What double dip? Two important blows against the "double dip" school today:
1) GECEO Jeff Immelt, in an interview on our air, said: "When you look at all the early indicators that we look at, like media buy, rail loading, passenger miles--all key early indicators--are trending better, they're all trending to the upside. I'm limited in what I can say because of Friday earnings, but we definitely see the economy getting better." (emphasis mine) . GE is our parent company.
2) Equally important is what was NOT SAID by CSX and Alcoa : they did not take down second half numbers, or even "talk down" analyst estimates.
Remember, the market had sold off at the end of June on the heels of a string of negative economic reports suggesting, at the very least, that the economy had hit a "soft patch," at the worst that a double dip was developing.
By not talking down expectations, both companies seemed to be downplaying any possibility of a double dip—indeed CSX said that, so far, Q3 volumes and revenue looked favorable across all segments.
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