While the rest of us patiently await the signs of economic recovery, corporate America has apparently skipped to the front of the line: Major companies are expecting to announce some of their highest profits in years.
One unintentionally appropriate quotation was from the chief U.S. equity strategist for Bank of America Merrill Lynch, who declared, “You have got to go back to the Depression to find a profits recovery that outpaces this one.” —JCL
The New York Times:
Many Americans are still waiting for an economic recovery. But for corporate America, a recovery of sorts is already at hand.
The corporate earnings season, that quarterly rite of Wall Street, begins in earnest on Monday, and investors are hoping for some good news. Major corporations are expected to report some of their strongest profits in years.
“It has been one of the strongest profits recoveries ever,” said David S. Bianco, chief United States equity strategist for Bank of America Merrill Lynch. “You have got to go back to the Depression to find a profits recovery that outpaces this one.”