Morning Journal---Fed adopts tough new rules for foreign banks

News on Stocks in Our Portfolios

            Colgate announces loss on Venezuelan operations (medium):

            http://seekingalpha.com/pr/9000151-colgate-comments-on-venezuelan-currency-developments?source=email_wsb&ifp=1

CF Industries Holdings, Inc. beats by $1.22, beats on revenue

o    CF Industries Holdings, Inc. (CF): Q4 EPS of $5.71 beats by $1.22.

o    Revenue of $1.33B (-17.4% Y/Y) beats by $90M.

Genuine Parts Company beats by $0.04, beats on revenue

o    Genuine Parts Company (GPC): FQ3 EPS of $0.97 beats by $0.04.

o    Revenue of $3.52B (+12.8% Y/Y) beats by $90M.

 

Economics

   This Week’s Data

            The February New York Fed manufacturing index came in at 4.48 versus expectations of 8.5.

            http://www.calculatedriskblog.com/2014/02/ny-fed-empire-state-manufacturing.html

            The February Housing Index was reported at 46.0 versus estimates of 56.0.

            http://www.calculatedriskblog.com/2014/02/nahb-builder-confidence-declines.html

                And:

            http://www.zerohedge.com/news/2014-02-18/idiocy-blaming-it-weather-exposed

            Real household debt down (short):

            http://www.calculatedriskblog.com/2014/02/real-household-debt-down-17-from-peak.html

            Weekly mortgage applications fell 4.2% while purchase applications dropped 6.0%.

            http://www.calculatedriskblog.com/2014/02/mba-mortgage-purchase-index-lowest.html

            January housing starts fell 16.0% versus consensus of down 5.0%; building permits declined 5.4% versus forecasts of -1.1%.

            http://www.calculatedriskblog.com/2014/02/housing-starts-decline-to-880-thousand.html

            January PPI came in +0.2%, in line.

   Other

            China reduces its US Treasury holdings (medium):

            http://www.zerohedge.com/news/2014-02-18/china-sells-second-largest-amount-us-treasurys-december-and-guess-who-comes-rescue

            Spanish bad loans hit record high (short):

            http://www.zerohedge.com/news/2014-02-18/spanish-bad-loans-hit-record-surge-most-year

            Fed adopts tough rules for foreign banks (medium):

            http://www.reuters.com/article/2014/02/19/us-fed-banks-idUSBREA1H1X320140219

            You be the judge:

            http://www.zerohedge.com/news/2014-02-18/kappa-beta-phi-exposed-redux

Politics

  Domestic

Ann Coulter on immigration (medium):

http://www.anncoulter.com/columns/2014-02-12.html#read_more

UAW crushed (short):

http://dailycaller.com/2014/02/15/uaw-crushed-what-comes-next/

  International

            Ukraine now in turmoil (medium):

            http://www.zerohedge.com/news/2014-02-18/ukraines-military-releases-armored-vehicles-and-fighter-jets

                The latest overnight:

            http://www.zerohedge.com/news/2014-02-19/ukraine-region-declares-independence-sending-dollar-bonds-record-low-russian-ruble-t

            Bank run in Thailand (short):

            http://www.zerohedge.com/news/2014-02-18/bank-runs-spread-thailand

            The hubris of nation building (medium):

            http://townhall.com/columnists/thomassowell/2014/02/18/another-galling-betrayal-n1796355