Morning Journal--IMF lays groundwork for global wealth confiscation

News on Stocks in Our Portfolios

Sonoco Products beats by $0.02, misses on revenues

Sonoco Products (SON): Q3 EPS of $0.63 beats by $0.02.

                  Revenue of $1.23B misses by $0.01B.

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      Philip Morris International EPS in-line

Philip Morris International (PM): Q3 EPS of $1.44 in-line.

Revenue of $7.92B (+0.1% Y/Y) misses by $0.04B.

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Kinder Morgan Partners misses by $0.10, beats on revenues

Kinder Morgan Partners (KMP): Q3 EPS of $0.51 misses by $0.10.

Revenue of $3.28B beats by $0.21B.

W.W. Grainger misses by $0.09, misses on revenues

W.W. Grainger (GWW): Q3 EPS of $2.95 misses by $0.09.

Revenue of $2.40B (+5% Y/Y) misses by $0.03B.

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Economics

   This Week’s Data

            October homebuilder confidence declined to 55.0 versus September’s reading of 58.0

            Weekly jobless claims fell 15,000 versus expectations of a 34,000 decline.

   Other

            The Fed released its latest Beige Book.  Economic activity continues to be characterized and growing at a ‘modest to moderate’ in all geographic areas.  No real change from the last report.

            http://www.calculatedriskblog.com/2013/10/feds-beige-book-economic-activity.html

Politics

  Domestic

Obamacare is in crisis right now (short):

http://dailycaller.com/2013/10/16/obamacare-is-in-crisis-now-right-now/

  International

            IMF lays groundwork for global wealth confiscation (medium and today’s must read.  By the way, this article is from Forbes---not exactly a crackpot operation):

            http://www.forbes.com/sites/billfrezza/2013/10/15/the-international-monetary-fund-lays-the-groundwork-for-global-wealth-confiscation/