Thursday, July 25, 2013

Morning Journal--A review of Obama's economic performance

News on Stocks in Our Portfolios

3M (MMM):
 Q2 EPS of $1.71 in-line. Revenue of $7.75B (+2.9% Y/Y) misses by $0.02B
Lorillard (LO): Q2 EPS of $0.81 beats by $0.01. Revenue of $1.80B (+4.2% Y/Y) beats by $0.52B

Quality Systems (QSII): FQ1 EPS of $0.22 in-line. Revenue of $109.5M misses by $6.18M

Qualcomm (QCOM): FQ3 EPS of $1.03 in-line. Revenue of $6.24B (+35% Y/Y) beats by $190M. Expects FQ4 revenue of $5.9B-$6.6B and EPS of $1.02-$1.10 vs. consensus of $6.29B and $1.08.
 
Economics

   This Week’s Data

            The Markit flash US PMI came in at 53.2 versus expectations of 52.8.

            June new home sales rose 8.2% versus estimates of a less than 1.0% increase.

                June durable goods orders jumped 4.2% versus forecasts of up 1.5%; however, ex transportation, they were flat versus an anticipated advance of 0.6%.

            Weekly jobless claims rose 7,000, in line.

   Other

Politics

  Domestic

Lance Roberts grades Obama’s economic performance (medium):

  International

            The eurocrats talk a good game but don’t walk the walk (medium):

            Richard Koo on China (medium):

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