Morning Journal--US debt to tax ratio nears all time high

  News on Stocks in Our Portfolios

Emerson Electric beats by $0.07, revenue in-line

o    Emerson Electric (NYSE:EMR): FQ4 EPS of $1.30 beats by $0.07.

o    Revenue of $6.81B in-line (flat Y/Y).

Becton, Dickinson beats by $0.03, beats on revenue

·         Becton, Dickinson (NYSE:BDX): FQ4 EPS of $1.68 beats by $0.03.

·         Revenue of $2.2B (+4.8% Y/Y) beats by $40M.

Marathon Oil misses by $0.02, beats on revenue

·         Marathon Oil (NYSE:MRO): Q3 EPS of $0.57 misses by $0.02.

·         Revenue of $2.97B (-5.1% Y/Y) beats by $40M.

Economics

   This Week’s Data

            The October Markit PMI came in at 55.9 versus expectations of 56.1.

            The October ISM manufacturing index was reported at 59.0 versus estimates of 56.0.

            http://www.calculatedriskblog.com/2014/11/ism-manufacturing-index-increases-to.html

            September construction spending fell 0.4% versus forecasts of +0.6%.

            http://www.calculatedriskblog.com/2014/11/construction-spending-decreased-04-in.html

            October light vehicle sales flat with September.

            http://www.calculatedriskblog.com/2014/11/us-light-vehicle-sales-unchaned-at-1635.html

            The September US traded deficit was $43 billion versus expectations of $40.7 billion.

   Other

            WTI falls to a 29 month low (short):

            http://www.zerohedge.com/news/2014-11-03/wti-tumbles-29-month-lows-after-saudi-price-cut

Politics

  Domestic

US reaches a debt to tax ratio not seen since WWII (medium):

http://www.realclearmarkets.com/articles/2014/11/03/congress_reaches_debt-to-tax_ratio_unseen_since_wwii_101360.html

A charter schools get better over time (short):

http://www.realclearmarkets.com/articles/2014/11/03/congress_reaches_debt-to-tax_ratio_unseen_since_wwii_101360.html