I’m lucky enough to be spending this week up in Whistler, Canada for a week of warm-ish skiing with great friends from around the world. But even though I’m 3,000 miles away from NYC it’s hard to ignore the barrage of quarterly reports out this week. Our friends over at FactSet Research (NYSE:FDS) tell me that of the 303 companies in the S&P 500 that have reported results to date, 66% of them reported results above estimates, and 34% reported quarterly numbers below estimates.
But what do the numbers really mean? Is the economy continuing to recover? Are companies hiring? Here at Nightly Business Report we’re trying to dig a little deeper and provide you with information to help read the tea leaves. This week, Disney (NYSE:DIS) posted profits which beat expectations. What do the charts say about Disney (NYSE:DIS) stock? One bright spot in the report: attendance was up at their theme parks.
Another standout profit report this week: Buffalo Wild Wings (NASDAQ:BWLD). It seems as though Americans are truly going wild for their wings. The casual dining restaurant chain posted profits which surged 34%… and, as Tom Hudson pointed out in Tuesday’s show shares of Buffalo Wild Wings (NASDAQ:BWLD) “took flight” after the earnings report.
So, does this mean that Americans are feeling more confident about their jobs and are willing to shell out cash for a family vacation? Or, are they staying closer to home and simply loading up on wings?
One clue might be that the hardest hit group in the economic downturn is seeing its fortunes turn around. Darren Gersh in Washington with the story on the “man-covery.”
Next week, we’ll likely get more clues on whether the economic recovery is taking hold. Are parents loading up on toys for their kids? On Monday, we’ll be talking toys with the CEO of Hasbro (NASDAQ:HAS) and then later in the week we’ll have interviews with business leaders who will be convening in South Florida to talk about their perspective on the economy.
Are you seeing signs of an economic recovery?