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
·
Oil and gas production fell
1.9%.
Economics
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%.
Other
Global
PMI scoreboard (short):
More
on the student loan problem (medium):
Politics
Domestic
Congressman Jim
Jordan on the IRS scandal (4 minute video):
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