Morning Journal---What Abenomics has done for Japan

News on Stocks in Our Portfolios

           
Automatic Data Processing, Inc. beats by $0.01, beats on revenue

·         Automatic Data Processing, Inc. (ADP): FQ2 EPS of $0.78 beats by $0.01.

·         Revenue of $3B (+9.1% Y/Y) beats by $60M.

CH Robinson Worldwide Inc. misses by $0.06, misses on revenue

·         CH Robinson Worldwide Inc. (CHRW): Q4 EPS of $0.62 misses by $0.06.

·         Revenue of $3.15B (+6.1% Y/Y) misses by $120M.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 0.3% versus the prior week and flat on a year over year basis; Redbook Research reported month to date retail chain store sales up 3.0% versus the comparable period last month and up 2.7% versus the similar timeframe a year ago.

December factory orders fell 1.5% versus expectations of a 1.8% decline; November orders were revised down.

            Weekly mortgage applications rose 0.4% but purchase applications fell 4.0%.

            The January ADP private payroll report showed a gain of 175,000 jobs versus estimates of an advance of 170,000.

   Other

            A world of economic trouble (medium):

            http://www.washingtontimes.com/news/2014/feb/3/rahn-a-world-of-economic-trouble/

            Hot money (medium):

            http://ftalphaville.ft.com/2014/02/04/1761492/its-the-hot-money-stupid/?

            John Taylor on Bernanke (short):

            http://www.zerohedge.com/news/2014-02-04/john-taylor-berates-bernankes-fed-300-words

            What QE (Abenomics) has done for Japan (medium):

            http://www.zerohedge.com/news/2014-02-05/abenomics-disaster-japan-regular-wages-fall-19-consecutive-months-real-wages-drop-16