Morning Journal--A review of Obama's economic performance

News on Stocks in Our Portfolios

3M (MMM): Q2 EPS of $1.71 in-line. Revenue of $7.75B (+2.9% Y/Y) misses by $0.02B

Lorillard (LO): Q2 EPS of $0.81 beats by $0.01. Revenue of $1.80B (+4.2% Y/Y) beats by $0.52B

Quality Systems (QSII): FQ1 EPS of $0.22 in-line. Revenue of $109.5M misses by $6.18M

Qualcomm (QCOM): FQ3 EPS of $1.03 in-line. Revenue of $6.24B (+35% Y/Y) beats by $190M. Expects FQ4 revenue of $5.9B-$6.6B and EPS of $1.02-$1.10 vs. consensus of $6.29B and $1.08.

 

Economics

   This Week’s Data

            The Markit flash US PMI came in at 53.2 versus expectations of 52.8.

            http://www.capitalspectator.com/archives/2013/07/markit_us_pmi_m.html#more

            June new home sales rose 8.2% versus estimates of a less than 1.0% increase.

            http://www.calculatedriskblog.com/2013/07/new-home-sales-at-497000-annual-rate-in.html

                June durable goods orders jumped 4.2% versus forecasts of up 1.5%; however, ex transportation, they were flat versus an anticipated advance of 0.6%.

            Weekly jobless claims rose 7,000, in line.

   Other

Politics

  Domestic

Lance Roberts grades Obama’s economic performance (medium):

http://www.zerohedge.com/news/2013-07-24/obamas-economic-report-card

  International

            The eurocrats talk a good game but don’t walk the walk (medium):

            http://www.american.com/archive/2013/july/the-european-central-banks-clay-feet

            Richard Koo on China (medium):

            http://www.businessinsider.com/richard-koo-on-why-labor-tension-in-china-is-now-set-to-explode-2013-7