Wednesday, February 12, 2014

Morning Journal--Obama's magic words

News on Stocks in Our Portfolios
·         Lorillard, Inc. (LO): Q4 EPS of $0.82 misses by $0.04.
·         Revenue of $1.74B (+2.4% Y/Y) beats by $430M.

    • Citing forex volatility in Venezuela, Argentina, Turkey, and elsewhere, Procter & Gamble (PG) is lowering its FY14 (ends in June) revenue growth guidance range to 0%-2% from a prior 1%-2%, and its core EPS growth guidance range to 3%-5% from 5%-7%. (PR)
    • Excluding forex, P&G still expects 3%-4% organic revenue growth and 12%-14% core EPS growth in FY14.
    • P&G also says it expects to incur a $230M-$280M ($0.08-$0.10/share) charge due to the impact of Venezuelan government currency policy changes on the company's local balance sheet.
 
Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 0.3% versus the prior week but up 2.3% year over year; Redbook Research reported month to date retail chain store sales down 0.1% versus the comparable period last month but up 2.8% versus the similar timeframe a year ago.

            December wholesale inventories rose 0.3% versus expectations of +0.6%; however, sales were up 0.5%.

            Weekly mortgage applications fell 2.0% while purchase applications were down 5.0%

   Other

Politics

  Domestic

Healthcare myths (medium):

America takes early retirement (medium):

Obama’s magic words (medium):

  International

            More on the compounding problems in the EU (medium):

            Rumors of al Qaeda’s demise (medium):

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