News on Stocks in Our Portfolios
ConocoPhillips raises production forecast; more on Q2 results
·
ConocoPhillips'
(COP)
Q2 production rose to 1.52M boe/day from 1.49M; Eagle Ford output soared 98% to
121K boe/day.
·
Raises Q3
production forecast to 1.46B-1.49B boe/day; raises FY 2013 production raises to
1.515-1.53B boe/day.
·
FY 2013
capital program expected to be $15.9B for continuing operations, $0.6B for
discontinued operations.
·
Q2 results don’t include earnings from refining,
chemical and pipeline assets spun off to form Phillips 66 in 2012, vs. a month
of such results in the year-ago period.
Automatic Data misses by
$0.01, revenues in-line
·
Revenue of
$2.81B (+7% Y/Y) in-line
·
Sleepy Eurodollar and Treasury
pits woke up in Q2 with June interest rate trading volumes up 70% Y/Y - for the
entire Q, volumes rose 33%; OTC interest rate business tripled from Q1 with
open interest now at $4T.
·
The whole meme about WTI crude
no longer being a benchmark seemingly went away and energy volumes rose 3.2%,
reversing a string of declines.
·
Overall, average daily volume
in Q2 of 14.3M contracts was up 16% Y/Y.
·
Average rate per contract,
however, fell to $0.748 from $0.785 as a higher proportion of volume came from
products with lower fees.
·
Total revenue of $816.1M up
2.5% Y/Y, operating income of $507.8M up 8.2%.
Procter & Gamble's Q2
·
Procter &
Gamble (PG) says
organic sales rose 4% during Q2 to help the company best estimates.
·
Net sales rose
6% in the Health Care segment, consisting of a 5% increase in volume and 1%
boost from higher prices which helped to offset the negative impact of foreign
exchange.
·
For FY14, the
company sees organic sales growth of around 3.5% and EPS growth of 5%-7%
Teva Pharma EPS in-line, misses on revenue
·
Teva Pharma (TEVA): Q2 EPS of $1.20
in-line.
·
Revenue of
$4.92B misses by $0.02B
Nu Skin beats by $0.02,
beats on revenue
·
Revenue of
$682.9M (+15% Y/Y) beats by $103.8M.
Becton Dickinson beats by $0.06, revenues in-line
·
Revenue of
$2.05B in-line.
Suncor Energy misses by
C$0.02.
Murphy Oil beats by $0.22,
misses on revenue
·
Revenue of
$7.22B misses by $0.04B
Western Gas Partners
beats by $0.01
Balchem misses by $0.01,
misses on revenue
Mastercard beats
estimates, emerging markets contributing more
·
MasterCard's (MA)
financial services revenue rose 15% Y/Y to $2.1B.
·
Worldwide
purchase volume up 12%.
·
The company
makes special mention of making progress in emerging markets to increase access
to financial products.
Economics
This Week’s Data
The
FOMC statement (1) downgraded the growth of the economy from ‘moderate’ to
modest’, (2) increased its emphasis on rising inflation and (3) mentioned nary
a word about ‘tapering’:
The
July Chicago PMI came in at 52.3 versus
expectations of 54.0.
Weekly jobless claims
fell 19,000 versus estimates of a 2,000 rise.
Other
Politics
Domestic
Obama’s not so
‘grand’ bargain (medium):
And:
More problems
with Obamacare (medium):
And other
problems (medium):
International
Draghi’s
dilemma at today’s news conference (medium):
***the ECB left rates unchanged
The
EU’s debt to GDP ratios (short):
***overnight the Chinese and
Eurozone PMI ’s improved while Japan ,
Australia and
South Korea PMI ’s were below expectations
Only in America . Defense Department awards contracts to the
Taliban and al Qaeda (medium):
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