Morning Journal--The Benghazi cover up

News on Stocks in Our Portfolios

  

HollyFrontier (HFC): Q1 EPS of $1.63 misses by $0.12. Revenue of $4.70B (-5% Y/Y) beats by $0.06B

Emerson (EMR): FQ2 EPS of $0.77 misses by $0.01. Revenue of $5.92B misses by $0.11B. 

EOG Resources (EOG): Q1 EPS of $1.80 beats by $0.62. Revenue of $3.36B beats by $0.32B

Sun Hydraulics (SNHY): Q1 EPS of $0.37 beats by $0.01. Revenue of $51.1M (-8% Y/Y) misses by $0.66M

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 1.0% versus the prior week but up 2.4% versus the comparable period last year; Redbook Research reported moth to date retail chain store sales down 2.5% versus the similar timeframe a month ago but up 2.3% on a year over year basis.

            http://www.zerohedge.com/news/2013-05-07/reality-perception-gap

            March consumer credit rose about half of what was expected; and guess where the increases came from (short):

            http://www.zerohedge.com/news/2013-05-07/march-consumer-credit-increase-driven-entirely-and-then-some-student-and-car-loans

            Weekly mortgage applications rose 7.0%, while purchase applications were up 2.0%.

   Other

            The forecast for Spain, Italy and Ireland this year (short):          

            http://www.eurointelligence.com/news-details/article/the-commission-forecasts-for-spain-italy-and-ireland.html

Politics

  Domestic

What amnesty will cost America (medium):

http://www.washingtonpost.com/opinions/amnesty-for-illegal-immigrants-will-cost-america/2013/05/06/e5d19afc-b661-11e2-b94c-b684dda07add_story.html

Muzzling free speech (medium):

http://www.jewishworldreview.com/cols/will050413.php3#.UYlCyKKG2Ag

  International War Against Radical Islam

            More on Benghazi (medium):

            http://www.weeklystandard.com/blogs/us-military-tripoli-ordered-not-go-benghazi_720894.html

                And:

            http://michellemalkin.com/2013/05/06/benghazi-whistleblower-tripoli/

                The problem with the ‘red line’ (medium):

            http://www.nationalreview.com/article/347562/statecraft-malpractice