Friday, July 25, 2014

Morning Journal--Using the banks as part of the sanctions process

News on Stocks in Our Portfolios
·         AbbVie (NYSE:ABBV): Q2 EPS of $0.82 beats by $0.06.
·         Revenue of $4.93B (+5.1% Y/Y) beats by $230M.
·         C. R. Bard (NYSE:BCR): Q2 EPS of $2.06 beats by $0.18.
·         Revenue of $827.1M (+8.8% Y/Y) beats by $12.52M.

    • Nucor (NYSE:NUE): Q2 EPS of $0.46 beats by $0.06.
    • Revenue of $5.29B (+13.3% Y/Y) beats by $80M.
·         Reliance Steel & Aluminum (NYSE:RS): Q2 EPS of $1.30 misses by $0.11.
·         Revenue of $2.62B (+6.9% Y/Y) misses by $30M.

Economics

   This Week’s Data

            The July Markit flash PMI was reported at 56.3 versus expectations of 57.6.

            June new home sales fell 8.1% versus forecasts of a 5.7% decline.

            The July Kansas City Fed manufacturing index came in at 9.0 versus consensus of 6.0.

                June durable goods orders rose 0.7% versus estimates of up 0.5%; ex transportation, the number was up 0.8% versus an anticipated increase of 0.7%.

   Other

            More on the effects of QE (short):

            Thoughts on using the banking system as part of the sanctions process (medium):

Politics

  Domestic

Big government double talk (short):

Obamacare failure (short):

Friday morning humor (short):

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