Wednesday, May 22, 2013

Morning Journal--Big government, the dream and the reality


News on Stocks in Our Portfolios

Home Depot beats estimates. Home Depot (HD) reported better-than-expected Q1 earnings as both revenue (+7.4% Y/Y) and EPS beat estimates. A "seasonal timing change" added $574M to sales and comps growth came in at 4.3% (4.8% in the U.S.). "Less favorable" weather conditions were more than offset by a "recovering housing market," CEO Frank Blake said. HD also raised its FY13 outlook, saying it sees 2.8% sales growth, 4% comps growth, and EPS of $3.52 (consensus is $3.54).
 
Medtronic (MDT):
 Q1 EPS of $1.10 beats by $0.07. Revenue of $4.5B beats by $0.11B

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 0.2% from the prior week and up 3.1% versus the comparable period a year ago: Redbook Research reported month to date retail chain store sales up 0.5% versus the similar time frame last month and up 2.4% on a year over year basis.

            Weekly mortgage applications fell 9.8% while purchase applications dropped 3.0%.

   Other

            Delinquency rates on business loans at a low (short):

            Truck tonnage down slightly in April (short):

            I ask again, how can housing be up and lumber prices be down? (short):

Politics

  Domestic

Wednesday morning humor (short):

For the optimists amongst you (medium):

The dream and the reality (medium):

And there is this (medium):

And (medium):

More on out pathetic education system (medium):

  International

            Another gem from my favorite eurocrat (3 minute video):

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