The Big Joke: Profits down 40%, but beat expectations!
To me, that line of bullsh1t is the biggest "WTF?" wall street can put out on the street. Who seriously gives a rat's arse if a company can beat analysts' expectations if profits are down 40%?
I seriously think wire services and MSM should just drop anything that comes after "profits down 40%...." in the future. The only reason someone would even say something so stupid is in hopes not too many people decide to drop the stock.
Maybe someone will educate me and convince me I'm wrong, but until then, this kinda propaganda has got to stop.
Here's an example;
AmEx: 24% profit drop, better than forecasts
"NEW YORK (CNNMoney.com) -- American Express reported a 24% decline in earnings for the third quarter Monday. But the results were better than expected, sending shares of the credit card giant significantly higher after hours."
AmEx: 24% profit drop, better than forecasts - Oct. 20, 2008
Ok, so analysts forecasted poorer porformance and the stock price dropped before the official announcement. Whent he official announcement is made, the price jumps up because the company performed a little less sucky than predicted....talk about wasted words and action.
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