Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- June’s Industrial Production in line with expectations
- The NAHB is hopeful for future sales
- If you strip out the inflation, CPI comes in line with June’s expectations
- BofA beats revenue and EPS, with a little help…
- Weekly initial jobless claims drop
- ECB eases collateral rules, so banks can have even more cash to not lend
- Philly fed mfg survey goes batshit crazy in June, rises to 19.8
- Speaking of batshit crazy, the Dow and S&P are now at all time highs
Negatives
- European car sales down 6.3% YoY in June
- Coke misses top line expectations, says weather to blame
- Fitch downgrades the EFSF
- Goldman unplugs Tesla, sends stock plummeting with $84 / share PT
- Yahoo misses top line, guides lower
- Mortgage applications fall for 9th week out of 10, back to 2011 levels
- Housing starts miss big in June
- IBM, Intel, eBay all miss revenue expectations
- Detroit’s bankruptcy may mean a 90% loss to muni retirees
- China’s housing bubble re-inflates, which doesn’t line up well for new growth stimulus
- Google & Microsoft both miss top & bottom line– buy stawks
Additional
- This is your economy on QE
- As a reminder, the ‘market’ is quite disconnected from reality
- Like the financial crisis, the Fed promises student loan debt is contained
- Detroit files bankruptcy
- And summing it all up “The Fed Is The Problem, Not The Solution”
(h/t @ZH_Crown)
