Wednesday, July 23, 2014

Morning Journal--How successful was QE?

  News on Stocks in Our Portfolios
 
o    Boeing (NYSE:BA): Q2 EPS of $2.42 beats by $0.43.
o    Revenue of $22.05B (+1.1% Y/Y) misses by $420M.
·         PepsiCo (NYSE:PEP): Q2 EPS of $1.32 beats by $0.09.
·         Revenue of $16.89B (+0.5% Y/Y) beats by $100M

·         General Dynamics (NYSE:GD): Q2 EPS of $1.88 beats by $0.11.
·         Revenue of $7.47B (-4.6% Y/Y) misses by $60M.
·         Praxair (NYSE:PX): Q2 EPS of $1.58 misses by $0.01.
·         Revenue of $3.11B (+3.3% Y/Y) misses by $50M.
·         Microsoft Corporation (NASDAQ:MSFT): FQ4 EPS of $0.55 misses by $0.06.
·         Revenue of $23.38B (+17.3% Y/Y) beats by $270M.
·         McDonald's (NYSE:MCD): Q2 EPS of $1.40 misses by $0.04.
·         Revenue of $7.18B (+1.4% Y/Y) misses by $100M.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 0.4% versus the prior week but up 2.8% on a year over year basis; Redbook Research reported month to date retail chain store sales up 4.2% versus the comparable period past month and up 3.7% versus the similar timeframe a year ago.

            June existing home sales rose 2.6% versus expectations of up 2.0%.

            The July Richmond Fed manufacturing index came in at 7 versus estimates of 5.5.

            Weekly mortgage applications rose 2.4% while purchase applications increased by 0.3%.

   Other

            How successful was QE? (medium and a must read):

            The Fed’s success is about limiting its damage (medium and a must read):

            NY Fed slams Deutschebank for $75 trillion in derivatives (medium):

            Update on real retail sales per capita (medium):

            Update on big four economic indicators (medium):
           
Politics

  Domestic

  International

            US releases satellite imagery that (it says) tracts missile attack on MH17 (short):

                Update: it looks like the US is letting Putin off the hook; just like he assumed they would? (medium):


            Rebels claim that they shot down two fighter jets (short):

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