1. Econ Advisory
October 31, Jigar Bhakta

2. Portfolio Performance

3. Portfolio Highlights Baidu
Posted first ever quarterly revenue decline (0.7% from last year)
But bottom line is up by 11% from Q2, but by cutting promotional spending 3M
Met expectations
But, revised expected Q4 earnings downward, from $ to $8.15-$8.20
Shares went down 3%
Arris
Increased Revenues and EPS by 40% from last year. (acquisition of Pace)
Midstream of video and broadband
But that was expected. Earnings of $0.77, estimated at $0.76.
Alphabet
Shatters expectations (9% surprise)
Revenue grew by 6% from Q2.
Lifeblood: ad revenues. Grew by 18%

4. Econ / Market Summary
83, 84, 85, 86
86th straight week with jobless claims below 300k.
258,000 vs. expected 255,000
C+I+G+X-M
GDP. Grew by annualized 2.9% in Q3.
Shattered 1.4% seen in Q2, but not quite up to desirable pace of ~3%.
Libyan flag
OPEC meeting went nowhere. Just promised to talk again.
Libya has doubled production since last meeting
Oil has slipped from $50 to $47

5. Upcoming Events Cummins releases earnings tomorrow
Consensus EPS of $1.93.
Fed meeting starts tomorrow, announcement on Wednesday
Widely expected to be a snoozer, but surprise possible.
17% chance of hike November, 74% December.
Thursday? (Weekly jobless claims)
October jobs report this Friday