In the News:

Philly Fed:

Philadelphia area manufacturing reported a stronger than expected up tick. The expansion in US Firms helped propel the index to 19.8 in July compared to 12.5 in June; which provided the largest jump since March 2011.

Dell Drama:

The drama surrounding the potential buy out of Dell continues for at least another week.    The vote for the proposed buyout by founder Michael Dell and Silver Lake was started on Thursday at Dell’s annual shareholder meeting but has been delayed until next week.  Based on the results of the initial tally process on Thursday the outcome does not look good. 

Motor City Bankrupt:

On Thursday, Detroit became the largest municipality to file for bankruptcy.  The filing came after multiple attempts to restructure the city’s debt with bondholders, creditors and pension funds failed.

Down Google:

Google reported Q2 earnings of $9.56 EPS (Earnings Per Share), which was lower than analyst expectations of $10.78 EPS. The good news was that revenue rose 19% to $14.11 billion. Google, like its competitor Yahoo, have been struggling with how to increase revenue from mobile and ads.

Microsoft misses:

Microsoft wrote off $900 million dollars and missed their Q2 profit target by its largest margin in ten years.  O2 profits came in at $0.66 a share, well below Wall Street’s estimates of $0.75 a share. Revenue also missed estimates by coming in at $19.9 billion compared to analyst expectations of $20.7 billion.

 

In The Markets:

Asia:

Asian markets closed down Friday.  Jittery investor took the markets on a wild ride ahead of Chinese parliamentary elections.

Europe:

European stocks rallied Thursday on better economic news from the US.

US:

Rally Thursday continued to the US markets;  all three index’s closed in the green on news of better than expected manufacturing data and a revelation from the Fed that the taper in September was NOT a done deal.

 

 

In Dinner or Drink:

Today we choose a dinner to celebrate the excellent economic news from the Philly Fed Report.

Philly Cheese Steak

2 to 2 1/2 pound strip loin, trimmed
Olive oil
Salt and freshly ground black pepper
Soft hoagie rolls, split 3/4 open
Provolone Sauce, recipe follows
Sauteed Mushrooms, recipe follows
Caramelized Onions, recipe follows
Sauteed Peppers, recipe follows

Directions
Place steak in freezer for 30 to 45 minutes; this makes it easier to slice the meat. Remove the meat from the freezer and slice very thinly.
Heat griddle or grill pan over high heat. Brush steak slices with oil and season with salt and pepper. Cook for 45 to 60 seconds per side.
Place several slices of the meat on the bottom half of the roll, spoon some of the cheese sauce over the meat, and top with the mushrooms, onions, and peppers.
Provolone Sauce:
1 tablespoon unsalted butter
1 tablespoon all-purpose flour
2 cups whole milk, heated
1 cup grated aged provolone cheese
1/4 cup grated Parmigiano-Reggiano
1 teaspoon kosher salt
1/4 teaspoon freshly ground black pepper
Melt butter in a medium saucepan over medium heat. Whisk in the flour and cook for 1 minute. Slowly whisk in the warm milk, and cook, whisking constantly until thickened, about 4 to 5 minutes. Remove the mixture from the heat and whisk in the provolone and Parmesan until combined; season with the salt and pepper.
Sauteed Mushrooms:
2 tablespoons olive oil
1 tablespoon unsalted butter
1 1/2 pounds mushrooms (cremini and shiitake), coarsely chopped
3 tablespoons finely chopped fresh parsley leaves
Salt and freshly ground black pepper
Heat oil and butter in a large saute pan over high heat. Add the mushrooms and cook until the mushrooms are golden brown. Stir in the parsley and season with salt and pepper.
Caramelized Onions:
2 tablespoons unsalted butter
1 tablespoons canola oil
3 large Spanish onions, peeled, halved and thinly sliced
1 teaspoon kosher salt
1/4 teaspoon freshly ground black pepper
Heat butter and oil in a large saute pan over medium heat. Add the onions, season with salt and pepper, and cook slowly until golden brown and caramelized, stirring occasionally, approximately 30 to 40 minutes.
Sauteed Peppers:
2 tablespoons olive oil
2 poblano peppers, thinly sliced
2 Cubano peppers, thinly sliced
Salt and freshly ground black pepper
Heat the oil in medium saute pan over high heat. Add the peppers and cook until soft. Season with salt and pepper.

More about our receipe of the day, click here.

It’s Friday! Happy Weekend Ya’ll!