Morning Journal--Another EU 'bail in" slams small depositors

News on Stocks in Our Portfolios courtesy of Seeking Alpha

FactSet (FDS): FQ3 EPS of $1.15 misses by $0.11. Revenue of $214.6M (+6% Y/Y) misses by $0.34M

AT&T reportedly thwarted in Telefonica bid.AT&T (T) has reportedly been thwarted in a €70B bid to acquire Telefonica (TEF) by Spain's government, which has the power to stop the sale of any company that is deemed strategic. The U.S. carrier told state representatives that it would take on the Spanish operator's €52B of debt as part of any transaction. Telefonica said it hasn't "received any approach or...indication of interest," from AT&T. The Spanish company's shares were +3.1% at midday in Madrid.

Economics

   This Week’s Data

            The May consumer price index rose 0.1% versus expectations of up 0.2%; ex food and energy, it increased 0.2%, in line with estimates.

            May housing starts were up 6.7% versus forecasts of up 11.9%; building permits were down 3.1% versus an anticipated decline of 4.3%.

            http://www.calculatedriskblog.com/2013/06/housing-starts-increase-in-may-to.html

   Other

            A closer look at Fridays’ industrial production number (medium):

            http://scottgrannis.blogspot.com/2013/06/industrial-production-lackluster.html

            And (short):

            http://pragcap.com/the-u-s-economy-and-peak-capacity-utilization

            Current US economic profile (short):

                http://www.capitalspectator.com/archives/2013/06/us_economic_pro_4.html#more

            Counterpoint (medium):

            http://www.zerohedge.com/news/2013-06-17/what-fed-looking

            Latest CBO estimates of FY 2013 deficit too low (medium):

            http://www.zerohedge.com/news/2013-06-17/failed-projections-or-just-another-government-lie-you-judge

            Update on existing home inventories (short):

            http://www.calculatedriskblog.com/2013/06/existing-home-inventory-is-up-149-year.html

Politics

  Domestic

The more government does, the more certain it is to fail (medium):

http://www.realclearmarkets.com/articles/2013/06/17/the_more_government_does_the_bigger_the_failures_100402.html

  International

            Another EU bail in slams small depositors (medium):

            http://www.zerohedge.com/news/2013-06-17/ft-joins-fray-fed-likely-signal-tapering-move

                ***over night, Merkel was openly critical of Japanese easy money policy and EU auto sales fell to 20 year low.