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Europe's Recovery In Context: So Far In Q3, 13 Of 17 Reporting Companies Miss Revenues
That the US is set to have its third consecutive quarter with revenue declines (followed by the fourth in a few months, when all the misses will be blamed on - what else - the Tea Party), is by now well-known and greeted by stocks which have given up on any fundamentals (that this happens even as "one-time" restructuring charges which actually recur every quarter, such as JPM's most recent $9 billion in fees, are added back to non-GAAP EPS, and make EPS increase is just as well-known). But it is not so much the US we focus on in this blurb, but Europe, where for some mindboggling reason the consensus has rapidly shifted in recent months, toward a prevailing sentiment of recovery. So here is a quick datapoint from Deutsche putting the European "recovery" in context.
You read that right: of 17 companies on the DJStoxx600 reporting so far in Q3, 13 have missed.
Welcome to the [European] recovery, indeed.
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Close the borders. Don't let anything in or out.
Right, because Smoot-Hawley worked so well in the 1930s.
If Venezuela (or Weimar Germany) is our guide, stocks may never go down ever again.
More printing is needed. More printing will be done. Bullish.
It just doesn't matter what Europe's earnings are. The US markets have decoupled from Europe and reality.
Netflix is up 425% in one year.
ONE YEAR!!!
INSANITY!!!
How much is gold up in one year?
gasoline prices are plunging in Texas and NRG is offering free fuel for a year if you buy a Nissan Leaf. Needless to say demand is soaring for the Leaf and that manufacturing facility they've got in Tennessee is only running at ten percent capacity. If Solar City goes all in in Texas they could become the biggest net energy producer...and exporter...in a year. That would be .... "in the world." They already have the biggest surplus of any State in the Union. If that goes from 12 billion to say...100 billion...i would call that a Sovreign wealth fund actually.
Europe needs to get with the U.S. program - lower expecation, then report a "beat".
If they get any lower, you will need to be a dwarf limbo dancer to read them.
The beauty of mark to fantasy accounting is that you can report whatever you like.
The manufacture of rumor, and the promise of better next qtr. is all you need.
Hose a few billion here and there to smother hot spots and there are your fund da mentals...
Fuck, markets at all time highs because we extended the debt ceiling for 3 mths? isn't that a revenue miss?!?!
It would also be interesting to see the change in employment by these companies and the change in their capital investment. Also what wage increases have they granted their employees.
ITALY and SPAIN just hit new 2y highs, Dax new 5y high
Newspapers in Europe are full of 'economic prosperity around the corner'-talk. Always assume the opposite, but maybe psychology might have an effect on the economic sentiment indicators. Anyway, BUY MOAR.
I DON'T KNOW WHO WROTE THESE NUMBERS IN FIGURE 1, BUT HE MUST HAVE MISSED SOMETHING IN THE SCHOOL. SPECIALLY IN MATHEMATICS ...... LOL
This is fantastically bullish. I am buying because there is blood in the streets. Obviously.
Using actual sales to judge economic well-being is sooooooo yesterday's thinking. The new economics strongly suggests that economic well-being is far better measured by happy talk from those in the know, like politicians, media apparatchiks, and central bankers.
Oh no, not another report about beating or missing expectations
expectations are pi in the sky, as long as a piece of string, as manipulable as putty, fake, fraud, scam, con numbers.
so they beat/miss these ethereal numbers, so what.....
What are the REAL numbers?