Earnings Update 4/22/2008

The Good:
AT&T posted a 22% increase in profits and 6% increase in revenues.
McDonald's reported a 24% increase in profits on a 6% increase in revenues.
Dupont's profits rose 26% on 9.3% increase in sales.
Lockheed's first-quarter earnings rose 5.8% on a 7.6% rise in sales.

The Bad:
United Airlines said it's first-quarter loss widened to $537 million.
UNH posted a 7.2% increase in net income, missing analysts estimates and reducing forecasts for 2008.

The Really Ugly:
RBS wrote-down another $11.7 billion in mortgage-related assets and plans to raise $24 billion in new capital through a rights issue.

In summary, if you are in the business of providing telecom services for the iphone, you had a good quarter. If you sell burgers around the world where the dollar is worthless, you're doing very well. If you are selling seeds during an unprecedented spike in agricultural commodities prices, you're printing cash. Furthermore, if you continue to provide defense services to a country at war, more power to you.
On the other hand, if you have to buy fuel to operate your business, $118 oil is killing you. If you are in the health insurance business, the skyrocketing cost of medical care is not helping your business. Furthermore, if you happen to be a large UK bank that overpaid for a huge acquisition, not to mention a boatload of mortgages at the peak of the boom, you are totally screwed.