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August 4, 2005
Where's the truth?, Thur., August 4, 2005, 10:31 AM
At 8:01am EDT today, the Reuters #1 headline read, Back-to-school demand lifts July U.S. retail sales". The article followed up with: U.S. retailers posted higher July sales on Thursday, meeting Wall Street expectations as students snapped up back-to-school fashions and a record-setting heat wave drove demand for air conditioners." Hmmm.
At 10:15am EDT, Bob Pisani, speaking to the CNBC audience from the NYSE floor, when the Dow was down "45 points, said that (to paraphrase) "The retailers have really disappointed. Sixty pct of them reported below estimates."
I think if there is one single occurrence every month that amazes me, it's the pre-market hype over hot" U.S. retail sales that subsequently are discovered to be somewhat less than hot.
I'm not going to comment further; else I might be accused of starting a new rant. :-)
Posted by Posted by Bill Cara on August 4, 2005 10:32:20 AM | Category: 25 Cons Discretionary