Wednesday, January 15, 2014

Morning Journal---The latest from Reinhart and Rogoff

News on Stocks in Our Portfolios
·         Fastenal (FAST): Q4 EPS of $0.33 misses by $0.02.
·         Revenue of $813.76M (+7.5% Y/Y) in-line.

    • Linear Technology Corporation (LLTC): Q3 EPS of $0.51 beats by $0.06.
    • Revenue of $334.6M misses by $0.15M.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers fell 1.0% versus the prior week but up 1.3% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales were up 2.9% on a year over year basis.

            November business inventories rose 0.4% versus expectations of +0.3%; even better, sales were up 0.8%.

            Weekly mortgage applications were up 11.9% while purchase applications increased by 12.0%

            December PPI came in +0.4%, in line with consensus; ex food and energy, it was up 0.3% versus estimates of +0.1%.

            The New York Fed’s January manufacturing index was 12.51 versus forecasts of 3.30.

   Other

            The Baltic dry index continues to plunge (short):

            More fallout from QEInfinity (medium):

            The latest from Reinhart and Rogoff (medium and a must read):

            The latest from Dallas Fed chief Fisher (long but a must read):

            Why Italian and Spanish bonds are at record low yields (short):

            For the economic bears (10 charts):

Politics

  Domestic

  International War Against Radical Islam

            Confusion over the new nuclear deal between Iran and the major powers (medium):
            Presented without comment (short):

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