Morning Journal--Stephan Roach on China policy

 News on Stocks in Our Portfolios

CME Group (CME): Q3 EPS of $0.70 beats by $0.01. Revenue of $683M misses by $10M.

Altria (MO): Q3 EPS of $0.58 in-line. Revenue of $6.2B (+2.2% Y/Y) beats by $1.8B.

Colgate-Palmolive Company (CL): Q3 EPS of $1.36 misses by $0.03. Revenue of $4.33B (-1% Y/Y) misses by $50M.

Sanofi (SNY): Q3 EPS of €1.68. Revenue of €9.04B (+3.3% Y/Y). Shares +2.9% premarket.

Occidental Petroleum (OXY): Q3 EPS of $1.70 beats by $0.07. Revenue of $5.97B beats by $550M.

Economics

   This Week’s Data

            September new home sales rose 4.3% versus expectations of a 3.2% increase.

            http://www.calculatedriskblog.com/2012/10/new-home-sales-and-distressing-gap.html

                September durable goods orders jumped 9.9% versus estimates of an increase of 7.0%

            Weekly jobless claims fell 19,000 versus forecasts of a 16,000 decline.

                http://www.calculatedriskblog.com/2012/10/weekly-initial-unemployment-claims_25.html

   Other

            Another lawsuit against Bank of America (medium):

            http://www.zerohedge.com/news/2012-10-24/yet-another-lawsuit-against-bank-america-over-countrywides-legacy-toxic-mortgages

            Three not so positive charts (short):

            http://www.zerohedge.com/news/2012-10-24/world-three-charts

Politics

  Domestic

Benghazi: what they knew and when they knew it (short):

http://michellemalkin.com/2012/10/24/state-department-benghazi-2/

  International

            Stephan Roach on China policy (medium):

            http://www.project-syndicate.org/commentary/america-s-bipartisan-mistakes-about-china-by-stephen-s--roach