Morning Journal--Victor Hanson on immigration

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FDA recalls Medtronic pump after 14 deaths.The FDA has recalled Medtronic's (MDT) SynchroMed infusion pump following the death of 14 patients since 1996 due to flaws in the device. Eleven patients died because of the inadvertent injection of a drug into subcutaneous tissue rather than into the pump, while two died from a blockage and another because of an electrical short.

Paychex (PAYX): FQ4 EPS of $0.34 misses by $0.03. Revenue of $585.3M (+6% Y/Y) misses by $0.66M

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

Economics

   This Week’s Data

            First quarter corporate profits rose 4.7% versus +13.3% in the fourth quarter of 2012.

            http://www.calculatedriskblog.com/2013/06/q1-gdp-revised-down-to-18-annualized.html

                Weekly jobless claims fell 9,000, in line with expectations.

            May personal income rose 0.5% versus estimates of up 0.2%; spending increased 0.3% versus forecasts of up 0.4%; PCE came in at +0.1%, in line.

   Other

Politics

  Domestic

Victor Hanson on the immigration bill (medium):

http://www.nationalreview.com/article/351815/immigration-if-bill-passes-victor-davis-hanson

  International War Against Radical Islam