MARKET BLOODBATH GETTING WORSE: Earnings Coming In Ugly

TBI ^ | 10-23-2012 | Joe Weisenthal

[blam]

UPDATE: MARKET BLOODBATH GETTING WORSE: Earnings Coming In Ugly

Joe Weisenthal
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.

[Elle Bee]

this is good news ... obamanomics says the worse the economy the lower the gas prices

.

[desertfreedom765]

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.

[John W]

Seems to be trying to inch down further here as of 10:15 ET.

[tanknetter]

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.

[John W]

Down 222 now.

[John W]

So, what do you think of what we’re seeing at this hour?

[catfish1957]

Wow, if this continues obummer might want to throw in the towel early.

[GonzoGOP]

It has definitely come off the plateau on the down side. Worse the selling is nice and steady. This isn't a panic that will bounce back in an hour, people want out of the market and are cashing out their positions.

This doesn't have the look of a bloodbath. More of a slow capitulation. On the up side the company I worked for released record earning yesterday. So there are some winners out there and this may just be a repositioning prior to the election.

[GonzoGOP]

Wow, if this continues obummer might want to throw in the towel early.

As long as it stays above 1100 he can say the market is better off than it was when he came into office. It would take a week of bad days to get us to that level. I'm not saying it couldn't get there, but with all of the funny money the fed has pumped into the market it isn't going to get there in one day.

[blam]

The DJIA is down 256 as I post

[John W]

Down 245 nearing the close.

[central_va]

The PPT still has 10 minutes to work with.

[blam]

The DJIA closed down 243.

[bert]

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.