President Barack Obama Message Board

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Politics : President Barack Obama

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To: Sr K who wrote (124875)	10/23/2012 9:38:13 PM
From: RetiredNow	2 Recommendations Read Replies (1) of 149317

It's the Earnings, Stupid Goldman Sachs reported this morning that of the companies that have provided guidance, nearly 90% have been negative. This represents an "unprecedentedly negative level." thestreet.com Earnings stink like a big pile of trash Dow components DuPont (DD), United Technologies (UTX)and 3M (MMM) issued underwhelming outlooks. That follows weak guidance from Caterpillar (CAT) on Monday, and a big drop for the market on Friday following disappointing results from tech giants Google (GOOG) and Microsoft (MSFT)as well as lackluster numbers from General Electric (GE) and McDonald's (MCD). Nearly all of these companies mentioned challenging macroeconomic environments around the globe that is crimping demand for their products and services. Several suggested that they will be restructuring in order to boost profits, with DuPont announcing 1,500 layoffs. Chipmaker AMD (AMD) also let forth a deluge of pink slips last week, announcing it would cut 15% of its workforce. This relentless drum beat of poor corporate news should not come as a surprise to anyone. China's economy is undeniably slowing. Europe (particularly Greece and Spain) still looks like a triage center. buzz.money.cnn.com

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