Wednesday, February 13, 2013

Morning Journal--why our bank system is still a mess

 News on Stocks in Our Portfolios courtesy of Seeking Alpha
Coca-Cola (KO): Q4 EPS of $0.45 beats by $0.01. Revenue of $11.45B (+4% Y/Y) misses by $0.1B.


Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 2.5% versus the prior week but up 2.1% versus the comparable period last year; Redbook Research reported month tot date retail chain store sales up 1.1% versus the similar timeframe a month ago and up 2.4% on a year over year basis.

            The US government ran a $2.9 billion budget surplus in January versus expectations of a $2 billion deficit.  Not bad ahead of last night’s SOTU.

                Weekly mortgage applications fell 6.4% while purchase applications dropped 10.0%.

   Other

            ‘Covenant lite’ loans hit new high (short and a must read):

            EBITDA growth is slowing globally (short):

            Yet another example of why we can’t believe the banks regarding their financial position (short):

Politics

  Domestic

CBO report on the growth on means tested social programs (medium):

            George Will on too big to fail (medium):

  International

            Obama’s Benghazi success (medium):

            War and unrest---for those who enjoy being depressed (medium):

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