US Economy -- April 22, 2015; Amazon To Build Fulfillment Center In Target's Backyard; Warren Has A Reason To Smile Today

Remember the site for "GDP" projected in "real-time." Link here.  Or just type in "GDPNow" in google.

From a press release:

Existing-home sales jumped in March to their highest annual rate in 18 months, while unsold inventory showed needed improvement. Led by the Midwest, all major regions experienced strong sales gains in March and are above their year-over-year sales pace.  

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In Target's backyard, Amazon proposes to build another fulfillment center: The StarTribune is reporting:

Amazon.com Inc. is planning to build a distribution center in Shakopee that will employ 1,000 people and quicken its deliveries in the region.

The online retailer is seeking about $5 million in tax breaks, Shakopee Mayor Brad Tabke said Tuesday. “It is an extraordinary project we are really excited about,” he said.

Amazon plans an 820,000- square-foot building, most of it used as warehouse space, that will open in early 2017, according to a document outlining the company’s tax request. The estimated market value of the facility is $55 million, the document said. Analysts say Amazon often spends about $100 million to build such centers, which it equips with the latest robotics for storing and sorting goods.

The 63-acre site for the proposed facility is south of Hwy. 101 at Shenandoah Road, in an existing industrial park owned by Bloomington-based United Properties. Tabke said the process for considering the tax breaks is just beginning and the Amazon facility would require significant improvements to the existing infrastructure and roads.

Two questions: why did it take so long? And will Amazon get the tax breaks they request? If not, Fargo is not that far away -- and actually Fargo is closer to the Bakken.

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McDonald's

The prospect of a comeback plan placated investors after McDonald’s profit missed analysts’ estimates and the company posted a sixth straight quarter of decreasing U.S. sales. The stock climbed as much as 2.3 percent to $97.07 in early trading Wednesday after the announcement.

Bank of New York Mellon: beats expectations. Beats by 7 cents.

BNY Mellon posted a profit of $779 million, up from $674 million in the prior-year period. On a per-share basis, which excludes preferred dividends, earnings rose to 67 cents from 57 cents a year ago. Revenue grew 5.6% to $3.85 billion. Analysts had projected 59 cents a share in earnings and $3.75 billion in revenue.

Boeing beats by $0.16, misses on revs; reaffirms FY15 guidance.

Japan's Nikkei increased 1.3%, closing above the psychologically-important 20,000 level and at a 15-year high. Tokyo's benchmark index closed above 20,000 on Wednesday for the first time in 15 years as hopes for strong Japanese corporate earnings overshadowed a weak lead from Wall Street.

Coca-Cola beats by $0.06, reports revs in-line. This will make Warren Buffett smile today.

Global Partners increases quarterly cash distribution 2.26% to $0.68/share. The CBR company out of the Bakken to the east coast. 

YHOO beats: 42 cents vs 40 cents forecast.

T: beats, 63 cents vs 62 cents, though missed on revenue. Churn numbers best ever for a first quarter.

QCOM: beats; $1.40 vs $1.33 forecast.

XLNX: a somewhat mixed report; came in at 50 cents; forecast 50 cents;  but income dropped 14% -- due to a restructuring charge.

TSCO: beats; 42 vs 41 cents forecast.