Wednesday, July 30, 2014

Morning Journal--The failure of bank oversight

News on Stocks in Our Portfolios
·         Lorillard (NYSE:LO): Q2 EPS of $0.84 misses by $0.04.
·         Revenue of $1.8B (flat Y/Y) beats by $460M.

    • AmeriGas Partners (NYSE:APU): FQ3 EPS of -$0.47 misses by $0.08.
    • Revenue of $613.2M (+5.4% Y/Y) misses by $14.46M.
·         C.H. Robinson Worldwide (NASDAQ:CHRW): Q2 EPS of $0.80 beats by $0.04.
·         Revenue of $3.5B (+6.4% Y/Y) in-line.
·         Ecolab (NYSE:ECL): Q2 EPS of $1.03 beats by $0.01.
·         Revenue of $3.57B (+6.9% Y/Y) beats by $20M.
·         Illinois Tool Works (NYSE:ITW): Q2 EPS of $1.21 beats by $0.01.
·         Revenue of $3.72B (+3.6% Y/Y) misses by $30M.
 
Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 0.2% versus the prior week and up 4.6% on a year over year basis; Redbook Research reported month to date retail chain stores sales up 4.2% versus the comparable period last month and up 3.0% versus the similar timeframe a year ago.

            The May Case Shiller home price index fell 0.3% versus expectations of an increase of 0.4%.

            The Conference Board’s July consumer confidence index came in at 90.9 versus estimates of 85.5.

            Weekly mortgage applications fell 2.2% although purchase applications rose 0.2%.

            The July ADP private payroll report showed a gain of 218,000 jobs, 63,000 less than anticipated.

            Second quarter GDP jumped 4.0% versus estimates of 3.1%.

   Other

            ***overnight, June Japanese industrial production fell 3.3%.

            The Fed in denial (medium):
            http://www.cnbc.com/id/101872556

            An interesting thought on ‘unwinding’ QE (medium):

            Variable credit card interest rates at the highest level since 2001 (short):

            The diminishing quality of debt that the Fed has enabled (medium):

Politics

  Domestic

Bank oversight (medium and today’s must read):

The latest clusterfuck on amnesty---from my favorite liberal (medium):

  International

            Stratfor on Israel and Gaza (short):

                The latest out of Israel/Gaza (medium):

            Obama’s foreign policy (medium):

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