA, EW, EZCH, FHCO, FPO, GDI, GPOR, HUM, IFT, IMGN, IPCL, ISIS, IXYS, JKHY, KNL, KNXA, MGRC, MINI, NXPI, PANL, PDLI, PLAB, PWR, RDWR, ROCK, RP, SPSC, SRDX, SREV, SUPX, TROW, TTGT, WCRX, XNPT, IMAX
Shareholder Meetings: AMLN, VSCP, FIG, HEES, ZLCS, ARB, FOLD, MHS, RCL, SVNT, TG, BTC, CWCO, EMIS, FFBC, KFT, QLTY, DBLE, DGLY, BRE, KRC, ELON, NTGR, PFBC, CLI, PMD, ANCX, FCLF, VPFG, OMCL, TSRA, EWBC, DL
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Equity/Mixed Shelfs: APA
Other Newspaper Articles & Stories
WSJ positive: McDonalds (MCD)
WSJhttp://online.wsj.com/article/SB10001424052702304520804576341291516236806.html
WSJ positive: Ryanair Holdings (RYA.ID)
WSJhttp://online.wsj.com/article/SB10001424052702304520804576341540205673486.html
WSJ cautious: Sony (SNE)
WSJhttp://online.wsj.com/article/SB10001424052702304520804576341822424604038.html
Ambac Financial seeks to block $116.8M NYC tax claims as illogical
Bloomberg<http://www.bloomberg.com/news/2011-05-23/ambac-financial-seeks-to-block-116-8-
million-new-york-tax-claim.html>
Greece speeds up plans to sell off state held assets
WSJ<http://online.wsj.com/article/SB10001424052702304520804576341414080784514.html?
mod=WSJ_business_whatsNews>
Spain moves forward with lottery privatization
WSJ<http://online.wsj.com/article/SB10001424052702304520804576341223574804318.html?
mod=WSJ_business_whats News>
Ebay ceo continues to seek acquisitions
WSJ<http://online.wsj.com/article/SB10001424052702304520804576341460685486584.html?
mod=WSJ_business_whatsNews>
SEC looking at whether Bank of New York Mellon (BK), State Street (STT) overcharged investment firms for currency trades WSJ<http://online.wsj.com/article/SB10001424052702303654804576341782867546062.html? mod=WSJ_business_whatsNews>
Carlos Tavares tipped to be new Renault COO.
WSJ<http://online.wsj.com/article/SB10001424052702304520804576341373454163158.html?
mod=WSJ_business_whatsNews>
Toyota advisers urge revamping
WSJ<http://online.wsj.com/article/SB10001424052702304520804576341272437080958.html?
mod=WSJ_business_whatsNews>
Carin to spend $600M on Greenland oil drilling
WSJ<http://online.wsj.com/article/SB10001424052702304066504576342721700858628.html?
mod-rss_whats_news_us_business>
The Housing headache felt all over
WSJ<http://online.wsj.com/article/SB10001424052702303654804576341603462686900.html?
mod ITP moneyandinvesting_0>
Prada, retailers seek Billions from Hong Kong
WSJ<http://online.wsj.com/article/SB10001424052702304066504576340882752701952.html?
mod=ITP_moneyandinvesting_2>
Philanthropy is given focus by brain cancer
NYT<http://dealbook.nytimes.com/2011/05/23/philanthropy-is-given-focus-by-brain-cancer/?
ref=todayspaper> (Sorkin Dealbook)
Union effort turns its focus to Target.
NYThttp://www.nytimes.com/2011/05/24/business/economy/24target.html?_r=2&ref=business
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Banking on national economic suicide Washington
Timeshttp://www.washingtontimes.com/news/2011/may/23/banking-on-national-economic-suicide/
(Opinion Rahn)
Treasury set to make small profit in sale of AIG stock (AIG plans to issue shares at $29-$29.30/share) FT<http://www.ft.com/intl/cms/s/0/5a07ffac-8594-11e0-ae32- 00144feabdc0.html #axzz1N8KCxTSJ>
Health records contract 'holds taxpayer to ransom' FT<http://www.ft.com/intl/cms/s/0/29cbd372-8580-11e0-ae32-00144 feabdc0.html #axzz1N8KCXTSJ>
UK builders see value of orders collapse
FThttp://www.ft.com/intl/cms/s/0/c51d4426-8573-11e0-ae32-00144feabdc0.html#axzz1N8KCxTSJ
Royal Bank of Scotland added to mortgage probe
FT<http://www.ft.com/intl/cms/s/0/e2193f32-8576-11e0-ae32-
00144feabdc0, s01-1.html #axzz1N8KCxTSJ>
Entertainment One near "major toy licensing agreement" in US Daily Mailhttp://www.dailymail.co.uk/money/article-1390161/Entertainment-Ones-US-cash-cow.html
Toshiba removes Windows 7-based tablets, Chromebooks from product roadmap DigiTimeshttp://www.digitimes.com/news/a20110523PD216.html
Diageo looking to eliminate jobs in Ireland Irisih
Timeshttp://www.irishtimes.com/newspaper/finance/2011/0524/1224297637346.html
Bank Hapoalim (POLI.IT) takes legal action over "problem debt" of company controlling Elbit Medical Imaging Globes<http://www.globes.co.il/serveen/globes/docview.asp? did=1000648292>
Toshiba setting up 11700B war chest for green investments over three years - Nikkei
Key Events This Week
Wednesday: Durable Goods Orders, FHFA House Price Index, U.K. GDP, Ira Sohn Conference, MS Retail Conference (Boston), Earnings (COST, RL, AEO, CSC, NTAP, TOL, STP)
Thursday: GDP, G8 heads of state and government summit (Deauville, France), Sterne Agee Consumer Conference (NYC), Earnings (BIG, HNZ, PDCO, TIF, MRVL)
Friday: Personal Income & Consumption, Pending Home Sales, Earnings (SDRL, MENT, RY)
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