Wednesday, May 1, 2013

Morning Journal--Government omniscience and incompetence


News on Stocks in Our Portfolios
           
Franklin Resources (BEN): FQ2 EPS of $2.69 beats by $0.20. Revenue of $2.01B beats by $0.02B
Ecolab (ECL): Q1 EPS of $0.60 beats by $0.01. Revenue of $2.87B misses by $0.01B

Cummins (CMI): Q1 EPS of $1.49 misses by $0.37. Revenue of $3.9B (-12% Y/Y) misses by $0.07B. 

Suncor Energy (SU): Q1 EPS of C$0.90 beats by C$0.15.
 
Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 0.4% versus the prior week and up 2.6% versus the comparable period last year; Redbook Research reported month to date retail chain store sales down 2.5% versus a similar timeframe a month ago but up 2.8% on a year over year basis.

            The February Case Shiller home price index rose 1.2% (9.3% on a year over year basis).

            The April Chicago PMI came in at 49.0 versus expectations of 52.9.

            The April Conference Board’s index of consumer confidence was reported at 68.1 versus estimates of 62.0

   Other

***over night Chinese PMI dropped---again,

            More on the Reinhart/Rogoff debate (short):

Politics

  Domestic

On the assumption of government omniscience (medium and a must read):

The national security fraud (medium):

And speaking of fraud and pointless government largess (medium and today’s must read):

And speaking of government largess for the ruling class (medium):

This one is just government incompetence (medium):

  International

            France’s financial position is not as good as bond rates suggest (medium):

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