Morning Journal---GDP versus total credit outstanding

News on Stocks in Our Portfolios

General Mills misses by $0.05, misses on revenues

·                                 General Mills (GIS): FQ2 EPS of $0.83 misses by $0.05.

·                                 Revenue of $4.88B misses by $0.07B.

 

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 4.8% versus the prior week and up 2.0% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 2.9% on a year over year basis.

            October’s budget deficit came in at $94.8 billion versus September’s $96.8 billion.

            Weekly mortgage applications fell 5.5% while purchase applications were off 6.0%.

            November housing starts rose 22% versus estimates of a 7% increase.

           

   Other

            GDP versus total credit outstanding (short):

            http://www.zerohedge.com/news/2013-12-17/things-make-you-go-hmmm-being-completely-out-touch-reality

           

Politics

  Domestic

  International

            The perils of North Korea’s Kim Jung Un (medium):

            http://www.forbes.com/sites/claudiarosett/2013/12/17/the-perils-of-north-koreas-kim-jong-un/