Twitter Users Tear Down Trump’s Proposed Colorado Border Wall

When Donald Trump promised to build a wall along the border with Mexico, he apparently meant “New Mexico.”

On Wednesday, the president spoke at the Shale Insight Conference in Pittsburgh, where he made a bizarre comment about how his administration is building a wall in Colorado.

The complete quote appears below.

As you might expect, many Twitter users had a field day tearing down Trump’s “wall in Colorado” comment.

At least one Twitter user was willing to speculate about Trump’s reasoning, based on his past remarks.

European Economics Preview: UK Retail Sales Data Due

Retail sales data from the UK is due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Swiss foreign trade data is due for September. The trade surplus is forecast to rise to CHF 2.4 billion from CHF 1.58 billion in August.

At 3.30 am ET, Statistics Sweden is scheduled to issue unemployment figures. Economists forecast the jobless rate to fall to 6.7 percent in September from 7.1 percent in August.

Half an hour later, average gross wages are due from Poland. Average gross wages are expected to climb 7.1 percent annually in September after expanding 6.8 percent in August.

At 4.30 am ET, the Office for National Statistics releases UK retail sales data for September. Sales are forecast to grow 2.9 percent on month, faster than the 2.2 percent increase in August.

In the meantime, Bank of England is set to publish Credit Conditions Survey results for the third quarter.

At 5.00 am ET, Eurostat is slated to issue euro area construction output figures for August.

Astros’ Justin Verlander sets postseason record for strikeouts in Game 2 of World Series

HOUSTON – Justin Verlander has posted yet another 200-strikeout season.

The postseason, in this case.

Verlander set a major league record in Game 2 of the World Series on Wednesday night when he struck out Victor Robles on three pitches, giving him 200 career postseason strikeouts, one more than John Smoltz.

After yielding a two-run double to Anthony Rendon in the top of the first inning, Verlander, 36, struck out four of the next six Washington Nationals to push him over the 200 mark. Verlander entered Game 2 with a 3.76 career postseason ERA in 29 appearances, 28 of them starts. His first 112 strikeouts came as a member of the Detroit Tigers, and he started Game 1 of the 2006 World Series in his rookie season.

The most recent 88 came after a 2017 trade to the Houston Astros, and he’s dominated for them, holding postseason opponents to a .185 batting average and earning MVP honors in the 2017 AL Championship Series.

It took @JustinVerlander 713 batters faced to reach 200 K in the postseason …

713 is Houston’s area code. ???

.@JustinVerlander stands alone at the top. pic.twitter.com/ydYE4QFiXw

Johnson & Johnson restates earnings over opioid settlement

Johnson & Johnson Inc. JNJ, +0.54% said it lowered its September-ending earnings to account for opioid litigation, according to a Securities and Exchange Commission filing late Wednesday. The company said it lowered fiscal third-quarter earnings to $1.8 billion, or 66 cents a share, from a previously reported $4.8 billion, or $1.81 a share. For the nine months ended Sept. 29, the company reported earnings of $11.1 billion, or $4.13 a share, down from a previously reported $14.2 billion, or $5.28 a share. Adjusted earnings were not affected by the $4 billion settlement. Johnson & Johnson first reported earnings for the quarter on Oct. 15.

Lam Research Corporation Q3 adjusted earnings of $3.70 per share

Lam Research Corporation (LRCX) announced a profit for third quarter that dropped from the same period last year.

The company’s earnings came in at $0.55 billion, or $3.47 per share. This compares with $0.78 billion, or $4.33 per share, in last year’s third quarter.

Excluding items, Lam Research Corporation reported adjusted earnings of $0.58 billion or $3.70 per share for the period.

The company’s revenue for the quarter fell 15.6% to $2.44 billion from $2.89 billion last year.

Lam Research Corporation earnings at a glance:

-Revenue (Q3): $2.44 Bln vs. $2.89 Bln last year.

Tesla Motors, Inc. Q3 adjusted earnings Beat Estimates

Tesla Motors, Inc. (TSLA) released earnings for third quarter that decreased from the same period last year.

The company’s profit came in at $143 million, or $0.78 per share. This compares with $311 million, or $1.75 per share, in last year’s third quarter.

Excluding items, Tesla Motors, Inc. reported adjusted earnings of $342 million or $1.86 per share for the period.

Analysts had expected the company to earn -$0.42 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 7.6% to $6.30 billion from $6.82 billion last year.

Tesla Motors, Inc. earnings at a glance:

-Earnings (Q3): $342 Mln. vs. $516 Mln. last year.
-EPS (Q3): $1.86 vs. $2.90 last year.
-Analysts Estimate: -$0.42
-Revenue (Q3): $6.30 Bln vs. $6.82 Bln last year.

RBA’s Debelle Sees Sizeable Downturn In Construction Underway

Reserve Bank of Australia Deputy Governor Guy Debelle said the construction activity is set to continue its downward trend and the effect on the broader economy is somewhat more than expected.

Much of the downturn in construction activity is still ahead, he said in a speech on Thursday. “We are forecasting a further 7 per cent decline in dwelling investment over the next year, and there is some risk the decline could be even larger.”

This would cut about 1 percentage point from GDP growth from peak to trough, he noted.

“The effect of the downturn in housing construction on the broader economy, though, is likely to be somewhat larger than 1 percentage point given the linkages the sector has with other parts of the economy,” Debelle added.

One other area where the spillover from housing to the rest of the economy has been larger than expected is its impact on inflation, he observed.

The growth in demand without a meaningful supply response will lead to a larger price response. “From a financial stability perspective that is not so much an issue if it is not accompanied by a material expansion in borrowing,” the banker said.

On monetary policy, Debelle said the RBA has taken into account the expected evolution of the housing cycle. The rate cuts will help to make more assured progress towards both full employment and the inflation target.