Morning Journal - The Philly Fed ADS Business Conditions Index

Economics

This Week’s Data

The International Council of Shopping Centers reported weekly sales to major retailers down 1.7% versus the prior week but up 3.8% versus the comparable period last year; Redbook Research reported month to date retail chain store sales up 2.7% on a year over year basis.

April existing home sales rose 3.4% versus expectations of an increase of 2.6%.
http://scottgrannis.blogspot.com/2012/05/more-signs-of-housing-upturn.html
http://www.ritholtz.com/blog/2012/05/existing-home-sales-without-forclosures-prices-pop-10-1/

The May Richmond Fed manufacturing index came in at 4.0 versus estimates of 11.0 and April’s reading of 14.0.

Weekly mortgage applications rose 3.8% but purchase applications once again fell (-3.0%).


The Philly Fed ADS business conditions Index (short):
http://advisorperspectives.com/dshort/updates/Philly-Fed-ADS-Index.php

Politics
Domestic

Tax rates under Clinton (short):
http://gregmankiw.blogspot.com/2012/05/faulty-memories.html

Shameless liars (medium):
http://townhall.com/columnists/thomassowell/2012/05/22/big_lies_in_politics

More government shenanigans (medium):
http://www.jewishworldreview.com/cols/will051912.php3

News on Stocks in Our Portfolios

Hormel reported quarterly earnings per share of $.48 versus expectations of $.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.