Morning Journal---Central bankers admit that QE leads to income inequality

News on Stocks in Our Portfolios

 
T. Rowe Price misses by $0.03, revenue in-line

·         T. Rowe Price (NASDAQ:TROW): Q3 EPS of $1.12 misses by $0.03.

·         Revenue of $1.02B (+15.3% Y/Y) in-line.

Caterpillar beats by $0.36, beats on revenue

·         Caterpillar (NYSE:CAT): Q3 EPS of $1.72 beats by $0.36.

·         Revenue of $13.6B (+1.3% Y/Y) beats by $410M.

Lorillard EPS in-line

·         Lorillard (NYSE:LO): Q3 EPS of $0.90 in-line.

·         Revenue of $1.83B (flat Y/Y)

Occidental Petroleum beats by $0.01, misses on revenue

·         Occidental Petroleum (NYSE:OXY): Q3 EPS of $1.58 beats by $0.01.

·         Revenue of $6B (-7.0% Y/Y) misses by $110M.

C. R. Bard beats by $0.05, beats on revenue

·         C. R. Bard (NYSE:BCR): Q3 EPS of $2.15 beats by $0.05.

·         Revenue of $830M (+9.5% Y/Y) beats by $11.12M.

AT&T misses by $0.01, misses on revenue

·         AT&T (NYSE:T): Q3 EPS of $0.63 misses by $0.01.

·         Revenue of $33B (+2.6% Y/Y) misses by $240M.

Economics

   This Week’s Data

            Weekly jobless claims rose 17,000 versus expectations of a 21,000 increase.

            http://www.calculatedriskblog.com/2014/10/weekly-initial-unemployment-claims_23.html

            The September Chicago Fed National Activity Index came in at .47 versus August’s reading of -.25.

   Other

            Central bankers admit that QE leads to income inequality (medium):

            http://www.zerohedge.com/news/2014-10-22/central-banker-admits-central-bank-policy-leads-wealth-inequality

Politics

  Domestic

Worry about your blood pressure, not Ebola (medium):

http://www.bloombergview.com/articles/2014-10-22/stop-fearing-the-wrong-things

More of your tax dollars wisely spent (medium):

http://www.zerohedge.com/news/2014-10-22/76-billion-reasons-why-us-war-drugs-afghanistan-failed-1-chart