Morning Journal--Thoughts from Jackson Hole

News on Stocks in Our Portfolios

Donaldson beats by $0.04, beats on revenues

·                                 Donaldson (DCI): FQ4 EPS of $0.49 beats by $0.04.

·                                 Revenue of $633M (-4% Y/Y) beats by $12.46M. (PR)

Tiffany & Co beats by $0.09, misses on revenues

·                                 Tiffany & Co (TIF): Q2 EPS of $0.83 beats by $0.09.

·                                 Revenue of $926M misses by $15.37M. (PR)

 

Economics

   This Week’s Data

            The August Dallas Fed manufacturing index was reported at 5.0 versus estimates of 4.5.

            http://www.calculatedriskblog.com/2013/08/dallas-fed-texas-manufacturing-posts.html

   Other

            Thoughts out of Jackson Hole (a bit long and ‘in the weeds’ but a necessary read):

            http://www.nakedcapitalism.com/2013/08/feds-jackson-hole-participants-to-qe-exit-whacked-emerging-economies-drop-dead.html

            The era of easy money is over (medium):

            http://www.minyanville.com/trading-and-investing/fixed-income/articles/The-Era-of-Easy-Money-Is/8/26/2013/id/51457

            The recession never ended (medium):

            http://www.zerohedge.com/news/2013-08-26/guest-post-recession-never-ended-2008-2013-and-counting

            CO2 emissions per capita at 50 year  low (medium):

            http://www.aei-ideas.org/channel/carpe-diem/