Morning Journal--David Stockman on our crumbling infrastructure

 News on Stocks in Our Portfolios

C.H. Robinson Worldwide beats by $0.02, misses on revenue

·         C.H. Robinson Worldwide (CHRW): Q1 EPS of $0.63 beats by $0.02.

·         Revenue of $3.14B (+5.0% Y/Y) misses by $40M.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers were up 1.6% versus the prior week and up 3.1% on a year over year basis; Redbook Research reported month to date retail chain store sales down 0.3% versus the comparable period a month ago but up 3.8% versus the similar timeframe last year.

            The February Case Shiller home price index rose 0.8% versus expectations of up 0.7%.

            http://scottgrannis.blogspot.com/2014/04/housing-continues-its-slow-recovery.html

            April consumer confidence came in at 82.3 versus estimates of 83.0.

            http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

                Weekly mortgage applications fell 5.9% while purchase applications dropped 4.0%.

            The ADP private payroll report showed a 220,000 increase in jobs versus forecasts of a 210,000 rise.

                First quarter GDP came in up 0.1% versus expectations of +1.1%; the price index was up 1.3% versus estimates of +1.7%.

   Other

           

Politics

  Domestic

David Stockman on our crumbling infrastructure (medium):

http://www.zerohedge.com/news/2014-04-29/david-stockman-destroys-perennial-myth-crumbling-infrastructure