Wednesday, August 28, 2013

Morning Journal---We are still hostages of the banks

News on Stocks in Our Portfolios
Scotiabank beats forecasts, hikes dividend
·                                 BNS adjusted EPS of $1.39 is up 12% Y/Y with ROE of 17%. The quarterly dividend is hiked $0.02 to $0.62 per share for an annualized yield of 4.2%.
·                                 Provision for credit losses of $314M is off $88M from last year.
·                                 Canadian retail banking profit of $590M vs. $540M a year ago; 11% revenue growth was boosted by ING Direct Canada acquisition. Existing operations saw revenue growth of 6%. Mortgage lending growth of 6%, personal loans and credit cards grew 9%.
·                                 Adjusted international banking income of $494M vs. $471M a year ago, with revenue up 7%.


   This Week’s Data

            The International Council of shopping Centers reported weekly sales of major retailers up 0.2% versus the prior week and up 1.9% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 0.3% versus the similar timeframe last month and up 3.8% on a year over year basis.

            The June Case Shiller home price index rose 0.9% month over month versus expectations of +1.0%.

            The August Conference Board’s index of consumer confidence came in at 81.5 versus estimates of 78.0.

            The August Richmond Fed manufacturing index was reported at 14.0 versus forecasts of 0.0.

                Weekly mortgage applications were down 2.5% while the more important purchase applications rose 2.0%


            We are still hostages of the big banks (medium and today’s must read):



Uncle Sam wants another $6 billion from JP Morgan (medium):

Final Obamacare ‘individual mandate’ rules released---read’m and weep:

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