Skip to comments.MARKET BLOODBATH GETTING WORSE: Earnings Coming In Ugly
Posted on 10/23/2012 6:25:28 AM PDT by blam
UPDATE: MARKET BLOODBATH GETTING WORSE: Earnings Coming In Ugly
October 23, 2012
You can get a full roundup of what's happening in markets this morning here, but the basic gist is: Markets tumbling everywhere, lots of weak earnings.
First, the markets: Dow futures are off about 130 155, and the major indices are all down a little over 1%.
It's ugly in Europe as well. Germany is down 1.4%. Spain is down 1.1%. Italy is down 1%.
As for the micro, there are lots of ugly earnings this morning.
Dow Component DuPont is down 6% after a big whiff. 3M also cut its outlook. The stock is also off a few percent. There were also ugly reports in the UK, as luxury goods maker Mulberry announced an earnings warnings.
Then there's also the fact that there are hints that Bernanke won't stand for re-appointment in 2014.
So far, today isn't a disaster -- markets fall 1% all the time -- and this just gets us back to where we were yesterday during the day. Still, a squishy day.
(Excerpt) Read more at businessinsider.com ...
Don't think so...at least not yet.
Met with my financial adviser last night. My accounts are up 19+% for the year.
So all you people that pulled out in fear, HAHAHAHA! Losers!
I’ll still be in for the Romney rally in November.
Smart investors sold before the quarterly reports from business came in, and a dismal lot they are. This market is based on nothing but Bernanke’s funny money, and the wise investor should get out before the stock bubble bursts.
That alone should send the markets thru the roof.......in a sane world........
Down 155 at the open.
(MSNBC headline) More proof that Corporate fat cats want Obama to fail or something.
No Bloodbath .... yet. But
If 0bama steals the election, hang on.
Wall Street (Investors) usually rally around if Romney (Republicans) showed sign(s) of winning.
The DJIA is down 166 as I post.
It looks like a lot of companies are holding back layoff announcements until after the election
It's the uncertainty. The election is still too close to call.
If Oboma wins, massive layoffs will hit us immediately, because of obomacare and taxmageddon. If Romney wins, expect a small level of hiring that gets better over time.
Right now, people are waiting to find out if they're going to have to go Galt or not. They're not going to keep busting their humps every day just so the democrat base can leech away everything they've ever worked for. It isn't worth it.
Big gap. sweet. Out and ready to buy the bottom let it drop.
200 ema look for support.
Or Down. As a previous poster noted, the Market is mostly up the last 4 years on funny money.
No one prints better than Bernanke.
Seems to be trying to inch down further here as of 10:15 ET.
Durable goods were down 13.5% last months and BLS admitted that the drop in unemployment was due to the increase of “involuntary part time” workers. So this is just the latest in an ongoing pattern over the last couple/few months.
Down 222 now.
So, what do you think of what we’re seeing at this hour?
Wow, if this continues obummer might want to throw in the towel early.
Down 245 nearing the close.
The PPT still has 10 minutes to work with.
The DJIA closed down 243.
I had to look this thread up to make my comment for the record.
Obama started the game of jiggering numbers to bring about a political goal, a press cycle of a trend in his favor.
What we have learned is that it is a great game and others can play as well. That would be boards of directors and captains of industry as players. They are vigorously playing the game and their numbers are earnings reports.
What we have seen are earnings reports of less than projected or expected and a resultant decrease in market averages. Like the unemployment numbers, earnings figures will be adjusted upwards in following periods to make it all right and truthful.
But for the short term, the Obama adjustments are tempered or even overcome by the markets decline on the poor earnings reports.
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