Tuesday, July 23, 2013

Morning Journal--Potential changes in the derivatives market


News on Stocks in Our Portfolios
 
Sigma-Aldrich (SIAL):
 Q2 EPS of $1.05 beats by $0.01. Revenue of $681M (+3% Y/Y) beats by $1.5M

Altria (MO): Q2 EPS of $0.62 misses by $0.01. Revenue of $4.5B misses by $0.12B.
United Technologies (UTX): Q2 EPS of $1.70. Revenue of $16.0B (+16% Y/Y) misses by $0.41B

Canadian National Rail (CNI): Q2 EPS of C$1.66 beats by C$0.04. Revenue of C$2.67B misses by C$0.03B

McDonald's (MCD): Q2 EPS of $1.38 misses by $0.02. Revenue of $7.1B in-line.

Economics

   This Week’s Data

            June existing home sales fell 1.1% versus expectations of a 1.7% rise.

   Other

            Lance Roberts analyzes yesterday’s Chicago National Activity Index (medium and a must read):

            Fed policies in the 1920’s and now (medium):

            Bill Gross on the likelihood of Fed tightening (medium):

            Changes may be coming to the derivatives markets (medium and today’s must read):

Politics

  Domestic

The US no longer has a functioning judicial system (medium):

  International

            The situation in Spain continues to worsen (medium):

                ***over night, Spain released second quarter GDP that declined at the lowest rate in some time.  China vowed not to allow growth to slow below 7%.

            Ditto, Egypt (medium):

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