This morning, the first revision to gross domestic product (
) for the 3rd quarter of 2011 fell from 2.5% to 2.0%. Not a good
headline number, for sure, but beneath it lie some pretty decent
developments -- relatively speaking, of course.
Most revisions were for a tenth of a point or so -- negligible,
especially considering there is a final revision on these numbers
at this time next month -- but the one big downward revision was
from the place that could most afford a downward revision: business
investment. This has been the tug-boat dragging the economy off the
sandbar, so you don't really want to see a downward revision here,
but really -- down to 14.8% from 16.3% is not too bad.
Exports were up on the revision, to 4.3% from 4.0%, and imports
fell from up 1.9% to up 0.5%. Take from this negative headline what
you will, but it usually pays to check the fine print.
In earnings news, after the bell yesterday
beat estimates, but revised down for the 1st quarter of 2012. This
was CEO Meg Whitman's first earnings report since taking the helm
from Leo Apotheker, so she is -- and should be -- being given some
time to turn around the aircraft carrier that is H-P.
Campbell Soup (
also dipped after the bell yesterday.
JA Solar (
swung to a loss in its 3rd quarter, as did
Canadian Solar (
LDK Solar (LDK)
Suntech Power (STP)
. Things are looking pretty cloudy for the solar market these days,
but honestly -- is anyone invested in this space purely for the
Jefferies Group (JEF)
has slashed its holdings in European securities by 50%, and Spanish
3-month notes have doubled. The European financial saga will not
take Thanksgiving off, either, so don't expect much near-term
relief on this front, either.
And...the U.S. congressional "super-committee" is still nowhere --
what a shocker! Might the problem be a lack of phone booths for
members to change into their capes?