-Chicago PMI 53.7 vs. 52.5 est., 52.9 prior. New orders 52.9 vs. 51.9 prior
-July consumer confidence 65.9 vs. 61.5 est., prior 62.0 revised to 62.7
-June Core PCE y/y 1.8% vs. 1.8% prior
-German Govt: No Need to Grant ESM Banking License [DJ-WSJ]
-Bill Gross bashes equities Link
CMI call: China govt steps have been less than previous times. No longer expect ANY improvement in China demand 2H of year. continued weakness Brazil China and slowing orders in U.S.China govt steps have been less than previous times. No longer expect ANY improvement in China demand 2H of year. U.S. order rates trended down in April. Stayed down through all of Q2. Recently (July) picked back up a little bit (but volatile) larger U.S. retail customers sticking with their 2H guidance and orders so far debate within Chinese govt on what they want to do with stimulus program. Last stimulus "over-stimulated" "waste" "inflation" their "view has dimmed" on China stimulus driving demand Q4 of this year, probably next year now. last few weeks "remain volatile"
COH call: overall decline in the rate of traffic late in the quarter particularly in June. More promotional activity in May by competitors. environment to be increasingly promotional macro wise in FY13. "more promotional environment" going forward have to respond. expect double digit sales growth in FY13, gross margin 73% range, SGA higher. Op margin compression to 31%. Q1 most challenging. FY13 capex $250M. Not giving specific guidance. Macro softening, North America muted. FY13 "investment year" (June quarter) "economic backdrop clearly softened" in U.S. Re-instated in-store couponing in factory stores
CRUS call: call: ship in to customer takes 1/2 quarter to a quarter before final product gets shipped out by customer. analyst asked about strength in tablet for next quarter, they won’t announce their customers [Apple iPad Mini!] devices LOL!. September quarter "ramp a variety of new products".