Morning Journal--Some perspective on yesterday nonfarm payroll report

News on Stocks in Our Portfolios

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Caterpillar misses by $0.23, misses on revenues

o                                                        Caterpillar (CAT): Q3 EPS of $1.45 misses by $0.23.

o                                                        Revenue of $13.42B misses by $1.07B.

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Boeing beats by $0.25, beats on revenues

o                                                        Boeing (BA): Q3 EPS of $1.80 beats by $0.25.

o                                                        Revenue of $22.1B (+11% Y/Y) beats by $0.44B.

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Lorillard beats by $0.02, beats on revenues

o                                                        Lorillard (LO): Q3 EPS of $0.83 beats by $0.02.

o                                                        Revenue of $1.83B (+10% Y/Y) beats by $0.56B.

|7:03 AM

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General Dynamics beats by $0.16, beats on revenues

o                                                        General Dynamics (GD): Q3 EPS of $1.84 beats by $0.16.

o                                                        Revenue of $7.78B (-1.7% Y/Y) beats by $0.02B.

Altera beats by $0.03, misses on revenues

·                                 Altera (ALTR): Q3 EPS of $0.37 beats by $0.03.

·                                 Revenue of $445.9M (-10% Y/Y) misses by $5.91M. Shares -5.5% 

C.R. Bard beats by $0.10, beats on revenue

o                                                        C.R. Bard (BCR): Q3 EPS of $1.50 beats by $0.10.

o                                                        Revenue of $758.0M beats by $18.88M.

 

Economics

   This Week’s Data

            August construction spending increased 0.6% versus estimates of +0.4%.

            http://scottgrannis.blogspot.com/2013/10/construction-spending-update.html

            The International Council of Shopping Centers reported weekly sales of major retailers up 1.4% versus the prior week and up 3.2% versus the comparable period last year: Redbook Research reported month to date retail chain store sales down 1.5% versus the similar timeframe but up 2.8% on a year over year basis.

            The October Richmond Fed manufacturing index came in at 1.0 versus September’s reading of 0.0.

            Weekly mortgage applications fell 0.6% while purchase applications rose 1.0%

   Other

            Some perspective to yesterday’s nonfarm payroll report (short):

            http://www.zerohedge.com/news/2013-10-22/blast-past-unemployment-rate-and-without-recovery-plan

            Bank lending continues to grow (medium):

            http://scottgrannis.blogspot.com/2013/10/bank-lending-continues-to-increase.html

            2014 world GDP forecast (short):

            http://www.zerohedge.com/news/2013-10-22/theres-always-next-year

Politics

  Domestic

This would be funny if it weren’t so sad (short):

http://www.zerohedge.com/news/2013-10-22/brosurance-obamacare-just-hit-newer-lows