News on Stocks in Our Portfolios
courtesy of Seeking Alpha
Sonoco Products (SON): Q1 EPS of
$0.50 misses by $0.03. Revenue of $1.18B (-3% Y/Y) misses by $0.02B.
Sherwin-Williams (SHW): Q1 EPS of $1.11 beats by $0.01. Revenue of $2.17B (+1.4% Y/Y) misses by $0.06B
AbbVie to cut hundreds of sales
jobs. AbbVie (ABBV) reportedly intends
to lay off hundreds of employee and contract representatives who sell its heart
drugs, as the medicines are losing patent protection and face generic rivals.
The plans come as AbbVie changes its focus from primary care, such as with
cholesterol treatments, to specialty drugs for unmet needs.
P&G looks to save $2B by
delaying payments.Procter & Gamble (PG) is reportedly
planning to save up to $2B by extending the time it takes to pay suppliers to
75 days from 45 days. P&G hopes to sweeten the pain by working on an
arrangement in which banks would pay the suppliers, possibly early, and then
receive the money from P&G later on. The suppliers would be charged a low
interest rate until P&G pays up.
J&J wins lawsuit over hip
implant. Johnson &
Johnson (JNJ) has won the second lawsuit over its ASR hip implant, with
a jury in Chicago ruling that the company didn't inappropriately market the
all-metal device, which the plaintiff argued J&J knew was flawed. The
verdict follows a decision in LA to award $8.3M against the company. J&J
faces 10,000 lawsuits over ASR, including a class-action case in Ohio .
Economics
This Week’s Data
The
latest Fed Beige Book reported economic activity was advancing moderately,
singling out real estate as improving markedly:
Weekly
jobless claims rose 4,000 versus expectations of a 1,000 increase.
Other
More
on the Reinhart/Rogoff debate (medium):
Even
if their hypothesis is wrong, could their slow growth conclusion still be right
(medium):
Goldman
and BofA lower their expectations for 2013 growth (medium):
Pimco on the good, bad
and ugly of Fed policy (medium):
Politics
Domestic
A brief look at
Rubio and the gang of eight’s immigration plan (medium):
And
(medium):
International War Against Radical Islam
Lessons
in supreme leadership (medium):
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