Friday, August 2, 2013

Morning Journal--More on the IRS scandal

News on Stocks in Our Portfolios
Exxon shares fall after big earnings miss

·                     ExxonMobil's (XOM) $1.55 EPS, which fell far short of expectations, was the company's lowest EPS since Sept. 2010. (Q2 results)
·                     Earned $6.86B on revenue of $106.47B billion after earning $15.9B on revenue of $127.36B in the year-ago quarter when results were inflated by the sale of the Japanese lubricants division; removing those effects, net income fell 19%.
·                     Upstream earnings were $6.3B, down 24.5% Y/Y; downstream earnings were $396M, down from $6.6B a year ago which included a $5.3B gain related to the Japan sale.
·                     Oil and gas production fell 1.9%.


   This Week’s Data

            The July Markit PMI came in slightly above estimates.

            The Institute for Supply Management’s July manufacturing index came in at 55.4 versus expectations of 53.1.

                June construction spending fell 0.6% versus estimates of +0.4%.

                July nonfarm payrolls rose 163,000 versus forecasts of up 175,000; unemployment declined to 7.4% versus an anticipated rate of 7.5%.

            June personal income was up 0.3% versus expectations of up 0.4%; personal spending was up 0.5% versus estimates of +0.4%.


            Global PMI scoreboard (short):

            More on the student loan problem (medium):



Congressman Jim Jordan on the IRS scandal (4 minute video):

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