In Play and On The Wires

In Play

On The Wires

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“It’s certainly something we should be looking at,” Boehner said in an ABC News interview.

“We’re in a time when the federal government’s short on revenues. They ought to be paying their fair share.”

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“….“UPS produced strong first quarter results despite rapidly rising fuel costs and challenging weather conditions,” said Scott Davis, UPS chairman and CEO. “Once again we demonstrated the strength of our global portfolio and ability of our integrated operating model to further expand margins.”

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“DETROIT—Ford Motor Co. reported its largest first-quarter profit in 13 years as the auto maker benefited from a recovery in the global economy, a larger portfolio of fuel-efficient vehicles and consumers driving up prices by outfitting their cars with more features.”

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“Revenue up 17% and new vehicle unit sales up 23% compared to same period in 2010
— Revenue and gross profit for all major categories – new vehicles, used vehicles, parts and service, and finance and insurance – improved compared to first quarter of 2010
— EPS from continuing operations was a record (1) $0.46, up 35% compared to first quarter 2010 EPS from continuing operations of $0.34
— AutoNations 2011 full-year industry U.S. new vehicle sales outlook revised downward from 12.8 million to mid-12 million units due to Japanese supply constraints through year-end”

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• “Worldwide volume grew a strong 6% in the quarter, with growth in all five geographic operating groups. Excluding new cross-licensed brands, primarily Dr Pepper brands, worldwide volume growth was 5% in the quarter. International volume growth was 6%.
• North America volume growth was 6% in the quarter. Excluding new cross-licensed brands, North America volume growth was 2% in the quarter, marking the fourth consecutive quarter of organic growth for our flagship market.
• Worldwide volume growth was led by brand Coca-Cola, up 3% in the quarter. Global volume and value share gains continued in total nonalcoholic ready-to-drink (NARTD) beverages and across both sparkling and still beverages.
• First quarter reported EPS was $0.82, up 19%, with comparable EPS at $0.86, up 7% and in line with our long-term target. Comparable EPS includes a $0.01 dilutive effect, which will reverse primarily in the fourth quarter, due to the timing of marketing expenses as we conform the newly acquired North American bottling business to our accounting policies. We also estimate the events in Japan had a $0.01 dilutive effect on first quarter comparable EPS as a result of lost revenues.
• First quarter reported net revenue was $10.5 billion, up 40%, with comparable net revenue also up 40%, reflecting solid growth in concentrate sales, a 2% currency benefit, positive price/mix and the acquisition of Coca-Cola Enterprises’ (CCE) North American operations.
• First quarter reported operating income was $2.3 billion, up 4%, with comparable operating income up 10%, reflecting strong top-line performance, a 3% currency benefit and the acquisition of CCE’s North American operations.
• Coca-Cola Refreshments (CCR) integration efforts are on plan, with expected 2011 net cost synergies of $140 to $150 million. Company-wide productivity initiatives are on plan and on track to achieve our targeted $500 million in annualized savings by year-end 2011.”

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“Greece’s budget deficit exceeded goverment estimates and the euro area’s overall debt reached a record, narrowing Europe’s options for putting an end to the fiscal crisis.

Greece’s shortfall was 10.5 percent of gross domestic product in 2010, higher than a 9.4 percent estimate made by the Greek government in February, official European Union figures showed today.

Greek bond yields surged, rekindling speculation that a debt write-off or extension of the country’s repayment timelines will be the only way out of the fiscal trap.

“I don’t think that Greece will succeed in this consolidation strategy without any restructuring in the future, or perhaps also in the near future,” Lars Feld, a member of the German government’s council of economic advisers, told Bloomberg Television’s Nicole Itano in Frankfurt. “Greece should restructure sooner than later.”

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“China’s banking regulator set capital targets for the nation’s five biggest lenders above the minimum 11.5 percent ratio amid concern that credit risks may rise, three people with knowledge of the matter said.

Industrial & Commercial Bank of China (601398) Ltd., the world’s largest lender, and three rivals were told last month to maintain capital adequacy ratios of at least 11.8 percent in 2011, one of the people said, declining to be identified as the plan isn’t public. Agricultural Bank of China Ltd. (1288), the nation’s fourth biggest, should target 11.7 percent, two of them said.”

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Euro markets are little changed to slightly down in early trade.

1.8 billion net in Swiss francs for q1

Spreads are advancing to the tune of 1% this evening as crude goes lower.

Asian markets are off to a bad start, with the NIKKEI off by more than 1%. Additionally, all major commodities are under selling pressure.

passive stake in CSTR

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