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Friday, January 20, 2012

Frontrunning: January 20

Tyler Durden's picture
Submitted by Tyler Durden on 01/20/2012 07:14 -0500



  • Fed Holds Off for Now on Bond Buys  (Hilsenrath)
  • Bonds Show Return of Crisis Once ECB Loans Expire (Bloomberg)
  • Greek Debt Talks Enter Third Day After ‘Substantial’ Discussions (Bloomberg)
  • Sharp clashes at Republican debate ahead of vote (Reuters)
  • Lagarde Joins Warning on Fiscal Cuts Before Davos (Bloomberg)
  • Investors exit big-name funds as stars fail to shine (Reuters)
  • Payday lenders plead case to consumer agency (Reuters) - the EFSF included?
  • EU Toughens Fiscal Pact Bowing to ECB Objections, Draft Shows (Bloomberg)
  • Minister Urges Japan to Use Strong Yen (FT)
  • China Eyes Pension Fund Boost for Stock Market (Reuters)
  • China Manufacturing Contraction Boosts Case for Easing: Economy (Bloomberg)
Media Digest
WSJ
* Google Inc's revenue machine cooled off after four straight quarters of accelerating growth, while the Internet giant spent heavily as it tries to push beyond its core search-advertising business.
The weaker-than-expected results for the fourth quarter sent the company's shares plunging more than 9 percent on Thursday in after-hours trading and put a spotlight on Google's main moneymaker, the text ads that appear next to its search-engine results.
* Three of the biggest names in the tech sector grew more slowly in the latest quarter, but showed little sign of a broad spending slump despite worries that flooding in Thailand and economic uncertainty could curtail demand.
International Business Machines Corp, Microsoft Corp and Intel Corp on Thursday all reported slower revenue growth in the period ended in December-ordinarily the industry's strongest-than the prior quarter.
* The Federal Reserve Bank of New York sold a multibillion-dollar parcel of risky mortgage bonds on Thursday to a unit of Credit Suisse Group AG in its single-largest sale of troubled assets from the financial crisis.
The bonds were part of a portfolio that the New York Fed took on as part of the 2008 bailout of American International Group Inc.
* Blackstone's CEO Stephen Schwarzman is selling part of his firm's stake in a Florida bank rather than give the Fed detailed information on his personal finances.
* Bank of America closed out a turbulent 2011 with better-than-expected revenue in the final three months of the year. The lender doesn't plan to raise its dividend.
* News Corp has reached settlements in a majority of the civil lawsuits it faces in Britain over phone hacking at the now-closed News of the World tabloid, even as victims' lawyers pressed the notion that senior employees covered up wrongdoing and destroyed evidence.
* The Federal Bureau of Investigation shut down one of the world's most popular file-sharing websites as a debate rages in Washington over whether to give the government new powers to crack down on Internet pirates.
Authorities claim Megaupload Ltd., based in Hong Kong, and its collection of websites generated more than $175 million in criminal proceeds and caused more than half a billion dollars in harm to copyright owners.
FT
ITALY'S BANKS TAP INTO ECB FUND
Italy's banks, led by UniCredit, were the biggest users of the special three-year funding mechanism launched by the European Central Bank in December, according to a new research report. http://www.ft.com/cms/s/0/878b1c4c-42a5-11e1-97b1-00144feab49a.html#axzz1jYRS14J4
BOFA RECORD $2 BILLION PROFIT IN Q4
Bank of America has pledged to accelerate the pace of building capital buffers to absorb future shocks as its fourth-quarter results helped drive its battered share price to the best level since October. http://www.ft.com/cms/s/0/243185c8-4296-11e1-97b1-00144feab49a.html#axzz1jYRS14J4
NOVELIST THREATENS APPLE WITH US LAWSUIT
The author of the novel behind Flowers of War, a Chinese box office hit film starring Christian Bale, is threatening to take legal action against Apple in a Californian court over alleged online piracy. http://www.ft.com/cms/s/2/cd7dbfa0-427f-11e1-93ea-00144feab49a.html#axzz1jYRS14J4
CHINA SET TO BUY STAKE IN THAMES WATER
A Chinese sovereign wealth fund is poised to buy a stake in the water network that serves London, in what would be the fund's first acquisition in the UK following investment talks with British politicians. http://www.ft.com/cms/s/0/7b19ca2e-42c0-11e1-b756-00144feab49a.html#axzz1jYRS14J4
JAPANESE MINISTER URGES USE OF STRONG YEN
Japanese companies should take greater advantage of the strong yen to increase overseas investments and buy natural resources, according to the country's economy minister Yukio Edano. http://www.ft.com/cms/s/0/26eafad2-4297-11e1-97b1-00144feab49a.html#axzz1jYRS14J4
SYRIA PAVES WAY FOR CURRENCY DEVALUATION
Syria plans to introduce a managed float of its exchange rate next week, Adib Mayaleh, the central bank governor, told the Financial Times on Thursday, effectively devaluing its currency. http://www.ft.com/cms/s/0/bb32ac38-42bc-11e1-93ea-00144feab49a.html#axzz1jYRS14J4
LADBROKES BUYS STAKE IN US GAMBLING GROUP
Ladbrokes has bought a Las Vegas-based gambling company in anticipation of the U.S. moving towards allowing a regulated sports betting market. http://www.ft.com/cms/s/0/f430caa6-42ad-11e1-93ea-00144feab49a.html#axzz1jYRS14J4
US INVESTORS REJECT PORSCHE SETTLEMENT OFFER
A group of U.S. investment funds seeking more than $2 billion in damages from Porsche has revealed for the first time that it received and rejected a settlement offer from the maker of the 911 sports car. http://www.ft.com/cms/s/0/287e5746-42be-11e1-b756-00144feab49a.html#axzz1jYRS14J4
BARBICAN LAUNCHES FRESH TAKEOVER BID FOR OMEGA
The backers of Barbican Insurance have launched a fresh indicative takeover bid for rival Omega Insurance, calling on it to begin talks to create a "merger of equals" between the two Lloyd's underwriters. http://www.ft.com/cms/s/0/5dba0ee6-4291-11e1-93ea-00144feab49a.html#axzz1jYRS14J4
NYT
* In what the federal authorities on Thursday called one of the largest criminal copyright cases ever brought, the Justice Department and the Federal Bureau of Investigation seized the Web site Megaupload and charged seven people connected with it with running an international enterprise based on Internet piracy.
* In filing for bankruptcy protection early Thursday morning, Eastman Kodak executives say they are seeking to follow the path of American corporations that have reinvented themselves after a court-supervised reorganization, like United Airlines and Chrysler.
Antonio Perez, the company's oft-criticized chief executive who has been trying to turn the company around since 2005, said the bankruptcy was a step "in our transformation in order to build the strong possible foundation for the Kodak of the future."
* Search giant Google posted record-breaking quarterly revenue of $10.58 billion. But Wall Street had expected Google to post a higher income figure, sending shares lower in after-hours trading.
* After three years of settling for second place, General Motors reclaimed its title as the world's largest automaker in 2011, a year when its sales grew in every region of the globe while Toyota sales were hampered by major natural disasters.
* The number of people seeking unemployment benefits for the first time plummeted last week to 352,000, the fewest since April 2008, the Labor Department said Thursday. The decline added to evidence that the job market is strengthening.
* Rupert Murdoch's media empire agreed to pay victims of phone and e-mail hacking, and the victims' lawyers said they saw evidence of a cover-up by senior managers.
* Johnson & Johnson said on Thursday that it would pay $158 million to settle a Texas lawsuit accusing the drug maker of improperly marketing its Risperdal antipsychotic drug to state residents on the Medicaid health program for the poor, including children.
European economic highlights
  • Germany Producer Prices -0.4% m/m 4.0% y/y – lower than expected. Consensus 0.1% m/m 4.6% y/y. Previous 0.1% m/m 5.2% y/y.
  • Italy Industrial Orders 0.1% m/m -0.7% y/y. Previous -1.6% m/m -4.8% y/y.
  • Italy Industrial Sales 0.0% m/m 0.2% y/y. Previous 0.1% m/m 1.1% y/y.
  • UK Retail Sales ex Auto Fuel 0.6% m/m 1.7% y/y – lower than expected. Consensus 0.7% m/m 1.7% y/y. Previous -0.8% m/m 0.0% y/y.
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