Thursday, February 14, 2013

Morning Journal--Leverage at the highest level since 2007

News on Stocks in Our Portfolios

Sonoco Products (SON): Q4 EPS of $0.56 beats by $0.02. Revenue of $1.18B (+4% Y/Y) in-line
 
Lorillard (LO): Q4 EPS of $0.79 beats by $0.03. Revenue of $1.70B (+5.3% Y/Y) beats by $0.54B.

Economics

   This Week’s Data

            January retail sales rose 0.1%, in line with forecast; ex autos, they increased 0.2% also as anticipated.

            Weekly jobless claims fell 27,000 versus estimates of a decrease of 8,000.

            December business inventories were up 0.1% versus expectations of up 0.3%; sales were up slightly more than inventories.

   Other

            Financial conditions continue to improve (short):

            Oil and economic growth (medium):

                Leverage at its highest level since 2007 (medium):

Politics

  Domestic

The fallacy of Obama’s minimum wage narrative (medium):

            Politicians in general are raving hypocrites; but Obama sets a new standard (medium):

            Scorecard on our education system (short):

            More on overreaching government power (short):


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