November 14, 2012
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(Note: This is Mark Vickery, substituting for Sheraz Mian
while he is away.)
Starved for any new information with which to feed market
sentiment this morning, we are happy to see the Producer Price
Index (PPI) survey. Good news here for those fearing exploding
inflation levels: prices were down in October relative to
September both on the headline number (-0.2% vs. +1.19%,
respectively) and minus food and energy prices (-0.2%,
Retail sales were also down: -0.3% vs. +1.3% in September.
Ex-autos and gas, this number was unchanged in October vs. +1.2%
in September. To paraphrase Mark Twain: "Rumors of runaway
inflation have been greatly exaggerated."
More and more pundits and analysts seem to be expressing
certitude the powers that be in Congress will effectively get
their arms around the Fiscal Cliff issue. Certainly this is the
single-biggest problem facing the US economy. While it may be
suitable to quote that other bastion of American quotability,
Yogi Berra -- "It ain't over 'til it's over" -- it does
appear as if the deep crevasse of doubt following the resolution
of the General Election is resulting in less overall fear a week
In earnings news this morning,
) notably good quarter, especially in light of the negative
fortunes having befallen Big Tech this earnings season, has sent
the company's stock up over 7% in the pre-market today.
Abercrombie & Fitch
) beat EPS expectations this morning, posted an impressive
year-over-year revenue jump and guided higher for full-year 2012.
) missed expectations in the quarter, reporting a loss on in-line
revenue that was nevertheless down year over year. Shares are
selling off before today's opening bell.
) reported a one-cent beat on EPS but missed slightly on revenue