Morning Journal--Obamacare and municipal bankruptcies

 News on Stocks in Our Portfolios courtesy of Seeking Alpha

Occidental Petroleum misses by $0.05, misses on revenue

·                                 Occidental Petroleum (OXY): Q2 EPS of $1.58 misses by $0.05.

·                                 Revenue of $5.96B misses by $0.36B.

Cummins beats by $0.20, beats on revenue

o                                                        Cummins (CMI): Q2 EPS of $2.20 beats by $0.20.

o                                                        Revenue of $4.5B (+2% Y/Y) beats by $0.24B.

Coach EPS in-line, misses on revenue

·                                 Coach (COH): FQ4 EPS of $0.89 in-line.

·                                 Revenue of $1.22B misses by $0.02B.

Franklin Resources beats by $0.01, beats on revenue

·                                 Franklin Resources (BEN): FQ3 EPS of $0.86 beats by $0.01.

·                                 Revenue of $2.08B beats by $0.2B.

Economics

   This Week’s Data

            The July Dallas Fed manufacturing index came in at 4.4 versus expectations of 6.4.

            http://www.calculatedriskblog.com/2013/07/dallas-fed-texas-manufacturing-activity.html

            June pending home sales were off 0.4% versus forecasts of a decline of 1.4%.

            http://www.calculatedriskblog.com/2013/07/nar-pending-home-sales-index-declined.html

   Other

            Fed only putting off the day of reckoning (medium):

            http://blogs.wsj.com/moneybeat/2013/07/28/the-fed-is-only-putting-off-the-day-of-reckoning/?mod=WSJ_hpp_sections_markets

            More questionable behavior from the banksters (medium):

            http://www.nakedcapitalism.com/2013/07/bad-derivatives-trades-added-to-detroits-woes.html

Politics

  Domestic

Are you smarter than an eighth grader in 1912?  This is amazing and a must read. (short):

http://www.zerohedge.com/news/2013-07-29/are-you-smarter-8th-grader-1912

Obamacare and municipal bankruptcies.   There goes more of Your Money (medium and a must read):

http://www.zerohedge.com/news/2013-07-29/detroits-bailout-plan-b-obamacare

  International

            Problems in China (medium):

            http://www.zerohedge.com/news/2013-07-26/welcome-jiangsu-chinas-flashing-red-canary-coalmine

Inflation in Japan (short):

http://qz.com/108615/abenomics-just-notched-a-major-victory/

            Cyprus depositor haircut increased (short):

            http://www.zerohedge.com/news/2013-07-29/cyprus-375-depositor-haircut-upgraded-475-brazilian-wax