Morning Journal

News on Stocks in Our Portfolios

Brown-Forman beats by $0.05

·                                 Brown-Forman (BF.B): FQ2 EPS of $0.96 beats by $0.05.

·                                 Revenue of $1.08B (+6% Y/Y).

Economics

   This Week’s Data

            The Fed released its latest Beige Book---which read surprisingly like its immediate predecessors.  Conclusion: economic activity continues to advance at a modest to moderate pace across all geographic areas.

            http://www.calculatedriskblog.com/2013/12/feds-beige-book-economic-activity.html

            The Institute for Supply Management’s nonmanufacturing index came in at 53.9 versus estimates of 55.5.

            http://www.calculatedriskblog.com/2013/12/ism-non-manufacturing-index-at-539.html

            http://scottgrannis.blogspot.com/2013/12/the-economy-continues-to-grow-so-bring.html

            In another dual report, September new home sales fell 6.5% versus expectations of no change while October sales rose 25% versus forecasts of +1.0%

            http://www.calculatedriskblog.com/2013/12/new-home-sales-increased-to-444000.html

                Weekly jobless claims fell 23,000 versus expectations of a 6,000 increase.

            Revised third quarter GDP was up 3.6% versus estimates of +3.1%; the GDP deflator was up 2.0% versus consensus of +1.9%.

   Other

            End of trust.  Part II (medium/long):

            http://www.nakedcapitalism.com/2013/12/satyajit-das-the-end-of-trust-part-ii.html