Morning Journal--Tom Coburn's 2014 Waste Book

  News on Stocks in Our Portfolios

United Parcel Service beats by $0.03, beats on revenue

o    United Parcel Service (NYSE:UPS): Q3 EPS of $1.32 beats by $0.03.

o    Revenue of $14.29B (+5.7% Y/Y) beats by $90M.

Colgate-Palmolive EPS in-line, misses on revenue

·         Colgate-Palmolive (NYSE:CL): Q3 EPS of $0.76 in-line.

·         Revenue of $4.37B (-0.7% Y/Y) misses by $70M.

Procter & Gamble EPS in-line, misses on revenue

·         Procter & Gamble (NYSE:PG): FQ1 EPS of $1.07 in-line.

·         Revenue of $20.8B (-0.1% Y/Y) misses by $30M.

Microsoft beats by $0.05, beats on revenue

·         Microsoft (NASDAQ:MSFT): FQ1 GAAP EPS of $0.54 beats by $0.05.

·         GAAP Revenue of $23.2B (+25.2% Y/Y) beats by $1.18B.

Nucor beats by $0.03, beats on revenue

·         Nucor (NYSE:NUE): Q3 EPS of $0.76 beats by $0.03.

·         Revenue of $5.7B (+15.4% Y/Y) beats by $330M.

Reliance Steel & Aluminum misses by $0.02, beats on revenue

·         Reliance Steel & Aluminum (NYSE:RS): Q3 EPS of $1.33 misses by $0.02.

·         Revenue of $2.71B (+11.1% Y/Y) beats by $40

Economics

   This Week’s Data

            The October Markit flash manufacturing PMI came in at 56.2 versus expectations of 57.0.

            The October Kansas City Fed manufacturing index was reported at 4.0 versus estimates of 6.0.

            The September leading economic indicators rose 0.8% versus forecasts of a 0.6% increase. 

            http://www.advisorperspectives.com/dshort/updates/Conference-Board-Leading-Economic-Index.php

   Other

            More upbeat data (short):

            http://scottgrannis.blogspot.com/2014/10/robust-construction-and-cre-conditions.html

            The case for fossil fuels (short):

            http://www.aei-ideas.org/2014/10/quotation-of-the-day-on-the-moral-case-for-fossil-fuels/

Politics

  Domestic

Tom Coburn’s 2014 Waste Book (medium):

http://www.clubforgrowth.org/uncategorized/senator-coburn-releases-wastebook-2014-washington-doesnt-want-read/