Tuesday, January 24, 2012

Quick Overview

  • U.S. Corporate profitability is at an all time high. Nearly 60% of S&P listed companies have so far beaten earnings estimates for the last quarter. However P/E ratios are at 1990 lows.
  • The US Supreme Court overturned a California law that set strict standards for slaughtering and selling the meat of sick and injured animals.

  • Apple reported record quarterly net profits of $13.06bn, or $13.87 per share, well ahead of analyst expectations of $10.07 per share

  • Romney, and his wife Ann paid an effective tax rate of 13.9 % in 2010 on an adjusted gross income of $21.6 million.

  • The Richmond Fed said manufacturing activity in its six-state region increased in January, mirroring improvements seen in similar regional indexes. The bank said its current-activity index rose to 12 from 3.

  • Verizon (VZ) reported adjusted earnings of 52 cents a share -- a penny below the consensus forecast.

  • Sales of homes in the UK fell by 11% last year.

  • (Spiegel) The EU has banned oil imports from Iran to try and pressure the regime into making concessions over its controversial nuclear program. But even though the Iranian economy is suffering, Tehran is refusing to give ground. Meanwhile, the Revolutionary Guards are profiting from the sanctions.

  • Johnson & Johnson Q4 profit was barely a tenth what it made a year ago as a slew of charges for recalls, litigation and an acquisition dragged down income. But the health care giant's revenue jumped last year, ending an unprecedented two-year decline.

  • Unemployment dropped in 37 U.S. states in December, indicating the improvement in the job market is broad based as the economy picks up.

  • Cambodian Prime Minister Hun Sen said the country's per capita GDP is expected to reach 1,000 U.S. dollars in 2013 from merely 830 U.S. dollars at the end of 2010.

  • Argentina denies rumors of corn and soy export bans.

  • U.S.A. Today: Newt Gingrich claims that "more people have been put on food stamps by Barack Obama than any president in American history." He's wrong. More were added under Bush than under Obama, according to the most recent figures.

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