The first two weeks of 2009's earnings season have the perma-bears calling for earnings disasters in the Q1 results. A "sucker rally" is in progress they proclaim. But so far the profit jitters are unfounded and the only "suckers" to be found are packaged as candy on a stick.
The season kicked off last week with Alcoa(AA) missing forecasts, but painting a quite rosy picture for 2009. AA stock has never looked back.
Then came the Wells Fargo boom-shell and a string of other positive news on Thursday.
And now just days after the Wells Fargo (WFC) surprise we have Goldman Sachs (GS) also crushing the street's expectations. GS also joins a significantly growing list of banks that are now planning to quickly pay back their treasury bailout monies. GS will issue $5 billion in new stock to assist in paying back the US taxpayer swiftly.
And surprises to the upside did not halt with bank cheer Monday night.
Dress Barn (DBRN) also proclaimed a positive 2009 outlook. It raised its forward looking guidance pointing to improving retail trends across all its business units.
Federal Signal (FSS) followed with cheery news also raising its 2009 guidance. The global firm manufactures products and delivers integrated solutions for municipal, governmental, industrial, and airport customers worldwide.
And on Tuesday the insurance sector is likely to applaud loudly for MetLife (MET). The insurance giant asserted that it won't need bailout funds that US Treasury programs are extending to insurance institutions.
And to round out the night of No Fear, J.B. Hunt (JBHT) beat the Street by 2 cents. For them, trucking demand seems to be building again. Their 24c/share earnings were down only 4 cents from the 28 cents a share in the period a year-ago.
Aluminum started producing silver linings last week. Earning season continues this week with the only suckers appearing as red-faced bears on a stick.
When all you read is gloom, turn here for a much different perspective.