CWS Market Review – July 19, 2013
Posted by Eddy Elfenbein on July 19th, 2013 at 8:29 am

“He who wishes to be rich in a day will be hanged in a year.” – Leonardo da Vinci

I’m currently enjoying a very relaxing week at Sebago Lake in Maine, but I have enough time to bring you up to speed on this week’s news on Wall Street. Of course, the big news is that earnings season marches on. It’s still early, but so far, 75% of the earnings reports for companies in the S&P 500 have topped estimates. That’s a very good “beat rate,” and it’s helped to power the market’s rally this week.

On Thursday, the S&P 500 broke out to an all-time intra-day high. It took us nearly two months to take out the old high. At one point on Thursday, the S&P 500 touched 1,693.12, which is a remarkable gain of 154% from the intra-day mega-low reached 52 months ago. Simply put, this has been one of the greatest bull markets in Wall Street history. More than 80% of the stocks in the S&P 500 are currently trading above their 50-day moving averages. What’s remarkable is that we’re hardly overvalued, according to most traditional valuation metrics.

As strong as the broader market has been, I’m also proud to report that our Buy List continues to do very well. Stocks like CR Bard, AFLAC, Harris Corp., Stryker and Fiserv all hit new 52-week highs on Thursday. Our Buy List is now up more than 22% for the year, and we had more good earnings news recently. In this week’s CWS Market Review, I’ll discuss the strong earnings reports we’ve had from our big bank stocks. I’ll also cover recent so-so earnings from Microsoft ($MSFT) and Stryker ($SYK). Plus, we have a bunch more earnings coming next week.

Strong Earnings Lift Our Banks to Multi-Year Highs

Right after I sent out last week’s CWS Market Review, JPMorgan Chase ($JPM) and Wells Fargo ($WFC) reported very strong earnings for Q2. JPM saw its earnings jump 31% from a year ago. Looking at the bottom line, the bank earned $1.60 per share for the quarter, which was 16 cents better than Wall Street’s consensus. After the earnings report, there was some predictable bellyaching that the strong results were largely due to lower loan-loss reserves. Please. When I hear people say that, I’m not sure they know how banking works. The truth is that JPM is doing very well right now.

Interestingly, the big wigs at JPM warned that higher mortgage rates are putting pressure on their margins. That’s not so surprising. The bank is currently working to cut many thousands of jobs in their community banking division. While these moves are painful and unpleasant, I think they’re ultimately needed. JPM’s CFO said that refi volume could fall as much as 40% if rates continue to rise.

Overall, I thought the earnings report was quite good, but the market seemed to have a slightly delayed reaction. Not until Thursday did the shares gap up to a 12-year high. Even after this year’s 28% rally, JPM is still going for less than 10 times this year’s earnings estimate. I like this stock a lot. I’m raising my Buy Below on JPMorgan Chase to $60 per share.

Also on Friday, Wells Fargo ($WFC) reported a 19% jump in Q2 earnings. For the quarter, WFC netted 98 cents per share, which was five cents more than the Street was expecting. That’s a big jump from the 82 cents per share Wells earned in last year’s Q2. Just like JPM, Wells said it expects to see a decline in its mortgage division. They’re planning on cutting jobs, as revenue growth was basically flat. Both banks made the right call by going into mortgages in a big way. Wealth management is one of the few areas where Wells is seeing some revenue growth. On Thursday, WFC finished the day at its highest close ever. These banks are very strong. This week, I’m raising my Buy Below on Wells Fargo to $48 per share.

Microsoft and Stryker Miss Earnings, but Don’t Worry

After the closing bell on Thursday, Microsoft ($MSFT) reported earnings of 66 cents per share, which was nine cents shy of estimates. The stock dropped more than 6% in the after-hours market.

The problem for the software giant is that PC sales are slowing, and that hurts their Windows business. This was a disappointing report, but what surprised a lot of people is that the company took a $900-million charge for its large inventory of unsold Surface tablets. This is the version of the tablet which runs on chips designed by ARM Holdings. The Surface has mostly been a flop. Last week, MSFT said it’s cutting prices to get more buyers, but that looks to be an uphill battle.

Microsoft knows it has a lot of work to do, and that was part of their big reorganization announcement. The tech giant had top-line growth of 10%, which was also below expectations. This was an ugly earnings report, but our investment thesis continues to hold—Microsoft’s price is lower than its value. I’m disappointed by these results, but I’m not ready to ditch the stock just yet. Microsoft remains a value buy up to $38 per share.

Stryker ($SYK) had some mixed earnings news. After the closing bell on Thursday, the orthopedic company reported second-quarter earnings of $1 per share, which was three cents below consensus. The good news was that revenues rose 5% to $2.21 billion, which was slightly better than consensus. Stryker also lowered its full-year guidance from $4.25 to $4.40 per share to a range of $4.20 to $4.26 per share. Frankly, that’s less than I had been expecting, but not much less. The company said that it’s getting squeezed by currency exchange rates, which is the kind of transient problem that doesn’t concern me so much. They lost four cents per share last quarter due to forex. Stryker also said that revenue growth for the year should range between 4% and 5.5%, which is slightly better than consensus. Stryker continues to be a very good buy up to $71 per share.

We Have Four Buy List Earnings Reports Next Week

The earnings parade continues. Four of our Buy List stocks are due to report next week. Please note that the earnings dates I’m listing here are tentative and may be off by a day or two. I’ll continue to have the latest earnings info at the blog. On Tuesday, CR Bard ($BCR), CA Technologies ($CA) and Ford Motor ($F) are due to report earnings. All three stocks have been doing very well for us lately. Ford has been especially strong; the shares got as high as $17.25 per share this week. Then on Friday, July 26, Moog ($MOG-A) will report its fiscal Q3 earnings.

Wall Street currently expects Q2 earnings of $1.38 per share from CR Bard ($BCR). Three months ago, the company told us that earnings would range between $1.35 and $1.39 per share. At the time, that was a disappointment, since the Street had been expecting $1.46 per share. To be fair, Bard had already said that 2013 will be a tough year for them, but they expect to make up the slack in 2014. Last month, Bard raised its dividend by 5%. Traders still like BCR a lot; the stock has rallied 14% since the beginning of May. My advice to investors is, don’t chase Bard. The stock remains a good buy up to $115 per share.

On Monday, CA Technologies ($CA) finally hit $30 per share. The stock is now a 35% winner on the year for us. Three months ago, the company had a blow-out earnings report. CA beat Wall Street’s consensus by more than 23%. I’m not expecting such a strong repeat. This time, Wall Street expects earnings of 71 cents per share. CA is a very good buy up to $31 per share.

Of all the companies reporting next week, I’m the most optimistic about Ford Motor ($F). In April, the automaker earned 41 cents per share, which was four cents more than consensus. This time around, Wall Street again expects 37 cents per share. I think Ford will easily beat that. Once Europe gets back on its feet, Ford will really prosper. Ford is an outstanding buy up to $18 per share.

Finally, Moog ($MOG-A) is due to report earnings next Friday. This stock has quietly become our best performer in 2013, with a 40.4% YTD gain. Moog expects full-year earnings of $3.55 to $3.65 per share, but will be dinged 15 cents per share in restructuring costs. For now, I want to keep a tight leash on the stock. Moog is a good buy up to $57 per share.

That’s all for now. More earnings reports are due next week, including four Buy List stocks. We’ll also get an important economic report on orders for durable goods. We’ll also get reports on new home sales and existing home sales. It will be interesting to see what the impact has been of higher mortgage rates on the housing sector. Be sure to keep checking the blog for daily updates. I’ll have more market analysis for you in the next issue of CWS Market Review!

– Eddy

Morning News: July 19, 2013
Posted by Eddy Elfenbein on July 19th, 2013 at 5:15 am

G-20 to Back Corporate Tax Reform

Lew Cites U.S. Economy in Call for Europe to Spur Growth

RBI Steps Not To Result In High Interest Rate

China’s Feud With West on Solar Leads to Tax

Big Banks, Flooded in Profits, Fear Flurry of New Safeguards

Detroit Bankruptcy Could Hit Millions Of Retirees

Morgan Stanley Jumps as Earnings Beat Analysts’ Estimates

Google Results Show Struggle With Mobile

Men’s Wearhouse Buying Joseph Abboud Brand for $97.5 Million

American Airlines Posts $220 Million Q2 Profit

eBay’s Profit Jumps 13%, But Weak Guidance Sparks Massive Sell Off

Revenue Falls, but Profit Tops Forecast at I.B.M.

Vodafone Expects to Complete Kabel Deal by Year-End

Bogle Says Social Security is Fixed Income

Jeff Miller: Beating Buy and Hold: Understanding Earnings

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Morning News: July 18, 2013
Posted by Eddy Elfenbein on July 18th, 2013 at 6:46 am

UnitedHealth Second-Quarter Profit Rises Beyond Expectations

U.S. Seen Losing to China as World Leader

Panama Charges North Korea Weapons Ship’s Crew

Bernanke Says Fed May Delay QE Taper If Economy Misses Forecasts

Challenges in Bid to Revamp Banks

The New York Times Tries — And Fails — To Protect Obamacare From Health Insurance ‘Rate Shock’

IBM Boosts Annual Forecast After Earnings Beat Analyst Estimates

Intel Cuts 2013 Revenue Forecast, Capex As PC Industry Sags

eBay Inc. Reports Strong Second Quarter 2013 Results

Bank Of America’s Second-Quarter Profit Jumps 63% On Cost Cuts

Taiwan’s TSMC Posts Record Profit, Revenue in Q2

Dell $24.4 Billion Buyout Plan Is a Nail-Biter as Vote Looms

Nokia Sales Miss Analysts’ Estimates as Handset Demand Wanes

Cullen Roche: Is a House Really a Good “Investment”?

Phil Pearlman: At the NYMEX with Jeff Grossman Talking Crude, NG & RBOB

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Morning News: July 17, 2013
Posted by Eddy Elfenbein on July 17th, 2013 at 6:47 am

Carney Unites BOE on QE as Rate Guidance Review Looms

Bank of England Surprise Hits Shares, Dollar Steady Ahead of Fed

Kazarian Emerges After 20 Years With Bid for 10% of Greek Debt

China Keeps On Gobbling Up Treasurys

Treasurys Fall on Stronger Inflation Data

Regulatory Rumpus: The Battle Over Reinstating Glass-Steagall

Freddie Mac Said to Plan $400 Million Sale of Risk-Sharing Debt

Bad Weather Complicates Coca-Cola’s Soda Struggles

Yahoo! May Be Rewarded for its Gluttony

Worried About Defeat for Dell Offer, Board and Bidders Prepare Maneuvers

Barclays, Traders Fined $487.9 Million by U.S. Regulator

Tesla CEO Musk Morphs From Tony Stark to Henry Ford

McDonald’s Can’t Figure Out How Its Workers Survive on Minimum Wage

Credit Writedowns: Why the U.S. and European Auto Sectors Continue to Diverge

Joshua Brown: 361 Capital Weekly Research Briefing

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Morning News: July 16, 2013
Posted by Eddy Elfenbein on July 16th, 2013 at 6:35 am

Greece Hit By General Strike to Protest Austerity

Europe Car Sales Slump as German Sentiment Wanes

North Korean Ship With ‘Military Cargo’ Held By Panama

Brokerages See Downside Risks to India’s GDP Growth Forecast

US ‘Jumbo’ Loan Rates as Cheap as Standard Mortgages

Gold Swings as Investors Wait for Bernanke’s Testimony

Dollar Bulls Waver as Fed’s Signals Whipsaw Traders

Baidu to Buy Mobile App Store for $1.9 Billion

Citigroup Has an Emerging Markets Headache

Bullish Leap Options Set to Gain $4.6 Million With Buyout Bid

Ad Networks Agree New Anti-Piracy Guidelines

With i3 Electric Car, BMW Tries to Ease Range Anxiety

Glaxo 20% China Sales Growth in Focus as Police Allege Bribes

Jeff Carter: The Rise of the Naked Economy

Roger Nusbaum: Don’t Just Do Something, Stand There

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At the Lake….
Posted by Eddy Elfenbein on July 15th, 2013 at 9:25 am

I’m on vacation this week, relaxing at Sebago Lake in Maine. It’s beautiful up here, and the people are very friendly.

I’ll continue to post this week, but not as often. Just to follow up from Friday, we had good earnings reports from Wells Fargo ($WFC) and JPMorgan Chase ($JPM). Wells came within three pennies of a new 52-week high, which it had set on Tuesday. Analysts seem very pleased with the earnings reports from both.

Hulu decided to call off its auction of itself, of which DirecTV had been in the running. I’m rather skeptical of how serious DTV was, but now that it’s off the table, I think it’s good news for DTV.

This morning, the retail sales report for June came in a little below expectations. Wall Street was expecting a 0.8% increase while the actual number was 0.4%.

The figures show consumer spending, which accounts for about 70 percent of the economy, may take time to accelerate as Americans stay frugal and rebuild savings. At the same time, cheaper borrowing costs, household wealth backed by home and stock prices and an improving job market are helping sustain demand for big-ticket items such as motor vehicles.

“The consumer was less engaged in the second quarter,” said Russell Price, senior economist at Ameriprise Financial Inc. in Detroit. Price is the second-best forecaster of retail sales over the past two years, according to data compiled by Bloomberg. “The numbers are disappointing in comparison to expectations but the overall picture is still encouraging” given job growth and improved household balance sheets, he said.

The futures currently indicate the market will open higher this morning.

Morning News: July 15, 2013
Posted by Eddy Elfenbein on July 15th, 2013 at 6:43 am

Greeks Wait Tables and Hope for Economic Dawn

Here Comes the Hardest Challenge Yet for Abenomics

China Growth Slows to 7.5% as 2013 Target Under Threat

N.S.A. Leaks Stir Plans in Russia to Control Net

Gold Extends Best Week Since 2011 as Stimulus Seen Sustained

China Releases Details of Glaxo Bribery Allegations

After Goldman and Before Trial, a Global Education for Fabrice Tourre

AT&T’s Leap Purchase Puts Pressure on Smaller Rivals to Pair Up

Hulu’s Owners Call Off Auction, Plan to Invest $750 Million

Loblaw to Buy Shoppers Drug Mart for $11.9 Billion

Stella International Takes on LVMH to Expand in Paris

How One Year of Marissa Mayer Has Changed Yahoo

The All-Time High Stock Market Is About To Get Served A Potent Cocktail Of Economic Data And Fedspeak

Pragmatic Capitalism: JP Morgan: Don’t Confuse Dovish Comments with “Tapering”

Jeff Miller: Weighing the Week Ahead: Have Stock Investors Dodged the (Correction) Bullet?

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JPMorgan Chase and Wells Fargo Beat Estimates
Posted by Eddy Elfenbein on July 12th, 2013 at 12:42 pm

This morning JPMorgan Chase ($JPM) announced a 31% increase in Q2 earnings. Analysts expected $5.47 billion or $1.44 per share on revenue of $24.84 billion. Yet JPM surpassed that with earnings of $6.5 billion or $1.60 per share and revenue of $25 billion, compared with $22 billion in the period a year earlier. The stock spiked on the news and is now up slightly in mid-day trading.

Wells Fargo ($WFC) also announced strong earnings this morning. WFC reported a 19% profit increase for Q2, which reflected the 14th-straight quarterly profit increase and the ninth-straight record report. Net income was $5.5 billion or 98 cents per share compared to $4.6 billion or 82 cents per share for the Q2 one year ago. Analysts had been expecting 93 cents per share. Revenue was roughly flat at $21.4 billion and this also exceeded expectations. The stock is up 1.8% in mid-day trading.

CWS Market Review – July 12, 2013
Posted by Eddy Elfenbein on July 12th, 2013 at 7:06 am

“I guess I should warn you, if I turn out to be particularly clear,
you’ve probably misunderstood what I’ve said.” – Alan Greenspan

What a difference six days make. The S&P 500 has rallied for the last six days in a row, and on Thursday, the index reached an all-time high close, although we’re still a bit short of the all-time intra-day high. The small-cap Russell 2000 is at an all-time high and the Nasdaq Composite is at its highest point in 13 years. Check out how poorly the S&P 500 has performed compared with the Russell 2000.

What’s the cause for the about-face? It all comes down to the Federal Reserve—or more specifically, people’s expectation of what the Fed is thinking. After throwing a minor temper tantrum, Wall Street has apparently reconciled itself to the fact that the Fed will start tapering its bond purchases in September.

In this week’s CWS Market Review, we’ll take a closer look at what this means and how it impacts our portfolios. We’ll also take a look at some upcoming earnings reports for our Buy List. Speaking of which, our Buy List has been en fuego lately. Just look at Cognizant Technology ($CTSH). Two weeks ago, I spotlighted CTSH as an especially good buy, and the stock is up 13% since then. I’m raising my Buy Below for Cognizant to $76 per share. Thanks to the rally, I have several more updated Buy Below prices. Before we get to those, let’s look at why the markets are so happy this week.

Bernanke Calms the Market’s Panic Attack—Which He Created

In last week’s CWS Market Review, I said traders were on the lookout for this week’s release of the minutes from the Fed’s June meeting. It was in June that Ben Bernanke’s post-meeting press conference sent the stock market into a quick dizzy spell.

Traders read far too much into the Fed’s caution that their bond buying program will, at some point, slowly wind down. Ever since that press conference, the central bank has been hard at work trying to calm the market down. Ben and Friends want to make it absolutely clear that they’re not going to pull the rug out from the economy.

One piece of encouraging news came last Friday when the government reported that the economy created 195,000 new jobs in June. That was 30,000 more than expected. How’s this for consistency: According to the government, 199,000 jobs were created in April, and 195,000 were created in May. These are decent numbers, though there’s a lot of room for improvement. Still, we had a seven-month run last year where every report was less than 170,000.

An improving labor market is important for several reasons. It obviously means more folks drawing paychecks who are eager to buy more things. While Corporate America has done a great job cutting back on expenses, you can’t improve profit margins forever. At some point, you need more bodies in the door.

Mr. Bernanke has often pointed out that helping the jobs market is part of the Fed’s mandate, and he’s pledged to add monetary stimulus until there’s substantial improvement in the economy. In a Q&A on Wednesday, Bernanke said that the current unemployment rate probably understates the strength of the jobs market due to low workforce participation. In English, that means we don’t really know how bad things are, because a lot of folks have simply stopped looking for work.

Bernanke also did something interesting in those remarks. He made it clear that short-term interest rates will remain low for a long time after any bond buying starts to taper off. I think he sees rates staying low into 2015, and perhaps beyond. Of course, this will be long after he’s left D.C. The important thing is that QE is not the same as holding down short-term rates, and the Fed sees these as two distinct policies.

A lot of market watchers have been concerned about the rapid run-up in long- and intermediate-term interest rates. The five-year Treasury jumped 95 basis points in two months. In effect, the economy is tightening credit on itself. Bernanke is clearly concerned about this, but any concerns that the housing market is about to be slammed shut are very premature (although there have been some big cracks in a number of mortgage finance stocks).

The odd thing is that a lot of investors have reacted as if the Fed has suddenly changed its game plan. That’s not the case at all. Looking at the details, the central bank has been pretty consistent. The market’s reaction, however, has been wildly inconsistent. While the stock market has made back all of its losses, the five-year Treasury has fallen only 20 basis points from its 95-point surge.

Looking at the makeup of the market also gives us some clues. For example, the Consumer Discretionary Sector ($XLY) has now risen for 12 days in a row. That’s exactly what we would expect to see when knowing that the Fed is on the side of the stock market. The Discretionaries include companies like Bed Bath & Beyond ($BBBY) and Ford Motor ($F). Basically, it’s stuff that people would like to buy, not what they have to buy. This is important because strength here points to broader optimism.

The message from Bernanke is crystal clear even though some folks are desperate to hear something different. The Federal Reserve will continue to be on the side of stocks and not bonds. Bernanke just watched a big drop in bonds and did nothing to stop it. What does that tell you? Keep focusing on our Buy List names, and ignore any market hiccups. That’s just part of being an investor. This will be another good earnings season for us. Now let’s look at our Buy List.

Our Buy List Is up 21.27% for the Year

Our Buy List has been punching like champ lately. We’re now up 21.27% for the year, and it’s not even the All-Star Break yet. I want to run down some of our big winners and give you some new Buy Below prices. Our #1 performer this year is quiet little Moog ($MOG-A), which is inches away from being our first 40% winner for the year. Of our 20 stocks on the Buy List, 13 are up more than 20% this year, including six that are up more than 30%. This week, I’m raising my Buy Below on Moog to $57.

Several of our stocks have been hitting new highs lately, like Ford Motor ($F). On Thursday, shares of F came within one penny of hitting $17 per share. The upcoming earnings report could be a home run. Ford continues to be a great buy up to $18 per share.

It seems like it was only a week ago that I raised my Buy Below on WEX Inc. ($WEX) and Bed, Bath & Beyond ($BBBY). Actually, it was only a week ago, but both stocks have powered right through to new highs. This week, I’m raising WEX to $86, and BBBY to $79.

AFLAC ($AFL) continues to do well for us. On Thursday, the stock got as high as $59.38, which is the highest price in more than two years. AFL is still going for less than 10 times this year’s earnings estimate. I’m looking forward to another good earnings report at the end of this month. I’m raising AFL’s Buy Below to $63 per share.

Last month, traders panicked due to our FactSet’s ($FDS) terrible, awful, horrible earnings. In other words, FactSet merely met the Street’s earnings forecast. At the time, I said FDS “is doing just fine.” Sure enough, the stock has since made back everything it lost and broken out to another new high. (If it weren’t for panicky traders, we wouldn’t have any traders at all.) I’m raising our Buy Below on FactSet to $112 per share.

I have three more Buy Below changes: I’m raising CA Technologies ($CA) to $31 per share, Harris ($HRS) to $53 and CR Bard ($BCR) to $115. Earnings for all three will be coming soon.

I also want to mention that DirecTV ($DTV) is bidding to buy Hulu, which is an online video service. This is a pretty high-profile bidding war for Hulu. I don’t have any new info, but I’ll add that DTV tends to be pretty conservative in these matters, and I know they’re not afraid to walk away from a deal if it’s not a good fit.

I’ll warn you that the bidding war may cause some near-term volatility for DTV. If they lose, which is probable, the stock will probably rally. Incidentally, DTV got a nice bump on Thursday when Liberty Media’s Chairman John Malone said that DISH and DTV should merge. I really don’t see that happening. Either way, DirecTV remains an excellent buy up to $67 per share.

Upcoming Earnings from Microsoft and Stryker

Before we get to the next week’s earnings, I have to make a correction. Last week, I said that JPMorgan ($JPM) and Wells Fargo ($WFC) were due to report earnings on Thursday, July 11th. That’s incorrect. Both banks will report on Friday, the 12th, which is just after the deadline for this week’s issue. No need to worry. I’ll cover the earnings report in next week’s CWS Market Review. Also, I previewed the earnings in last week’s issue, which you can see here. My apologies for any confusion.

Assuming my calendar is right, this Thursday, July 18th, Microsoft ($MSFT) and Stryker ($SYK) are due to report Q2 earnings. For Microsoft, the June quarter is the fourth quarter of their fiscal year. Both have been excellent stocks for us this year.

In April, Microsoft had a very good earnings report, and this news came at a time when a lot of big-name firms were disappointing Wall Street. The software giant earned 72 cents per share, which was four cents more than estimates.

It’s true that MSFT is being hurt by slower PC sales, and Windows 8 didn’t blow people away. But lots of other areas are going well for them. Microsoft’s corporate business is picking up, and Xbox biz looks quite good. The company generates an astounding cash flow.

On Thursday, Microsoft announced a major reorganization. They’re revamping their eight divisions into four. The new structure is designed to offer more collaboration and diminish rivalries. Steve Ballmer has said he wants Microsoft to be known as a “devices and services” firm.

I tend to be a bit skeptical about high-profile reorganizations. They can be done, but reorgs are usually more difficult than originally assumed. On Thursday, MSFT came within one penny of a new 52-week high. Wall Street currently expects 75 cents per share for next week’s earnings report. That’s almost certainly too low. I’m going to bump up my Buy Below price to $38 per share. Microsoft remains a very good buy.

Stryker exploded out of the gate for us this year. SYK was up 16% before the end of January. The medical-devices company has said that it expects $4.25 to $4.40 per share this year. It’s still early, but I think SYK should easily clear $4.30 per share this year. Stryker earned $1.03 per share for Q1, and their result for Q2 is usually very close to what they earned in Q1. Sure enough, Wall Street’s consensus for Q2 is for $1.03. Stryker remains a very good buy up to $71 per share.

That’s all for now. Earnings season rolls on next week. We’ll get reports from Microsoft and Stryker. There will also be several key economic reports. Retail sales is on Monday; on Tuesday, we’ll get a look at consumer inflation; and industrial production is on Wednesday. Then housing starts on Thursday. Be sure to keep checking the blog for daily updates. I’ll have more market analysis for you in the next issue of CWS Market Review!

– Eddy

Morning News: July 12, 2013
Posted by Eddy Elfenbein on July 12th, 2013 at 6:37 am

U.S. and China Talks Move Forward

Europe, U.S. Strike Peace on Cross-Border Swap Rules

PC Shipments Fall for 5th Quarter Even as U.S. Decline Slows

U.S. Posts Record June Budget Surplus

S&P 500 Erases Loss as Bernanke Eases Stimulus Concern

Senators Introduce Bill to Separate Trading Activities From Big Banks

House GOP Outlines Plans for Mortgage Finance

Rate Surge Catches Banks Off Guard

Walmart’s Anti-Union Wage Plans Earn a Cold Shoulder From Big Cities

Microsoft Overhauls, the Apple Way

Google’s Schmidt Says Relationship With Apple Has Improved

Billionaire Icahn Says He’ll Sweeten Dell Offer With Warrant

Schneider Electric Offers $5 Billion for Invensys Takeover

Credit Writedowns: The Wastefulness of Automation

Jeff Miller: How to Profit from the Shiller Cape Ratio

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