Morning Journal--More on the student loan crisis

News on Stocks in Our Portfolios

 

Target beats by $0.23, misses on revenues

·                                 Target (TGT): Q2 EPS of $1.19 beats by $0.23.

·                                 Revenue of $17.12B misses by $0.14B. (PR)

Caterpillar global retail sales of machines -9% in May-July

·                                 Caterpillar's (CAT -0.5%) world retail sales of machines -9% Y/Y in three months to July vs -8% in three months to June, with AsiaPacific -28% in May-July, North America -1%, EMEA -12%, Latin America +11%.

·                                 Power Systems sales flat in July period vs +1% in June period; electric power +5%, industrial +9%, transport +22%, petroleum -15%. (8-K)

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 1.9% versus the prior week but up 2.2% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 0.2% versus the prior month and 3.4% on a year over year basis.

            Weekly mortgage applications fell 4.6%, though purchase applications inched up 1.0%.

   Other

            More on the student loan crisis (medium):

            http://www.zerohedge.com/news/2013-08-20/matt-taibbi-dirty-little-secret-inside-student-loan-bubble

            Inflation and how is it calculated (medium):

            http://www.zerohedge.com/news/2013-08-20/peter-schiff-inflation-and-gdp-distractor

           

Politics

  Domestic

Obamacare effects (medium):

http://www.zerohedge.com/news/2013-08-20/obamacare-effect-anecdote-dr-furman

            Krauthammer on legislation by executive order (medium):

            http://www.washingtonpost.com/opinions/charles-krauthammer-can-obama-write-his-own-laws/2013/08/15/81920842-05df-11e3-9259-e2aafe5a5f84_story.html

  International War Against Radical Islam

            Misjudging al Qaeda (medium):

            http://www.weeklystandard.com/articles/misjudging-al-qaeda_745840.html

            Kerry clears Benghazi scapegoats (short):

            http://michellemalkin.com/2013/08/19/john-kerry-clears-mid-level-benghazi-scapegoats-hillary-clinton-suspended-from-state-department/

                        The price of idealism in Egypt (medium):

            http://townhall.com/columnists/thomassowell/2013/08/20/reality-versus-mirages-in-egypt-n1668078

            ***over night, a poison gas attack in Syria (medium):

            http://www.zerohedge.com/news/2013-08-21/hundreds-dead-syrian-chemical-attack-even-impartial-experts-allege-false-flag