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Tuesday, August 14, 2007

PPI, Trade Deficit, Wal-Mart and Home-Depot.

U.S. Producer Prices Rise 0.6% in July; Core Rate Rises 0.1%: Total PPI rose 0.6% (consensus 0.1%) in July, led by a 2.5% jump in energy prices. The more closely-watched core rate rose just 0.1% (consensus 0.2%), but the year/year rate now stands at 2.3%.

U.S. Trade Deficit Unexpectedly Narrowed in June (Update1): The Trade Deficit unexpectedly narrowed in June to $58.1 bln (consensus $61.0 bln).

Wal-Mart Posts Profit Below Estimates, Cuts Forecast (Update2): Wal-Mart Stores Inc., the world's largest retailer, said second-quarter profit rose less than analysts anticipated and lowered its earnings forecast after the company cut prices on thousands of back-to-school items.
Full-year profit will be as much as $3.13 a share, the company said today, less than the $3.16 analysts had estimated.

Home Depot Net Income Falls 15% on U.S. Housing Slump (Update3): Home Depot Inc., the world's largest home-improvement retailer, said profit fell 15 percent and revenue dropped for the first time in four years after a U.S. housing slump reduced demand for appliances and remodeling.

The company also said today that it's evaluating market conditions in preparation to buy back as much as $22.5 billion in shares, adding a note of caution to its repurchase plans.