Morning Journal--Update on Europe

 News on Stocks in Our Portfolios

            Sonoco Products (SON): Q2 EPS of $0.59 beats by $0.01. Revenue of $1.23B (+2% Y/Y) beats by $0.01B. 

Philip Morris International (PM): Q2 EPS of $1.30 misses by $0.11. Revenue of $7.9B misses by $0.32B

BlackRock (BLK): Q2 EPS of $4.15 beats by $0.33. Revenue of $2.48B misses by $0.03B

Kinder Morgan Partners (KMP): Q2 EPS of $0.49. Revenue of $3.01B beats by $0.31B

W.W. Grainger (GWW): Q2 EPS of $3.03 beats by $0.07. Revenue of $2.38B misses by $0.02B. 

  

Economics

   This Week’s Data

            The Fed released its latest Beige Book which reflected a ‘modest to moderately’  improving economy.  Excerpts from the text (short):

            http://www.calculatedriskblog.com/2013/07/feds-beige-book-economic-activity.html

                Weekly jobless claims fell 24,000 versus expectations of a decline of 16,000.

                        http://online.barrons.com/mdc/public/page/9_3063-economicCalendar.html?mod=BOL_Nav_MAR_hpp

   Other

Politics

  Domestic

Food stamps as corporate welfare (short):

http://www.zerohedge.com/news/2013-07-17/foodstamps-are-corporate-welfare

Quote of the day (short):

http://cafehayek.com/2013/07/quotation-of-the-day-693.html

  International

            Update on Europe (medium and a must read):

            http://www.nakedcapitalism.com/2013/07/germany-keeps-whistling-as-iberia-starts-to-burn.html