Morning Journal---Bernanke's first speech as a private citizen

News on Stocks in Our Portfolios

Brown-Forman Corporation beats by $0.06, misses on revenue

o    Brown-Forman Corporation (BF.B): FQ3 EPS of $0.82 beats by $0.06.

o    Revenue of $1.08B (+4.9% Y/Y) in-line.

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 0.3% versus the prior week and up 1.5% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales down 1.3% versus the similar timeframe last month but up 2.9% on a year over year basis.

            Weekly mortgage applications rose 9.4% while purchase applications were up 9.0%.

            http://www.calculatedriskblog.com/2014/03/mba-mortgage-applications-increase-in.html

            The February ADP private payroll reported showed an increase of 139,000 jobs versus expectations of 150,000 new jobs; January’s number was revised down from +170,000 to +127,000.

            http://www.calculatedriskblog.com/2014/03/adp-private-employment-increased-139000.html

   Other

            Auto loans hit new record highs (medium):

            http://www.zerohedge.com/news/2014-03-04/debt-bubble-expands-auto-loan-amounts-hit-new-record

            Excerpts from Bernanke’s first speech as a private citizen (medium):

            http://www.zerohedge.com/news/2014-03-04/bernanke-finally-reveals-one-word-why-financial-system-crashed

            China on verge of first corporate default (medium):

            http://www.zerohedge.com/news/2014-03-04/china-verge-first-corporate-bond-default-once-more

            China composite PMI slows (short):

            http://advisorperspectives.com/dshort/guest/Shedlock-140305-China-Slowdown.php