Chin Up in the Downswing

positive economic news during recession

Pfizer, Under Armour Beat Q1 Analyst Earnings Estimates; Another Confidence Index Is on the Rise

April 28, 2009 07:30 PM
by Anne Szustek
Pharmaceutical company Pfizer and clothing label Under Armour outperformed Wall Street projections during the first three months of 2009. Meanwhile, the latest Conference Board confidence index shows the highest monthly jump in four years.

Pfizer Sees First-Quarter Earnings Boost

According to Reuters, pharmaceutical company Pfizer earned $0.54 per share during the first quarter of 2009, beating the average estimate of $0.49 per share. This was in spite of largely sluggish sales. Pfizer plans to merge with fellow pharmaceutical company Wyeth later this year in a $68 billion deal unveiled in January.

Verizon Tops Expectations

BloggingStocks reports that sportswear and athletic apparel company Under Armour posted first-quarter profits of $3.96 million; that’s $0.08 per share, above the average analyst estimate of $0.03 per share. The company made its apparel industry debut in 1996, offering moisture-wicking apparel; it has since branched out into general casual wear, and its store branches are largely found in shopping malls.

Consumer Spending Bolsters Latest Confidence Index

A report from the Conference Board shows that consumers are feeling more confident, as evidenced by its sentiment index’s rise to 39.2, its highest reading in five months and the highest monthly increase seen since 2005. “Confidence was projected to rise to 29.7, from an originally reported 26 in March,” according to the median projection given by economists polled by Bloomberg. MKM Partners chief economist Michael Darda told Bloomberg, “There certainly is starting to be a shift here, where the data is either less bad or even starting to improve.” He went on to say that the economy “could bottom out between June and October” 2009.

This report comes less than a week after the latest release of State Street’s global investor confidence index. It went up 9.4 points to 79.6, its highest mark since last July. That index is based on surveys of groups such as pensions and trust funds, which are major investors.

Most Recent Beyond The Headlines