• Sprott Money
    04/29/2016 - 05:58
    There is unfortunately no basis for renewed optimism that this current litigation will have any meaningful impact on precious metals manipulation – with respect to either silver or gold.

Norfolk Southern, Adobe Cut Outlook

Tyler Durden's picture


While the currency printers, print, and will do so until the complete collapse of the current monetary regime, corporate revenues continue to collapse. The latest casualty: concurrent economic activity indicator Norfolk Southern, which just slashed its Q3 EPS forecast to $1.18-$1.25 on Wall Street expectations of a $1.63 print. This will be lower than a year ago. The reason: reduced coal and merchandise shipments will lead to a $120 revenue decline. Then again, in Bernanke's world, neither energy nor actual trade are important. Print on, and BTFD!

From the release:

Norfolk Southern Corporation (NSC) announced that third quarter 2012 earnings are expected to be in the range of $1.18 to $1.25 per diluted share, primarily due to volume declines in certain markets and lower revenues from fuel surcharges.


Decreased coal and merchandise shipments, offset in part by growth in intermodal volumes, are together expected to reduce revenues by approximately $120 million compared with third quarter 2011.


Fuel surcharge revenues are anticipated to be approximately $80 million below the same period last year.  Third quarter 2011 fuel surcharge revenues included a favorable lag-effect of $52 million, whereas results for the current quarter are expected to be impacted by an unfavorable lag-effect in the range of $25 to $30 million.

And just because rails are such a non-sexy industry, relevant to really nobody when there are iPads to be had, here comes Adobe, chiming in as well, by guiding lower on both the top and bottom line:

  • ADBE sees Q4 revenue of $1.08-$1.13 billion; Wall Street estimates were for a $1.21 billion print
  • EPS are now expected to be $0.53-$0.58; Est: $0.67

Remember: cash flows, and thus profits, are obsolete. Repeat after us:

  • All that matters is multiple expansion.
  • All that matters is multiple expansion.
  • All that matters is multiple expansion.
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Wed, 09/19/2012 - 16:20 | 2812704 fightthepower
fightthepower's picture

Now we know why oil is crashing.

Wed, 09/19/2012 - 16:27 | 2812729 kaiserhoff
kaiserhoff's picture

<----  Depression has finally arrived

<----  Saudi's pimping for Obummer

Wed, 09/19/2012 - 16:29 | 2812735 ACP
ACP's picture

Come on, this is all BULLISH, don't you know?

Ai-ya! Er, I mean......dude!

Wed, 09/19/2012 - 16:34 | 2812745 iDealMeat
iDealMeat's picture

It's going to be a SUPER size SHITTY holiday season..  For Retail.



Wed, 09/19/2012 - 16:36 | 2812763 idea_hamster
idea_hamster's picture

  <----  Depression has finally arrived

  <----  Saudi's pimping for Obummer

No fair -- can't I get an "all of the above"?

Wed, 09/19/2012 - 16:56 | 2812822 Kitler
Kitler's picture


Wed, 09/19/2012 - 18:16 | 2813112 Tippoo Sultan
Tippoo Sultan's picture

Do iPads move by rail ?

Wed, 09/19/2012 - 16:39 | 2812755 Cult_of_Reason
Cult_of_Reason's picture

Transsexuals (trannies) have been underperforming for some time now and giving a Dow sell signal.


Wed, 09/19/2012 - 20:10 | 2813398 chump666
chump666's picture

It will be very amusing when Iran starts military exercises (Hormuz Straits) just before the election.



Wed, 09/19/2012 - 16:22 | 2812708 Cdad
Cdad's picture

I'll raise you a Bed Bath and Beyond...down more than 5%.

The earnings cliff is here.

Wed, 09/19/2012 - 19:41 | 2813341 HoofHearted
HoofHearted's picture

For a bonus can of Buffett's Cherry Coke, name the location of that train wreck.

Hint: it is now a museum in a large city.

Wed, 09/19/2012 - 21:47 | 2813606 s n p
s n p's picture

i understand its the gare montparnasse station in paris.  miraculously only one person died.  its still a train station and was rebuilt in 1969.

Wed, 09/19/2012 - 16:25 | 2812717 Cult_of_Reason
Cult_of_Reason's picture

The fundamentals do not matter.

The Fed's got your back.

Buy stocks! Booyah!


Wed, 09/19/2012 - 17:53 | 2813039 goldfish1
goldfish1's picture

Downward Retail Spiral - What Happens When J6P Ain't Got No Dough, bitchez

Wed, 09/19/2012 - 16:24 | 2812722 ParkAveFlasher
ParkAveFlasher's picture

Does this mean I have to update Flash Player again?  AGAIN?

Wed, 09/19/2012 - 16:28 | 2812731 debtor of last ...
debtor of last resort's picture

Flash your ParkAve. I'm trying to update flashplayer on my iPad for 3 years now. Maybe Adobe will join the fruit basket after all.

Wed, 09/19/2012 - 16:44 | 2812793 Obadiah
Obadiah's picture

You know waay baaack in the day (pre-1997 ) a friend of my dads ask me what to invest in I told him "buy macromedia bro".  It killed for him.  Me no money to invest in anything but my own enterprise that still kickin.

and another frekin du monent I was also at the launch of Microsoft windows 1.0 in retail doing surveys for Gallup.  I do still have the free flashights.  frekin idiot.



Wed, 09/19/2012 - 16:57 | 2812845 BandGap
BandGap's picture

Couldn't agree with you any more, or any less. It's just that I like you, Obadiah.

Do you understand the elements of sarcasm?

Wed, 09/19/2012 - 16:27 | 2812728 helping_friendl...
helping_friendly_book's picture

Does this mean my 3X inverse SnP bet will finally pay off?

Wed, 09/19/2012 - 16:34 | 2812739 kaiserhoff
kaiserhoff's picture


The Brits are no doubt burning the Danish Consulate as we speak.

Viking warships will loot the monastaries of East Anglia in 5,4,3... ah hell, that might take a while.

Wed, 09/19/2012 - 16:50 | 2812819 max2205
max2205's picture

Boob job appointment already booked. New pics next week.

Wed, 09/19/2012 - 17:01 | 2812857 kaiserhoff
kaiserhoff's picture

and I thought the Scots were supposed to be cheap, cheap, cheap.

Maybe the damn paparazzi can invest in some better lenses;)

Wed, 09/19/2012 - 16:33 | 2812746 monopoly
monopoly's picture

This is really getting interesting. ADBE a hell of a good company, but poof go earnings, and rails tell the true story. Think I will just keep the miners. 

Wed, 09/19/2012 - 17:25 | 2812936 dobermangang
dobermangang's picture

ADBE has several problems.  The economy is terrible and rapidly getting worse.  Their old products still work great(so most don't need to upgrade).  Their products are very expensive.  They are also trying to get users to rent their software on a monthly basis instead of buying the software.  That will take time to get people to use the cloud.  They do have good products.

Wed, 09/19/2012 - 18:35 | 2813176 tawse57
tawse57's picture

Too expensive in this economy. People will either keep older versions running for longer or people will opt for cheaper competitors.

Adobe products are just too expensive nowadays. I notice that you see less and less Sonys and Dells that come with Adobe Photoshop Light and Premiere Light bundled in nowadays.

Wed, 09/19/2012 - 17:45 | 2813014 Id fight Gandhi
Id fight Gandhi's picture

Thank the great satan it's now up AH near it's year high.

Wed, 09/19/2012 - 18:20 | 2813129 LMAOLORI
LMAOLORI's picture



Why oh why must I be the bearer of bad news 1,200 to be laid off 

Coal Company Closes Eight Mines; Cites Obama’s “Regulatory Regime”

Empire (MFG) the big suck

Wed, 09/19/2012 - 16:34 | 2812749 slaughterer
slaughterer's picture

These outlook cuts portend horror for next earnings season.  Serious carnage about to happen.  

Wed, 09/19/2012 - 17:00 | 2812789 LMAOLORI
Wed, 09/19/2012 - 16:47 | 2812807 Squid Vicious
Squid Vicious's picture

the horror is when you dont BTFD... who cares about this year's earnings, or even next year... just get on the bus, gus

Wed, 09/19/2012 - 16:35 | 2812756 CvlDobd
CvlDobd's picture

Only took 17 minutes for people to buy the ADBE dip. We are gettin better. We can do this people, BTGDMFD!!!!

Wed, 09/19/2012 - 17:28 | 2812951 LMAOLORI
LMAOLORI's picture



Who's We? The NYSE was just fined $5 million for giving it's favored clients a first look


NYSE fined after some clients got early look at data


WASHINGTON (Reuters) - The New York Stock Exchange will pay $5 million to settle U.S. civil charges that it gave certain customers "an improper head start" on trading information due to software issues and compliance failures.


And Now, Documentation (Alleged Rigging Against Investors)


Wed, 09/19/2012 - 17:56 | 2813050 goldfish1
goldfish1's picture

Five million? That's like five bucks.

Wed, 09/19/2012 - 18:05 | 2813077 LMAOLORI
LMAOLORI's picture



I know I am surprised they were fined at all but being caught like that I'm sure the over lords don't want us to think we have unequal justice under the law. 

Wed, 09/19/2012 - 16:35 | 2812757 lizzy36
lizzy36's picture

Fundamentals.....what the hell are those.

Bernanke announced QEinfinity - #btfd

Wed, 09/19/2012 - 16:39 | 2812774 yogibear
yogibear's picture

We all need to learn how to be a high level crook.



Wed, 09/19/2012 - 16:41 | 2812782 Dr. Engali
Dr. Engali's picture

Hot damn .... Clearly bullish! Mortgage the farm Mable we're going all in !

Wed, 09/19/2012 - 16:43 | 2812790 HaroldWang
HaroldWang's picture

Throw in a 3M and FedEx warning and things are looking just rosy! And all the morons on CNBC keep saying "BUY" fundamentals don't matter. What a joke.

Wed, 09/19/2012 - 16:46 | 2812802 q99x2
q99x2's picture

What's the obsession with making stuff anyhow especially when you can quit work, get student loans and live the life of youthfull fantasy?

Although student payment for DHS is rising there is still enough money to live a comfortable happy life. Fuck consumerism I'm into marine biology.

Wed, 09/19/2012 - 16:46 | 2812803 Zola
Zola's picture

Mhh sounds like the Phoenix Durango... What about the Taggart Bridge ? Is it still standing ?... Not for much longer... How did America allow this to happen...

Wed, 09/19/2012 - 16:49 | 2812813 max2205
max2205's picture

I predict that all Co's will have a trading desk to capture the MBS TLT spread. Solved. 120 million....chump change

Wed, 09/19/2012 - 16:49 | 2812815 TrustWho
TrustWho's picture

Buy the Dip.....You are a fucking idiot; BUY THE FUCKING DIP YOU FUCKING IDIOT.....


Wed, 09/19/2012 - 16:55 | 2812838 Conman
Conman's picture

Yup, cept theres no dips to buy. We are at the top now. So its buy the fucking top.

Wed, 09/19/2012 - 17:13 | 2812897 TrustWho
TrustWho's picture

1474.51 IN LAST 5 DAYS

1576.09 October 2007

Bernanke says he is printing until hell freezes over. DON'T FIGHT THE FED, YOU F......

Note: I don't disagree with you as Daddy Bernanke seems too infatuated with Zimbabwean printing money policy

Wed, 09/19/2012 - 17:06 | 2812869 Catullus
Catullus's picture

So... FedEx says their shipments are down because people are shipping using slower methods. Norfolk Southern says they're not transporting as much (coal I can understand, the rail rates will not keep up with inflation with gas displacing coal gen). So how does the Fed have a positive outlook on economic growth?

Wed, 09/19/2012 - 17:10 | 2812884 Pure Evil
Pure Evil's picture

Just try to remember, 2 + 2 = 5, and you'll finally be happy. It only hurts when you try to think for yourself.

Wed, 09/19/2012 - 18:24 | 2813106 JuliaS
JuliaS's picture

Reality 2 + 2 = 4

Deflation 2 + 2 = 3

Inflation 2 + 2 = 5

Hyperinflation 2 + 2 + 2 + 2 + 2 ...

Wed, 09/19/2012 - 17:11 | 2812886 dobermangang
dobermangang's picture

Maybe if ADBE offered their Student/Teacher discount to the masses, they'd have more sales.   Not sure why teachers should be getting any discount at all.  The salaries and benefits of Chicago teachers for working less than 9 months is ridiculously high(no wonder Illinois is broke).  They make significantly more than most in the private sector.

Wed, 09/19/2012 - 17:16 | 2812906 amadeusb4
amadeusb4's picture

Why is this statement a given, "While the currency printers, print, and will do so until the complete collapse of the current monetary regime"????? Are you part of the printing cabal, Mr. Durden? How would you know?

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