Morning Journal---Has Abenomics run its course?

 News on Stocks in Our Portfolios

Cummins beats by $0.16, beats on revenue

·         Cummins (CMI): Q1 EPS of $1.83 beats by $0.16.

·         Revenue of $4.4B (+12.2% Y/Y) beats by $230M.

Coach beats by $0.07, misses on revenue

o    Coach (COH): FQ3 EPS of $0.68 beats by $0.07.

o    Revenue of $1.1B (-7.6% Y/Y) misses by $30M.

Franklin Resources EPS in-line, misses on revenue

·         Franklin Resources (BEN): FQ2 EPS of $0.89 in-line.

·         Revenue of $2.09B (+4.0% Y/Y) misses by $20M.

Ecolab EPS in-line, beats on revenues

• Ecolab (ECL): Q1 EPS of $0.74 in-line.
• Revenue of $3.33B (+16% Y/Y) beats by $0.01B.

Economics

   This Week’s Data

            March pending home sales rose 3.4% versus expectations of +0.6%

            http://www.calculatedriskblog.com/2014/04/nar-pending-home-sales-index-increases.html

            The April Dallas Fed manufacturing index came in at 11.7 versus estimates of 6.0.

            http://www.calculatedriskblog.com/2014/04/dallas-fed-texas-manufacturing-picks-up.html

   Other

            Here is a great and brief summation by Greg Mankiw of the much talked about book from Thomas Piketty

            http://gregmankiw.blogspot.com/2014/04/first-thoughts-on-piketty.html

            And a bit longer one from Scott Gannis:

            http://scottgrannis.blogspot.com/2014/04/the-right-way-to-look-at-inequality.html

            Has Abenomics run its course (short):

            http://pragcap.com/has-the-abenomics-effect-run-its-course

Politics

  Domestic

Quote of the day (short):

http://cafehayek.com/2014/04/quotation-of-the-day-974.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+CafeHayek+%28Cafe+Hayek%29