Morning Journal---More data on the EU recovery

News on Stocks in Our Portfolios

Emerson misses by $0.01, beats on revenues

o                                                        Emerson (EMR): FQ4 EPS of $1.10 misses by $0.01.

o                                                        Revenue of $6.81B (+2% Y/Y) beats by $0.05B.

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Becton Dickinson beats by $0.11, beats on revenues

·                                 Becton Dickinson (BDX): FQ4 EPS of $1.58 beats by $0.11.

·                                 Revenue of $2.1B (+6.8% Y/Y) beats by $0.05B.

Sun Hydraulics misses by $0.02

·                                 Sun Hydraulics (SNHY): Q3 EPS of $0.32 misses by $0.02.

·                                 Revenue of $49.4M (+1% Y/Y) misses by $0.5M.

Marathon Oil beats by $0.10, beats on revenue

o                                                        Marathon Oil (MRO): Q3 EPS of $0.87, beats by $0.10.

o                                                        Revenue of $3.91B (-6% Y/Y), beats by $0.11B.

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CF Industries beats by $0.05, misses on revenues

o                                                        CF Industries (CF): Q3 EPS of $4.07 beats by $0.05.

o                                                        Revenue of $1.1B misses by $0.04B.

Sysco beats by $0.02, beats on revenues

·                                 Sysco (SYY): FQ1 EPS of $0.49 beats by $0.02.

·                                 Revenue of $11.7B (+5.7% Y/Y) beats by $0.08B.

Economics

   This Week’s Data

            August factory orders fell 0.1% versus expectations of a 0.3% increase; in addition, the September number was revised from -2.4% to -2.8%.

   Other

            The October eurozone PMI rose slightly; UK construction PMI was strong; and the Chinese nonmanufacturing PMI grew the fastest in 13 months.

            More data on the EU recovery (short):

            http://www.zerohedge.com/news/2013-11-04/spot-european-economic-recovery

            Latest Fed survey on bank lending (medium):

            http://www.calculatedriskblog.com/2013/11/fed-survey-banks-eased-lending.html

Politics

  Domestic

We need to stop coddling the wealthy elderly (medium):

http://www.aei-ideas.org/2013/11/we-need-to-stop-coddling-americas-wealthy-elderly-and-the-many-years-of-government-subsidized-retirement-they-enjoy/

Free policies aren’t free (short):

http://cafehayek.com/2013/11/free-policies-arent-free.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+CafeHayek+%28Cafe+Hayek%29

  International

            Greek companies unable to pay taxes (medium):

            http://www.zerohedge.com/news/2013-11-04/greek-companies-unable-pay-taxes-explode-182k-over-half-million-one-month