Morning Journal--Not so good news on tax receipts

News on Stocks in Our Portfolios

 

General Mills (GIS): FQ4 EPS of $0.53 in-line. Revenue of $4.31B misses by $0.01B

Walgreens (WAG): FQ3 EPS of $0.85 misses by $0.05. Revenue of $18.3B misses by $0.14B.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 1.1% versus the prior week and up 1.6% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales down 0.5% versus the similar timeframe a month ago but up 2.8 % on a year over year basis.

            The April Case Shiller home price index rose 12.0% versus an anticipated increase of 1.5%.

            http://www.calculatedriskblog.com/2013/06/case-shiller-comp-20-house-prices.html

            May new home sales rose 2.1% versus expectations of a 1.3% increase.

            http://www.calculatedriskblog.com/2013/06/new-home-sales-at-476000-saar-in-may.html

                The June Richmond Fed’s manufacturing index came in at 8.0 versus estimates of 2.0.

            The June consumer confidence index was reported at 81.4 versus forecasts of 75.

                Weekly mortgage applications fell 3.0% but purchase applications rose 2.0%

            Revised first quarter GDP was reported at +1.8% versus expectations of +2.4%; the GDP deflator was +1.2% versus estimates of +1.1%.

   Other

            Not so good news on non-withheld tax payments (short):

            http://www.zerohedge.com/news/2013-06-25/if-h2-2013-so-full-growth-expectations-then-why-chart-dropping