First, the facts, courtesy of Bloomberg:
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This is how Forbes laid out the threat of the Q1 earnings collapse just 4 months ago:
Turns out not only was it likely but Q1 earnings are about to plunge the most in 8 years, which means that now that the threat has materialized, it is time for spin. A lot of spin. courtesy of everyone.
Then MarketWatch, again, just in case:
And, of course, CNBC:
We eagerly look forward to the BTFD "explanations" when the earnings recession becomes an earnings depression.