Ross Levinsohn Departs Yahoo/All Things D – Kara Swisher: “…While Mayer might have benefited from Levinsohn’s close ties with key marketing players and his content experience, her intense focus on products and not on media likely means that she will rely on a more tech-heavy leadership team going forward. It will be interesting to see who she picks going forward. As I previously reported, many think she will pull from the ranks of former and current Google execs, where she worked for her entire career before Yahoo.”
RBS Braces Itself for a Libor Deal/WSL – Dana Cimilluca & Sara Schaeffer Munoz: “Four years ago, Stephen Hester was cast as the savior of Royal Bank of Scotland Group PLC as it was being bailed out by U.K. taxpayers. Now the 51-year-old chief executive may risk having his tenure cut short by the latest scandal to hit the state-owned lender. RBS is negotiating a settlement with authorities investigating attempted interest-rate rigging at RBS and other banks, and a deal, including fines, could be announced in the next few months, according to people familiar with the matter.”
Biggest Chapter Yet For a Poison Pen/WSJ – Juliet Chang: “Daniel Loeb isn't one given to half-measures. The hedge-fund manager competes in triathlons, never, ever drinks from a plastic water bottle and is unsparing at times in his criticism of corporate executives. That is exactly how his investors like him. "I didn't give him the money to have a mellow Dan Loeb," said Hugh F. Culverhouse, a Miami investor whose family once owned the Tampa Bay Buccaneers football team. "If I want a mellow Dan Loeb, let me redeem."
Another Economically Illiterate Politician Seeks To Block Cnooc-Nexen Deal/Forbes – Christopher Helman: “Congressman Ed Markey (D.-Mass) sent a letter to Treasury Secretary Timothy Geithner today requesting that the U.S. government conditionally block the acquisition of Nexen by Cnooc . Like his friend Chuck Schumer’s complaints, Markey’s concerns about this deal are preposterous. Markey believes the acquisition of the Canadian Nexen by the Chinese Cnooc will result in a “massive transfer of wealth” from the U.S. to China.”
Manchester United sets IPO terms/Reuters: Oliva Oran & Stephen Lacey: “English soccer team Manchester United set the terms for its U.S. initial public offering on Monday saying it will offer 16.67 million shares at between $16 and $20 each, which values the club at $3.3 billion at the top of the range. Manchester United has been struggling with a hefty debt burden ever since being acquired by the family of Florida-based businessman Malcolm Glazer and his family in 2005.”
U.S. corn and soy ratings slip 2 pts, worst since 1988/Reuters – Sam Nelson: “Corn and soybean conditions in the U.S. Midwest deteriorated further last week as the most expansive drought in more than 50 years ate away at crop prospects in major producing states including Iowa and Illinois, government data on Monday showed. The U.S. Department of Agriculture rated 24 percent of the U.S. corn crop in good-to-excellent condition as of Sunday and 29 percent of the soybean crop in good-to-excellent shape, both down 2 percentage points from the previous week. The ratings for each were the worst since the comparable week in 1988, another year of severe drought in the nation's crop-growing mid-section.”
Economic Data
730am et Jul Challenger report
830am et Jun Personal income
830am et Jun Core PCE
830am et 2Q Employment Cost index
900am et May S&P/ Case-Shiller HPI
945am et Jul Chicago PMI
1000am et Jul Consumer Confidence
Earnings
Before the bell:
Anheuser-Busch, BP, Honda, Pfizer, Aetna, Archer-Daniels Midland, Coach, Deutsche Bank, Discovery Comm., UBS
After the bell:
Allstate, Electronic Arts, DreamWorks Animation
Key Guests
Sanjay Mathur, RBS, Managing Director (430am)
David Lutz, Steifel Nicolaus, Managing Director (5:45am)
Richard Hoey, BNY Mellon, Chief Economist (6:30am)
Rep David Schweikert, (R) Arizona (6:49am)
James Grant, Author, Founder & Editor of Grants Interest Rate Observer (7-9am)
Mark Olson, former Fed Gov, (7:10am)
Donald Trump, Trump Organization, CEO & Pres
Gregory Page, Cargill, CEO (8am)
Daniel Boulud, Chef, (8:40am)
Maureen Maitland, Standard & Poor's, VP of Index Services (9:15am)
Jeff Jordan, Andreessen Horowitz, General Partner (10am)
Christian Buss, Credit Suisse, Retail Analyst (12pm)
Tony Crescenzi, PIMCO, Exec VP (12:30)
Kim Forrest, Fort Pitt Capital Group, VP & Portfolio Manager (1pm)
Michael Johnson, Herbalife, CEO (2pm)
David Wessel, The Wall Street Journal, Economics Editor (2:20pm)
Lew Frankfort, Coach, Chairman & CEO (3:30pm)
Stephen Gallagher, Societe Generale, Managing Director (4pm)
Mark Bertolini, Aetna, Chairman, CEO & President (4:40pm)
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