Morning Journal--Government omniscience and incompetence

News on Stocks in Our Portfolios

           
Franklin Resources (BEN): FQ2 EPS of $2.69 beats by $0.20. Revenue of $2.01B beats by $0.02B

Ecolab (ECL): Q1 EPS of $0.60 beats by $0.01. Revenue of $2.87B misses by $0.01B

Cummins (CMI): Q1 EPS of $1.49 misses by $0.37. Revenue of $3.9B (-12% Y/Y) misses by $0.07B. 

Suncor Energy (SU): Q1 EPS of C$0.90 beats by C$0.15.

 

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 0.4% versus the prior week and up 2.6% versus the comparable period last year; Redbook Research reported month to date retail chain store sales down 2.5% versus a similar timeframe a month ago but up 2.8% on a year over year basis.

            The February Case Shiller home price index rose 1.2% (9.3% on a year over year basis).

            http://scottgrannis.blogspot.com/2013/04/housing-prices-continue-to-firm.html

            The April Chicago PMI came in at 49.0 versus expectations of 52.9.

            The April Conference Board’s index of consumer confidence was reported at 68.1 versus estimates of 62.0

            http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

   Other

***over night Chinese PMI dropped---again,

            More on the Reinhart/Rogoff debate (short):

            http://gregmankiw.blogspot.com/2013/04/stevenson-wolfers-on-reinhart-rogoff.html

Politics

  Domestic

On the assumption of government omniscience (medium and a must read):

http://cafehayek.com/2013/05/quotation-of-the-day-620.html

The national security fraud (medium):

http://www.nationalreview.com/article/346785/obama%E2%80%99s-national-security-fraud

And speaking of fraud and pointless government largess (medium and today’s must read):

http://www.nationalreview.com/article/346941/obamaclinton-reparations

And speaking of government largess for the ruling class (medium):

http://michellemalkin.com/2013/04/27/firm-dianne-feinstein-husband/

This one is just government incompetence (medium):

http://michellemalkin.com/2013/04/29/obamacare-deadline-missed/

  International

            France’s financial position is not as good as bond rates suggest (medium):

            http://www.nakedcapitalism.com/2013/04/france-versus-reality.html