Wall Streeters had expected corporate earnings to be good for the second quarter. But the flood of reports that came out last week equaled or exceeded their expectations. A sampling of more than 100 companies which reported for the second quarter (or for the first six months) showed higher profits than a year ago for 77% of the list.
Typical of the good news was Douglas Aircraft, whose stock jumped 3⅛ points in a few hours after the earnings statement was released. Reason: net profit for the six months ended May 31 was $10,042,975 on sales of $459 million; both...
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