Wednesday, November 30, 2011

Morning Journal Don't forget, the US has a sovereign debt problem


News on Stocks in Our Portfolios

Tiffany’s reported its latest quarterly earnings per share of $.70 versus expectations of $.60. However, it gave down beat guidance for next year.

Economics

This Week’s Data


The International Council of Shopping Centers reported weekly sales of major retailers up 1.7% versus the prior week and up 4.0% versus the comparable period last year; Redbook Research reported month to date retail chain store sales up 5.4% on a year over year basis.

The Case Shiller September home price index fell 0.6% versus expectations of down 0.1%.
http://www.ritholtz.com/blog/2011/11/home-prices-weaken-in-q3-of-2011/

The Conference Board’s November index of consumer confidence came in at 56.0 versus estimates of 44.9 and October’s reading of 39.8.
http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

Weekly mortgage applications dropped 11.7%, while purchase applications declined 0.8%. Both were impacted by the Thanksgiving holiday.

The ADP private payroll report was up 206,000 jobs versus expectations of an increase of 125,000.
http://www.calculatedriskblog.com/2011/11/adp-private-employment-increased-206000.html

Revised third quarter productivity came in up 2.3% versus estimates of up 2,5%; unit labor costs declined 2.5% versus forecasts of a decrease of 2,2%.

Other

Lest we forget, the US has its own debt crisis (medium):
http://www.minyanville.com/businessmarkets/articles/us-government-bonds-us-deficit-us/11/28/2011/id/38089

Politics

Domestic


The SEC gets knocked down again (medium):
http://www.nakedcapitalism.com/2011/11/judge-rakoff-whacks-sec-yet-again-this-time-over-citi-cdo-settlement.html