Will megastorm be another earnings excuse?
Hurricane Sandy could become one more caveat, one more 'lost day' that couldn't be made up that shouldn't matter at all.
I have to presume this shutdown now comes under the category of "We would have made X if it weren't for the hurricane." We will then be suspicious of what business was really missed, especially in an online world. where people can shop on the Internet and make decisions about business that don't require them to leave their homes.
I mention this caveat only because these quarters that are just being reported are all about caveating. What would have happened if the euro had gone higher. What would have been the case if September were colder. What might have been the number if we weren't worried about the fiscal cliff. The economic turmoil in Europe cost us X.
Why is this so important? Simply because if business were really good, we wouldn't know the difference. We would just be saying, "Of course, sure, wow, that number would have been terrific."
But without government support -- not just for small business but for business itself -- we are caught here just twiddling our thumbs. The storm becomes one more caveat, one more "lost day" that couldn't be made up that shouldn't matter at all. It just makes things bleaker.
And bleak they are. The binary world we find ourselves in is who is doing badly right now and who is about to do badly. No one is thought to be doing well, except those companies that do a lot of business in China, because the perception that's becoming clear there is that the government simply overtightened and that policy has been turned over.
Of course, the companies you buy because of China are now suffering from weakness in the United States, and they are going to lose valuable days because of the storm, not just because of the fiscal cliff or the election, for that matter.
So we are all about alibis and alibis that don't hold up as we wait for everyone to disappoint, even the companies that aren't about to.
Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and has no positions in stocks mentioned.
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" governments around the world aren't doing much to stimulate growth or are simply delaying strategies that could help business"...
Please NO MORE government interventions, NO MORE stimulus...it is madness.
And in the second part of your comment you're right, Govmts interference is only delaying things for business while creates a mortgage for this and future generations.
And talking about nature...Nature's wisdom ( after some billions of years of test): Whatever is not working must be gone. After this natural process life goes on...just see through your window and all those natural marvels are the result of such simple and amazing process.
Govmnt interference is just delaying the inevitable; govmt intervention is picking winners and losers...for now. But eventually everything must come to its natural balance.
Right on MG !!!!!! 8 more day's until we elect a president who knows how to unite our congress, to get things done for America without all of the left / right rhetoric !!
Also, in 8 more day's, those annoying 'vote for Obama' phone calls will stop !!
YES- there is a God !!
Here's the transcript from the Letterman show, with Maddow;
“DAVID LETTERMAN, HOST: "Here’s what upset me last night, this playing fast and loose with facts. And the President Obama cites the op-ed piece that Romney wrote about Detroit, “Let them go bankrupt, let them go bankrupt,” and last night he brings it up again. “Oh, no, Governor, you said let them go bankrupt, blah blah blah, let them go bankrupt.” And Mitt said, “No, no, check the thing, check the thing, check the thing.”
"Now, I don’t care whether you’re Republican or Democrat, you want your president to be telling the truth; you want the contender to be lying. And so what we found out today or soon thereafter that, in fact, the President Obama was not telling the truth about what was excerpted from that op-ed piece. I felt discouraged."
RACHEL MADDOW: Because the “Let Detroit go bankrupt” headline you feel like was inappropriate?
LETTERMAN: Well, the fact the President is invoking it and swearing that he was right and that Romney was wrong and I thought, well, he’s the president of course he’s right. Well, it turned out no, he was taking liberties with that.”
Excuses do not change the fact that a company's bottom line is what it is.
He controls the weather and the global markets. right?
Kidding aside, I hope everyone in the path of the storm gets through it well and without incident.
Perhaps by the first week of Nov the DOW will gain 100 pts up from now.
Not going to get into this blame game....But you woosies back East had better pack your stuff and get to high ground.....
If you aren't prepared by now, or don't heed any of the advice; It's basically YOUR FAULT.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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