Wednesday, April 23, 2014

Morning Journal---The EU and austerity

  News on Stocks in Our Portfolios

o    Boeing (BA): Q1 EPS of $1.76 beats by $0.20.
o    Revenue of $20.46B (+8.3% Y/Y) misses by $100M.


o    Procter & Gamble (PG): FQ3 EPS of $1.04 beats by $0.03.
o    Revenue of $20.56B (-0.2% Y/Y) misses by $120M.

o    General Dynamics (GD): Q1 EPS of $1.71 beats by $0.07.
o    Revenue of $7.32B (-1.1% Y/Y) beats by $120M.

o    Canadian National Railway Company (CNI): Q1 EPS of C$0.66 beats by C$0.04.
o    Revenue of C$2.69B (+8.9% Y/Y) beats by C$60M.
·         C. R. Bard, Inc. (BCR): Q1 EPS of $1.91 beats by $0.28.
·         Revenue of $799.3M (+8.0% Y/Y) beats by $12.2M.

·         AT&T (T): Q1 EPS of $0.71 beats by $0.01.
·         Revenue of $32.47B (+3.5% Y/Y) in-line.
·         Genuine Parts (GPC): FQ4 EPS of $1.02 in-line.
·         Revenue of $3.62B (+13.1% Y/Y) beats by $10M.

o    Illinois Tool Works (ITW): Q1 EPS of $1.01 beats by $0.03.
o    Revenue of $3.57B (-11.0% Y/Y) in-line.
|8:02 AM|

o    McDonald's (MCD): Q1 EPS of $1.21 misses by $0.03.
o    Revenue of $6.7B (+1.4% Y/Y) misses by $30M.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up .4% versus the prior week and up 1.9% on a year over year basis; Redbook Research reported month to date retail chain store sales down 0.5% versus the comparable period a month ago but up 3.7% versus the similar timeframe last year.

            March existing home sales fell 0.2% versus expectations of a 0.8% decline.

            The April Richmond Fed manufacturing index came in at 7 versus estimates of 0.

                Weekly mortgage applications were down 3.3% while purchase applications dropped 3.0%.

   Other

            Banks now accepting 3% down payment on mortgages (medium):

Politics

  Domestic

The real problem is inept governance (medium):

More cronyism (medium):

Has the Volcker Rule been Swiss cheesed? (medium):

From my favorite liberal (short):

Update on student loans (medium):

  International

            Happy Earth Day (medium):

            The EU and austerity (medium):



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