Morning Journal--The disincentive to work

  News on Stocks in Our Portfolios

Procter & Gamble beats by $0.04, misses on revenue

·         Procter & Gamble (NYSE:PG): FQ4 EPS of $0.95 beats by $0.04.

·         Revenue of $20.16B (-0.7% Y/Y) misses by $320M.

Exxon Mobil beats by $0.19, beats on revenue

• Exxon Mobil (NYSE:XOM): Q2 EPS of $2.05 beats by $0.19.
• Revenue of $111.64B (+4.7% Y/Y) beats by $3.26B.

MasterCard beats by $0.03, beats on revenue

• MasterCard (NYSE:MA): Q2 EPS of $0.80 beats by $0.03.
• Revenue of $2.37B (+12.9% Y/Y) beats by $60M.

 

Economics

   This Week’s Data

            July Chicago PMI came in at 52.6 (anything over 50 shows growth) versus expectations of 63.2.

            http://www.calculatedriskblog.com/2014/07/chicago-pmi-declines-to-526.html

            July nonfarm payrolls rose 209,000 versus estimates of 233,000; unemployment slipped to 6.2% from 6.1%

            July personal spending was up 0.4%, in line; personal spending was up 0.4%, in line; the PCE deflator was up 0.2%, in line.

   Other

Politics

  Domestic

The disincentive to work (medium):

http://scottgrannis.blogspot.com/2014/07/whats-driving-decline-in-labor-force.html

  International

            The latest from Gaza (medium):

            http://www.zerohedge.com/news/2014-07-31/pentagon-slams-israels-unacceptable-shelling-un-shelters-totally-indefensible

            Russia and India in negotiations on currency pact (medium):

            http://www.zerohedge.com/news/2014-07-31/russia-and-india-begin-negotations-use-national-currencies-settlements-bypassing-dol