Wednesday, November 01, 2006

Sluggish Home Sales But Lots of Burgers to Go

The recent spate of financial news paints a dim view of the global economy. But despite the trouble spots, large orders of fast food are taking a bite out of family budgets and a lot of stuff is being purchased on credit.

The evidence: Corporate earnings were robust at Burger King and MasterCard. Here's a quick digest of major financial news, with short pull out quotes.

This market story from Reuters targets a drop in stock prices based on concerns about a possible slowdown in economic growth.

"Stocks are now worried about growth going too slow. They should be thinking that way," said Robert MacIntosh, chief economist at Eaton Vance Management in Boston. "Anecdotally I am reading about all these problems with auto companies and seeing unsold homes -- add it all up and things are quite bad.-- From Reuters"

But somebody is chewing on lots of Burgers. Profits were hot on the grill at Burger King, according to

Burger King Holdings (BKC) on Nov. 1 announced a whopping 82% surge in quarterly profit and 7% gain in revenue, boosted amid factors such as tax changes and growing reported on the 82 percent hike in profits from MasterCard.

MasterCard Inc. (MA: chart), owner of the nation''s second-largest credit card brand, reported 82% profit jump in Q3, due to an improved revenue and a higher number of purchases worldwide.

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