Wednesday, February 29, 2012

Morning Journal - Greece is nothing compared to Japan


Economics
This Week’s Data


The International Council of Shopping Centers reported weekly sales of major retailers fell 1.0% versus the prior week but rose 2.7% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 1.6% versus the similar timeframe a month ago and up 3.4% on a year over year basis.

The January Case Shiller home price index decline 0.5% versus expectations of a decrease of 0.4%.
http://scottgrannis.blogspot.com/2012/02/housing-prices-were-still-weak-late.html

The Conference Board’s February index of consumer confidence came in at 70.8 versus estimates of 64.9.
http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

The Richmond Fed’s February manufacturing index was reported a 20.0 versus expectations of 13.0.
http://mjperry.blogspot.com/2012/02/richmond-and-dallas-fed-report.html

Weekly mortgage applications fell 0.3% but purchase applications soared 8.2%.
http://www.calculatedriskblog.com/2012/02/misc-purchase-mortgage-applications.html

Fourth quarter GDP came in up 3.0%, slightly better than the 2.8% that was anticipated; the GDP deflator was up 0.9% versus expectations of up 0.4%.


Politics

Domestic


A shelf life for legislation? (medium):
http://advisorperspectives.com/dshort/guest/AI-120228-Commonsense-is-not-so-Common.php

International

And you think Greece has problems? Take a look at Japan (medium):
http://advisorperspectives.com/commentaries/euro_22212.php

News on Stocks in Our Portfolios

More earnings per share reports:

Reported Expected

Ecolabs $.70 $.70
Staples .41 .41


Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.