Morning Journal--Turmoil in Italy

  News on Stocks in Our Portfolios

Walgreens EPS of $0.73 in-line

o                                                        Walgreens (WAG): FQ4 EPS of $0.73 in-line.

o                                                        Revenue of $17.94B (+5.1% Y/Y) misses by $0.01B.

o                                                        Front-End comparable store sales +1.6%.

|7:32 AM
Paychex beats by $0.01, beats on revenue

·                                 Paychex (PAYX): FQ1 EPS of $0.44 beats by $0.01.

·                                 Revenue of $607.9M (+5% Y/Y) beats by $2.34M. Shares -0.96% 

|4:04 PM|

Economics

   This Week’s Data

            The September Chicago PMI came in at 55.7 versus expectations of 54.4.

            http://www.calculatedriskblog.com/2013/09/chicago-pmi-increases-to-557.html

            The September Dallas Fed manufacturing index was reported at 12.8 versus estimates of 6.0.

            http://www.calculatedriskblog.com/2013/09/dallas-fed-texas-manufacturing-activity.html

   Other

            Over night, the September EU PMI edged up slightly while unemployment remained high at 12%.

Politics

  Domestic

Café Hayek on Obamacare (medium):

http://cafehayek.com/2013/09/quotation-of-the-day-767.html

  International

            Italy in turmoil (short):

            http://blogs.wsj.com/moneybeat/2013/09/30/italy-in-turmoil-but-hope-remains/?mod=WSJBlog