On Friday, Scott Davis' comments were redeemed as the Commerce Department issues a report confirming the slowing of the US economy.
Wary consumers snuff 2Q economic growth - Yahoo! News
As the article pointed out things are slowing but I've been reading the conference call transcript and Scott IMO looked bad when discussing the number of or lack of operating days in the quarter and it's impact on the bottomline. There were so many repeating analyst questions on this subject, as Scott continued to explain he came across as discovering this to be the cause after the fact. His, "we looked back at historical trends and past years" would beg on to ask, "if you looked at these elements then why is it such a factor in your explaination of the miss?" These elements are known when projections are made so again it comes off as an after thought making one question the abilities of the folks running this company. What really got my head scratching was his explaining the impact of 7/3 operating day in the explaination. Is he trying to signal a problem withe 3Q results or is he under the illusion that 7/3 day is somehow a part of the 2Q results? After reading some of the transcript I'm of the opinion the major part of the drop was more because of lack of faith in the management ability than it was of the business dynamics itself.