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IBM Revenue Comes At $23.7 BN On Expectations Of $24.1 BN, Guides FYE EPS Down By 0.03, Stock Down $4 AH

Submitted by Tyler Durden on 07/19/2010 16:12 -0400

Save for Intel, the Q2 earnings seasons is not going as well as the bulls had hoped for.

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Mon, 07/19/2010 - 16:16 | 477472 bonddude

Uh Oh

Mon, 07/19/2010 - 16:18 | 477478 JuicyTheAnimal

Off topic: See the dump of PHYS this afternoon? Any explanation for that?

Mon, 07/19/2010 - 16:20 | 477483 Zro

Reverting closer to NAV?

Mon, 07/19/2010 - 16:20 | 477484 Aknownymouse

Liquidation. And it is not off topic. Liquidation is everywhere - that's the topic.

Mon, 07/19/2010 - 16:30 | 477507 barkingbill

there has been talk of a big move down in gold by reliable sources for some time....now its happening. i wouldnt worry too much, it will eventually go back up.

Mon, 07/19/2010 - 17:40 | 477655 Rainman

If you have profits, take them. Come back at 950 ( Cheeky's call and I agree ). Or stay and sit it out. Thems the choices. The deflation camp is getting more crowded by the day.

Mon, 07/19/2010 - 16:34 | 477516 ira_13

I bought on the sell off, only about 8% above NAV now...

Mon, 07/19/2010 - 16:49 | 477551 unwashedmass

i'm buying. JPM ... not interested in trying to help Jamie and the boyz cover their short. Screw 'em, they sure are screwing the country over...big time.

Mon, 07/19/2010 - 16:49 | 477549 traderjoe

I don't understand the attraction to PHYS. It's a closed-end fund - which can trade at a premium or discount to its NAV. Why anyone would pay a premium for a closed-end fund is beyond me. If gold sells off, you could see this thing trade at a discount to NAV, and then you'd have a double-wammy.

Furthermore, he's done one dilutive follow-on already (not good for shareholders), plus you pay a management fee. The exchange privilege into physical is a rube - you have to have a huge investment and then go visit them in Canada for your bar.

If the premium to NAV is greater than the premium on coins and bars (which it is right now, the premium on a 1 oz coin is only 4-5%) why wouldn't you want to buy the coin and take possession? I think at one point the premium on PHYS was like 20% or so. Huh?

Mon, 07/19/2010 - 16:58 | 477569 JuicyTheAnimal

I for one am not attracted to PHYS. Apparently someone else lost attraction too.

Mon, 07/19/2010 - 16:23 | 477487 Cognitive Dissonance

I thought we were supposed to see great earnings this quarter, including equal or better revenue than last quarter? I mean, CNBC said so.

Mon, 07/19/2010 - 17:50 | 477666 Eternal Student

Indeed. And let's not forget last week's ramp-job with Intel crowing about their earnings. So, where exactly are all these record chip sales going? Not IBM, apparently.

So that means Dell and HP must be getting ready to report record shipments, right? If those two don't come in, something may be rotten in Intel's channel.

Mon, 07/19/2010 - 20:37 | 477892 Iam_Silverman

Isn't "Intel Inside" some Mac Airbooks? What is the engine for the eyepad?

Mon, 07/19/2010 - 20:47 | 477908 Eternal Student

Apple has gone all Intel. But Intel was touting Cloud Computing as one big reason for their chip sales. Margins are greater there, as those are the high end chips, and typically use many chips per server. There were record margins on their chips this quarter, and it would be odd if they were getting these just off of Apple. I suppose they could be stiffing Apple, but that wasn't the impression that they left.

Tue, 07/20/2010 - 08:37 | 478443 Iam_Silverman

"Apple has gone all Intel"

I thought so - and Apple products sell at a premium - but at enough of a premium to juice sales to the level needed to make the margins they reported? I don't know. Maybe they changed accounting firms - Ernst & Young?

Tue, 07/20/2010 - 09:17 | 478364 Rick64

DailyFinance - 10th Jun 2010 By Dawn Kawamoto

Dell ( DELL ) announced Thursday that it will record a $100 million liability for a potential settlement with the Securities and Exchange Commission over the agency's investigation into the computer maker's Accounting practices and relationship with Intel ( INTC ), the chipmaker. As a result of setting aside the potential SEC payout, the company is revising its first-quarter results.

Moral of that story is you have to have connections if your going to cook the books.

Mon, 07/19/2010 - 16:23 | 477488 johngaltfla

JUST a bit outside....

Swing batta, batta, MISS!

This is not a good sign when the big ones miss. And CSX well, let's just say they are NOT expanding capacity. Film at 6.

Mon, 07/19/2010 - 16:43 | 477538 duo

TXN right on their heels. If you can't print money in an environment where you don't need to invest in capital or equipment, can lay off all your engineers and stop developing new products, then you don't deserve $40M in bonus and restricted stock.

Mon, 07/19/2010 - 16:24 | 477490 Headbanger

The horror.... the horror...

Mon, 07/19/2010 - 16:25 | 477493 vote_libertaria...

"..not as good..."???

No no no, you are obviuosly confused. The men with white teeth and nice suits are all saying this is all going GREAT...even BETTER THAN EXPECTED.

They wouldn't lie to us....would they?

Mon, 07/19/2010 - 16:27 | 477496 NOTW777

maria and nesto we SO excited for tech earnings

Mon, 07/19/2010 - 16:29 | 477501 rubearish10

Intel's "BEST QUARTER EVA" should hit the cover of Business Week! That should "cap" things.

Mon, 07/19/2010 - 17:07 | 477599 johngaltfla

Yes, her face said it all when the screen lit up with top line revenue and Nesto whispered "holy crap" on the move down after hours:

Mariagasminterruptus

CNBC staffers ran in fear.

Mon, 07/19/2010 - 17:57 | 477673 Eternal Student

Sigh. Now you've got a reason for me to start watching part of CNBC. Anyone know if they have a link to this video up?

Mon, 07/19/2010 - 22:57 | 478079 Eternal Student

Here it is,

http://www.cnbc.com/id/15840232?video=1547376525&play=1

About 4-5 minutes in. It's funny to watch the talking heads saying how good they expect earnings to be, and then have to cover their rear-ends by the miss.

Mon, 07/19/2010 - 16:27 | 477497 rubearish10

6x P/E anyone?? Coming soon.....

Mon, 07/19/2010 - 16:29 | 477502 homersimpson

Oh well. I'm sure SKYNET will account for this tomorrow - and the stock futures will turn up positive anyways come open..

Mon, 07/19/2010 - 16:30 | 477504 Careless Whisper

Tomorow we hear from Goldman. Ever since Europe told them to 'get the fuck out', the Euro has rallied.

"French people would riot in the streets if we chose Goldman," said a person familiar with the French treasury.

http://www.guardian.co.uk/business/2010/jul/18/goldman-sachs-europe-sove...

Mon, 07/19/2010 - 16:30 | 477508 wiskeyrunner

Every other news outfit spins everything as positive here it says " IBM PROFIT POWERS HIGHER "

http://www.marketwatch.com/

Mon, 07/19/2010 - 18:11 | 477693 Rainman

haha....that's the story and they're sticking to it.

Big Blue missed on revenue almost exactly the amount of the revenue hit they took on the declining Euro. Europe is 1/3 of their revenue stream. That is worthy of note for the other earnings yet to come for the heavy exporters. That European austerity talk will kick a lot of other US-based multis in the arse too.

Mon, 07/19/2010 - 16:33 | 477509 John McCloy

Matt Simmon on Ratigan now.

Mon, 07/19/2010 - 16:31 | 477510 Robslob

If your job was lying to people you would probably be pretty good at it too ...hence all the CNN, CNBS, Poonberg anchors are so cheery...their job dependzz on it...

Mon, 07/19/2010 - 16:32 | 477511 barkingbill

goldman is the greatest institution ever greated...i think i heard that on cnbc by someone.....oh yeah and they do gods work too i forgot.

Mon, 07/19/2010 - 16:33 | 477512 NOTW777

down 5 now. maria was all excited and nesto off mike in the back - "OMG";

his expression last week for GOOG was even better; texan headed south too

Mon, 07/19/2010 - 16:32 | 477513 The Franchise