Morning Journal--Overview of the economy in charts

News on Stocks in Our Portfolios

T. Rowe Price beats by $0.01, misses on revenue

·         T. Rowe Price (NASDAQ:TROW): Q2 EPS of $1.13 beats by $0.01.

·         Revenue of $984.3M (+15.2% Y/Y) misses by $7.3M.

3M EPS in-line, beats on revenue

·         3M (NYSE:MMM): Q2 EPS of $1.91 in-line.

·         Revenue of $8.13B (+4.9% Y/Y) beats by $40M.

Caterpillar beats by $0.17, misses on revenue

·         Caterpillar (NYSE:CAT): Q2 EPS of $1.69 beats by $0.17.

·         Revenue of $14.15B (-3.2% Y/Y) misses by $310M.

Sigma-Aldrich beats by $0.01, misses on revenue

·         Sigma-Aldrich (NASDAQ:SIAL): Q2 EPS of $1.11 beats by $0.01.

·         Revenue of $701M (+2.9% Y/Y) misses by $5.14M.

Qualcomm beats estimates, but offers light EPS guidance

·         Qualcomm (NASDAQ:QCOM): FQ3 EPS of $1.44 beats by $0.22.

·         Revenue of $6.81B (+9% Y/Y) beats by $290M.

·         225M MSM chip shipments, +31% Y/Y and above guidance of 198M-213M.

·         Expects FQ4 revenue of $6.5B-$7.4B and EPS of $1.20-$1.35 vs. a consensus of $7.15B and $1.39. Expects 230M-245M FQ4 MSM chip shipments.

AT&T misses by $0.01, misses on revenue

• AT&T (NYSE:T): Q2 EPS of $0.62 misses by $0.01.
• Revenue of $32.57B (+1.5% Y/Y) misses by $840M.

Economics

   This Week’s Data

            Weekly jobless claims fell 19,000 versus expectations of a 7,000 increase.

   Other

            An overview of the economy in charts (medium):

            http://scottgrannis.blogspot.com/2014/07/recovery-rests-on-solid-not-liquid.html

            Counterpoint (medium):

            http://advisorperspectives.com/commentaries/halbert_072314.php

            For the optimists---the tapering is working (short):

            http://www.capitalspectator.com/the-great-deceleration-in-the-monetary-base/#more-3838

           

            Increased savings---another reason why the economy is not going start growing rapidly anytime soon.  Although ultimately, this is a huge positive for growth.

                http://www.zerohedge.com/news/2014-07-23/ira-contributions-hit-record-high-unpatriotic-americans-save-more-pay-debt-spend-les

                        The import of Chinese imports (short):

            http://blog.yardeni.com/2014/07/the-import-of-chinese-imports-excerpt_24.html