Morning Journal--More on the Reinhart/Rogoff debate

 News on Stocks in Our Portfolios

 

Boeing starts installing new 787 battery system. Boeing (BA) has begun to install the new battery system for the 787 in five All Nippon Airways Dreamliners, which should allow the jets to restart flying in about a week. However, commercial passenger flights probably won't begin until June, as ANA intends to make 100-200 test flights first. The installations come after the FAA approved the 787's modified battery system on Friday.

Caterpillar Inc. (CAT): Q1 EPS of $1.31 misses by $0.07. Revenue of $13.2B (-17% Y/Y) beats by $600M.

Genuine Parts (GPC): Q1 EPS of $0.93 misses by $0.05. Revenue of $3.20B misses by $0.09B.

Illinois Tool (ITW): Q1 EPS of $0.96 in-line. Revenue of $4.0B (-8% Y/Y) misses by $0.28B

Coach (COH): FQ3 EPS of $0.84 beats by $0.03. Revenue of $1.19B (+7% Y/Y) in-line.

United Tech (UTX): Q1 EPS of $1.39 beats by $0.08. Revenue of $14.4B (+16% Y/Y) misses by $0.54B.

Canadian National (CNI): Q1 EPS of C$1.22 beats by C$0.01. Revenue of C$2.47B misses by C$0.02B

Economics

   This Week’s Data

            The March Chicago Fed National Activity Index came in at -.23 versus the prior reading of +.76.

            http://www.capitalspectator.com/archives/2013/04/chicago_fed_slo_1.html#more

            March existing home sales fell 0.6% versus expectations of a 0.1% increase---though the internals were much better than the headline number.

            http://www.calculatedriskblog.com/2013/04/existing-home-sales-conventional-sales.html

   Other

            Is the economy weakening (medium):

            http://www.nakedcapitalism.com/2013/04/the-hissing-sound-of-air-leaving-the-economy.html

            More on the Reinhart/Rogoff debate (medium):

            http://www.zerohedge.com/news/2013-04-22/guest-post-scoring-reinhart-rogoff-debate