So Much for Earnings Beats

This morning, 12 of the 15 companies that reported earnings beat estimates, with JP Morgan (JPM) and Wells Fargo (WFC) beating by the widest margins.  Coca-Cola (KO) was the other big company that reported this morning, and it beat estimates handily.  WFC and KO are up double-digit percentages today, while JPM is currently down about 2%.  So the three biggest stocks that reported today all solidly beat estimates and two are trading up on the news.  What is that good for?  A decline of nearly 700 points on the Dow!  How much would a miss from them have cost the stock market? -1,400? 

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Comments

[Wefwef:]

Old news. Market is discounting the fact that we're heading down the toilet in the next 3 quarters.

2008 Oct 15 04:43 PM

[User 265729:]

All of this is soooooo BS

JP Morgan, BAC, WFC... If they are all doing sooooo well, why do they all suckle at the breast of the American taxpayer? I mean, they are so "strong." Somebody here provide me a bit of enlightenment as to why they are just feeding at the ankles of the taxpayers?

Strong and secure... Ya! Sure....

And EXPECTATIONS...

What happens? A bunch of so-called "analysts" from all of the firms of which... Well! What do you know! They have a vested interest in the scheme.

I love the phrase "beat expectations." Well.... XXXX company BEAT EXPECTATIONS by losing $500 billion, analysts said they would lose $600 billion. Great job XXXX company! You beat the street expectations! QUICK! BUY! BUY! BUY! XXXX company!

What a crock...

2008 Oct 15 04:57 PM