Wednesday, June 20, 2012

Morning Journal-More on Obama's Dream Act


Economics

This Week’s Data


The International Council of Shopping Centers reported weekly sales by major retailers unchanged versus the prior week but up 3.6% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 0.4% versus the similar timeframe last month and up 2.4% on a year over year basis.

Weekly mortgage applications fell 0.8% while purchase applications were down 9.0%.

Other

Builder confidence reaches new high (short):
http://mjperry.blogspot.com/2012/06/builder-confidence-reaches-5-year-high.html

Politics

Domestic


Another look at Obama’s Dream Act decree (medium):
http://www.nationalreview.com/articles/303205/obama-s-bad-dream-rich-lowry

More details you probably won’t hear much about (short):
http://dailycaller.com/2012/06/18/the-maddening-details-of-the-dream-decree/

News on Stocks in Our Portfolios

Walgreen to buy 45% in Alliance Boots for $6.7B. Walgreen (WAG) has agreed to acquire a 45% holding in health and beauty retailer Alliance Boots for $6.7B, and has an option to purchase the rest of the company. Walgreen also said that FQ3 EPS came in at $0.62, which missed consensus by $0.01, while revenue fell 3.4% to $17.8B but was in line. The drugstore chain is increasing its dividend by 22.2% to $0.275 a share, its 37th consecutive year of dividend hikes.

United Tech looks to sell $1B Pratt & Whitney assets. United Technologies (UTX) is looking to sell its Pratt & Whitney power generation assets in a deal that could fetch around $1B, Reuters reports. The potential sale is part of United Tech's effort to focus more on its aerospace and propulsion segments and move away from non-core businesses. The sale could occur after the company closes its planned $16.5B purchase of Goodrich (GR).



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.