News on Stocks in Our Portfolios
·
AbbVie (ABBV +0.8%) lowers its GAAP Q3 EPS guidance to $0.41 - 0.43 from $0.68 - 0.70 but
reiterates its non-GAAP EPS guidance of $0.77 - 0.79.
·
It lowers its 2014 GAAP EPS
guidance to $2.11 - 2.21 from $2.69 - 2.79 but reiterates non-GAAP EPS guidance
of $3.06 - 3.16.
·
The downward adjustments
are due to its recent investments in Calico and Infinity Pharmaceuticals. The revised guidance also excludes
the impact of the Shire transaction
Economics
This Week’s Data
August
vehicle sales were strong.
The
International Council of Shopping Centers reported weekly sales of major
retailers flat versus the prior week and up 4.8% on a year over year basis;
Redbook Research reported month to date weekly chain store sales up 0.7% versus
the comparable period a month ago and up 4.9% versus the similar timeframe last
year.
July
factory orders rose 10.5% versus expectations of +10.9%; ex transportation,
they fell 0.8%.
The
last Beige Book reflected growing economic activity in all districts, low price
pressure, improving employments and lackluster real estate activity.
The
August ADP private payroll reported showed job growth of 204,000 versus
expectations of 223,000.
The
July trade deficit was $40.5 billion versus forecasts of $42.3 billion.
Weekly
jobless claims increased 4,000 versus estimates of up 2,000.
Second
quarter nonfarm productivity came in at +2.3% versus expectations of +2.4%;
however, the first quarter number was revised from +2.5% to -4.5%. Unit labor costs fell 0.1% in the second
quarter versus an anticipated rise of 0.5%; however, first quarter was revised
from +0.6% to +11.6%. This ought to keep
those econometric models busy for a while.
Other
Why
are yields so low if manufacturing is doing so well? (medium):
Politics
Domestic
Regulations are
stifling the economy (medium):
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