A worker wearing a protective mask adjusts a torque wrench inside the service area at a Harley-Davidson dealership in Oakland, California, on Thursday, July 16, 2020.
David Paul Morris | Bloomberg | Getty Images
The dark side of good earnings: Companies are talking about turning “furloughs” into permanent layoffs.
You knew this was coming. It’s been a very strange earnings season. Analysts dramatically underestimated earnings for a good part of the market, particularly industrials, financials, and many technology stocks.
The average company beat analyst estimates by 22% — way above the historic norm of a 3% beat. But top-line revenue beat by only 1%.
The huge disparity between…