globalHOBBIT

How Wal-Mart Really Beats Expectations

Todd, not to be obnoxious but where have you been living that you just noticed this earnings game? In the 1973 - 1974 bear market I was interning at a broker [Hoppin, Watson & Co.] and noticed for the first time back then that companies and analysts did this. I'd see companies like Avon, Xerox. Burroughs and others have their earnings cut four or five times until the company 'hits' their expected goal then the stock would take off on "higher than expected earnings"! This is an old and awful Wall Street game that's turned me off for nearly 40 years.