What Have We Learned Overnight? July 22, 2014; North Dakota Has Another First; Apple Has Strongest Gain In Seven Quarters -- Doesn't Impress

COURT RULES OBAMACARE SUBSIDIES ILLEGAL - 'nuf said.

On the way into work this morning, listening to the news I realized things couldn't be too bad: President Obama flies into California this weekend to attend two fundraisers, one with Ms Pelosi in San Francisco, and then he gives a speech, one speech, on Iraq Afghanistan Ukraine shot-down Malaysian airliner Putin Israel Hamas global warming extreme weather hurricanes earthquakes the Bakken the US economy. LOL. Is anybody even listening? With all that is going on in the world, and POTUS talks about US economy in its fifth year of recovery, things can't be going too badly. I guess Wall Street agrees; the market is up another 100 points (almost). Oil is solidly above $104. This man isn't even talking to Mr Obama any more.

That $200 million MDU deal? Buyer was Lime Rock Resources. A big "thank you" for Don to solving this "mystery."  Link here.  Original post here. "Anonymous source" wrong unless there is a connection between EOG and Lime Rock.

Recap so far:

• active rigs in North Dakota: 197
• Newfield reports a huge well in the Bakken
• oil futures briefly hit $105 overnight (WTI crude oil)
• the green energy debacle in Germany; residential electricity now a luxury
• the changing of American cities due to the energy revolution
• Delta Airlines strikes five-year Bakken crude oil deal

North Dakota has another first: leads the US in economic well-being for children. It appears economic well-being for children correlates with parents (at least one) having a good-paying job.

Earnings: Reporting Tuesday

• AAPL:

  Apple reported stronger-than-expected earnings growth late Tuesday, but fiscal Q3 sales of the iPhone and iPad lagged estimates as consumers and investors look ahead to the next smartphone models.

  Apple earned $1.28 a share in the quarter ended June 28, up 19.6% from a year earlier. That beat the consensus estimate of $1.23. It was the strongest gain in seven quarters, improving from 15%, 5%, -5% and -20% in the prior four periods.

• AAPL, elsewhere:

  Apple today announced financial results for the second calendar quarter and third fiscal quarter of 2014. For the quarter, Apple posted revenue of $37.4 billion and net quarterly profit of $7.7 billion, or $1.28 per diluted share, compared to revenue of $35.3 billion and net quarterly profit of $6.9 billion, or $1.07 per diluted share in the year-ago quarter.
  
  Gross margin for the quarter was 39.4 percent compared to 36.9 percent in the year-ago quarter, with international sales accounting for 59 percent of revenue. Apple also declared an upcoming dividend payment of $0.47 per share, payable on August 14 to shareholders of record as of August 11. The company currently holds $164.5 billion in cash and marketable securities.

• CMCSA, beat expectations; 76 cents vs 72 cents; shares up over 1%;
• MSFT, misses on earnings (58 cents vs 60 cents forecast); Nokia drags; Cloud helps
• NBR, misses by 2 cents; 21 cents vs 23 cents
• BTU, revenue up 2%, but reports a net loss of 27 cents/share; shares up almost 2%; Less than 914 days;
• KO, beats by a penny at 64 cents/share but revenues declined 1%; shares down more than 3%;
• VZ, beat by a penny at 91 cents/share, dramatic increase in customers; net wireless additions surged over 50%; shares up slightly;
• XLNX, beats by 1 cent; revenues and guidance down; shares plunge

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ObamaCare In Four Sentences For Those Without Time To Read 2,700 Pages

1. In order to insure the uninsured, we first have to un-insure the insured.

2. Next, we require the newly un-insured to be re-insured.

3. To re-insure the newly un-insured, they are required to pay extra charges to be re-insured.

4. The extra charges are required so that the original insured, who became un-insured, and then became re-insured, can pay enough extra so that the original un-insured can be insured, free of charge to them.