On a data-heavy morning, we have results for the Consumer Price
Index (CPI) and the Empire State Index, as well as a couple
earnings reports from companies on the S&P 500. As for the
results, some are up, some are down, and some are right where they
had been earlier.
The headline CPI number was unchanged for July, as it was in June,
and the core number -- which removes food and energy costs -- was
up 0.1%. These were both a shade down from expectations, as were
the year-over-year numbers, which were 1.4% on the headline and
2.1% minus food and energy. Analysts had expected roughly 1.6-1.7%
on the headline number.
The Empire State Index, a survey tracking manufacturing in New
York State, swung down to negative 5.85 in August, following a
positive 7.39 reading in July. This is the first negative reading
since last fall and down much more than expected, which points
toward softness in New York factories. Keep in mind, however, this
survey is prone to volatility month to month, especially relative
to national monthly economic indicators.
We expect results from Industrial Production, Capacity
Utilization and Homebuilding Indexes later today. Taken all
together, we should have a much more complete picture about macro
trends as we look ahead to the 3rd and 4th quarters of 2012.
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In earnings news,
) put up some healthy numbers, beating on both revenues and
earnings while raising guidance for fiscal 2012.
Deere & Co.
) missed its consensus EPS estimate on weaker international
agriculture business, particularly in South America.
) reports after the bell, which should provide another piece to the
puzzle of technology trends.
Finally, Washington DC-based power investment firm
The Carlyle Group
) has acquired that well-known bank of multimedia products, Getty
Images, from Hellman & Friedman for $3.3 billion. That must be
a heck of a lot of pictures of movie stars.