Wednesday, July 2, 2014

Morning Journal--Canada tells Obama to 'stick it' on Keystone pipeline

 News on Stocks in Our Portfolios

o    Paychex (PAYX): FQ4 EPS of $0.40 beats by $0.01.
o    Revenue of $628.8M (+7.4% Y/Y) beats by $11.45M.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 1.0% versus the prior week and up 4.6% on a year over year basis; Redbook Research reported month to date retail chain store sales down 1.7% versus last month but up 3.1% versus the comparable period a year ago.

            The June Markit PMI came in at 57.3 versus expectations of 57.0.

            The June ISM manufacturing index was reported at 55.3 versus estimates of 55.6.

            May construction spending rose 0.1% versus forecasts of up 0.5%.

            Weekly mortgage applications fell 0.2% while purchase applications were down 1.0%.

            The June ADP private payrolls reported job growth of 281,000 versus consensus of 213,000.

   Other

            Goldman’s global leading economic indicator falls in June (short):

Politics

  Domestic

  International

            Canada tells Obama to ‘stick it’ on Keystone pipeline (medium):

            Don’t be fooled by the ‘help’ the EU is providing Ukraine (10 minute video):

            Latest from Iraq (medium):

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