By Marek Fuchs
Gross Domestic Product and key jobs data were reported Thursday and Friday but there's another crucial economic data point that hasn't gotten nearly as much press: hot dogs.
Yes, hot dogs. Perhaps the least noticed morsel of news reported late this week might – upon further review – stand as the most revealing. Friday morning Nathan’s Famous (NATH) reported earnings for its second quarter. Despite its very familiar surname, not enough analysts cover Nathan’s Famous to craft a reputable consensus, and the results were a bitter disappointment to traders – for good reason.
We’ll get to the sordid details in a moment, but first an admonishment: If you are fixated on the 204,000 jobs added in October or 2.8% growth in third quarter GDP, give up the ghost. Between first drafts prone to steep revisions and a well-established pattern of turning rickety one month and a touch promising the next, these figures tend to offer – like so much official data in our nation’s confoundingRead More »from Forget the Jobs Number. Enter the Hot-Dog Indicator