Thursday, August 22, 2013

Morning Journal--Real household income, four years later

News on Stocks in Our Portfolios

Cato beats by $0.03, misses on revenues
·                                 Cato (CATO): Q2 EPS of $0.51 beats by $0.03.
·                                 Revenue of $231.72M (-1% Y/Y) misses by $5.28M

Hormel Foods misses by $0.03, beats on revenues
·                                 Hormel Foods (HRL): FQ3 EPS of $0.42 misses by $0.03.
·                                 Revenue of $2.16B (+8% Y/Y) beats by $0.04B.

Emerson enjoys orders growth
·                                 Emerson (EMR -0.1%) trailing three-month orders grew up to 5% on year in July, as in June.
·                                 Process Management +10% in July; Industrial Automation zero to -5%; Network Power zero to -5%; Climate Technologies zero to +5%; Commercial & Residential Solutions zero to +5%.
·                                 "Orders growth remained steady, increasing at a rate consistent with the prior month," Emerson says, "suggesting continued modest improvement in global business investment." 

   This Week’s Data

            July existing home sales rose 6.5% versus expectations of an increase of 1.3%.

                The minutes from the last FOMC meeting were released.  They revealed a Fed that (1) was a bit more pessimistic about the economy and inflation, (2) split over ‘tapering’, (3) but everyone seemed comfortable with the ‘data dependent’ conditionality of ‘tapering’.  Bottom line: no clear agreement of the timing of ‘tapering’.  Hilsenrath’s official take:

                Weekly jobless claims rose 13,000 versus estimates of a 9,000 increase.


            Real household income, four years into a ‘recovery’ (medium and today’s must read):

            Greece likely needs a third bailout (medium):



  International War Against Radical Islam

            The US dilemma in Egypt (medium):

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