A note on Earnings

More than one analysis of the recent surge in stock prices--you didn't know? NBC News didn't devote an evening of Dateline to the Dow's recent highwater mark? Who'da thunk!--points to record 3Q earnings as the driver.

As if to underscore that point, Lockheed announced that it's earnings in the third-quarter of the year were up nearly 50%:

Lockheed Martin Corp., the world's largest defense contractor, said Tuesday that third-quarter earnings soared 47 percent on higher sales in its space and information-technology divisions. The company also raised its outlook for 2006.

Bethesda, Md.-based Lockheed earned $629 million, or $1.46 per share, in the third quarter, up from $427 million, or 96 cents per share, in the same period of 2005. Quarterly revenue was up 4 percent to $9.6 billion from $9.2 billion.

I post this for the benefit of my colleague--he knows why. Enjoy!

And as for the rest of us, how 'bout we also enjoy an economy that's humming along rather nicely by all the standard benchmarks!