Morning Journal--IRS will be Obamacare enforcer

   News on Stocks in Our Portfolios

Sanofi (SNY) acquires Columbian pharmaceuticals manufacturer Genfar S.A. for an undisclosed sum. Genfar is the second largest generic company in sales and leader in units in Colombia and has a commercial presence in Venezuela, Peru, Ecuador and ten other countries in Latin America. In 2011, its total sales were $133M, with 30% its receipts generated outside Colombia. The deal is expected to close in Q113.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers fell 0.3% versus the prior week but rose 2.4% versus the comparable period a year ago; Redbook research reported month to date retail chain store sales up 1.6% versus the similar timeframe last month and up 2.3% on a year over year basis.

            September vehicle sales were much stronger than anticipated.

            Weekly mortgage applications soared 16.0% while purchase applications were up 4%.

            http://www.calculatedriskblog.com/2012/10/mba-mortgage-refinance-applications.html

            The September ADP private payroll report showed employment up 162,000 versus estimates of up 140,000 and August’s reading of up 189,000.

            http://www.calculatedriskblog.com/2012/10/adp-private-employment-increased-162000.html

   Other

            The case for hyperinflation (medium):

            http://www.zerohedge.com/news/2012-10-01/guest-post-risk-convergence-over-determined-systems-and-hyperinflation

            The dollar deluge and inflation (medium):

            http://www.realclearmarkets.com/articles/2012/10/02/a_dollar_deluge_disguises_deceitful_economic_data_99909.html

            Household financial burden declines (short):

            http://scottgrannis.blogspot.com/2012/10/household-financial-burdens-fall-to-30.html

            A review of the global PMI’s (short):

            http://www.nakedcapitalism.com/2012/10/global-pmis-shuffle-on.html

            Our new and improved debt to GDP ration (short):

            http://www.zerohedge.com/news/2012-10-02/usa-kicks-fiscal-2013-bang-and-93-billion-jump-debt-1615948701330035

Politics

  Domestic

The IRS will be the Obamacare enforcer (medium):

http://washingtonexaminer.com/york-romney-should-expose-irs-as-enforcer-for-obamacare/article/2509524

  International War Against Radical Islam

            CNN (not exactly a conservative bastion) on the attacks in Benghazi (medium):

            http://michellemalkin.com/2012/10/02/cnn-white-house-benghazi/