- The Big Picture - http://www.ritholtz.com/blog -
Earnings misses give cheerleaders pause
Posted By Barry Ritholtz On October 23, 2003 @ 11:30 am In Finance,Media | Comments Disabled
Its dumbfounding to watch a bunch of last week’s cheerleaders do a 180 degree spin and lament the recent earnings misses. While reports have been coming in about 6% better than expected, there have been enough significant misses to make the rah rah crowd nervous:
“Lots of misses. More than we should be having. Raytheon (RTN) misses — huge! Royal Dutch (RD) misses huge! Leapfrog (LF) shouldn’t matter, but it was a gigantic miss. Blockbuster (BBI) and Brinker (EAT) were huge misses. SBC Communications (SBC) was just awful. AT&T (T) was amazing given how horrible the revenue was.
Merck (MRK) truly did stink — I mean, out loud. KLA-Tencor (KLAC). . . Last week I was thrilled with the earnings picture until IBM (IBM:NYSE – commentary – research). This week it’s just the opposite. It is awful. You can’t ignore it, and you can’t pretend it’s not happening.”
Huge Earnings Misses Hit Wall Street 
-James J. Cramer, 10/23/2003 10:54 AM EDT
I think it behooves investors to look closely at their holdings; Are your recent gains stimulus/liquidity induced, or are they driven by organic gains the broader economy? The answer to that question may very well be the answer to your buy, sell or hold concerns.
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2003/10/earnings-misses-give-cheerleaders-pause/
URLs in this post:
 Huge Earnings Misses Hit Wall Street: http://www.thestreet.com/p/rmoney/jamesjcramer/10121816.html
Copyright © 2008 The Big Picture. All rights reserved.