Economics
This Week’s Data
October wholesale inventories jumped up 1.6% versus expectations of a 0.5% increase; wholesale sales were also strong (up 0.9%) but less than inventories.
http://scottgrannis.blogspot.com/2011/12/inventories-continue-to-rise.html
The October US trade deficit came in at $43.5 billion, very slightly better than anticipated ($44 billion).
Other
The demographics of the 1% (medium):
http://www.gallup.com/poll/151310/U.S.-Republican-Not-Conservative.aspx
George Will on the cost of regulation (medium):
http://www.jewishworldreview.com/cols/will120511.php3
Update on household balance sheets (short):
http://scottgrannis.blogspot.com/2011/12/household-balance-sheet-update.html
Politics
Domestic
Victor Davis Hanson on immigration (long):
http://www.nationalreview.com/articles/285087/illegal-immigration-immoral-victor-davis-hanson
Gingrich on Freddie Mac (then):
http://cafehayek.com/2011/12/reason-1-why-newt-gingrich-is-a-little-bit-frightening.html
News on Stocks in our Portfolios
04:43 PM Exxon Mobil (XOM) says oil imports have reached a peak in the United States and will steadily decline over the next three decades, thanks to rising domestic supplies and a 20% cut in oil demand. The company projects U.S. oil imports will eventually drop to 7M bpd by 2040, with most of the foreign crude coming from Canada and Mexico, while imports from OPEC countries decline to almost zero. Comment!
04:29 PM Altera (ALTR) drops 4.3% AH after warning Q4 revenue will decline 13%-16% Q/Q, worse than prior guidance for a 7%-11% drop. The company, which previously claimed its sales weakness was due to oversized inventory drawdowns, blames its guidance cut on a deteriorating revenue outlook "across all major vertical markets," thanks to macro issues and weaker-than-expected customer sales. Comment!
12:26 PM Chevron's (CVX -1.5%) move to boost 2012 capital spending by 26% to $32.7B came in higher than expected, Barclays Capital tells clients. "While management had previously indicated 2012 spending would be above 2011, we think the shares may nevertheless come under short-term pressure due to the significant increase in expected cash outlays." Comment!
11:12 AM Medtronic (MDT -2.5%) says it received a subpoena and request for documents from the California AG in connection with its controversial spine product Infuse. Studies were released earlier this month inferring a potential link between the bone fusion product and cancer. Comment!
08:19 AM McDonald's (MCD) reports global comparable sales rose 7.4% in November, including a 6.5% gain in the U.S. which beat the consensus estimate of analysts for 4.5% growth. The company says sales were boosted in the month by the addition of the seasonal Peppermint Mocha to its lineup and a Chicken McNuggets promotion. Shares +1.2% premarket. Comment!
05:35 AM Boeing (BA) machinists ratified a landmark 4-year contract extension last night, following weeks of talks. The agreement will likely lead to the dismissal of a high-profile complaint filed by labor against Boeing in April. (previously) Comment!
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