Could I be any more irritated about today’s 74 point loss? I’m not sure I could be.
Of all the companies to drag me down on a tailspin! Frickin Cisco, man! What in the dang heck was that? The company issues lower revenue guidance and all of a sudden four analysts are downgrading the stock and shares are cratering 16 percent! It’s nuts! Cisco hasn’t had a day like this in more than 16 years. Talk about taking a serious beating, my goodness.
I bet you can guess what else is eating me. No? Okay I’ll tell you. Mega-uncertainty over what’s going to happen with quantitative easing, and also trade tensions with the world’s other economic powers. Only the same thing I’ve been worried about all week. Former Fed Chairman Alan Greenspan thinks America is deliberately weakening the dollar, and current Treasury Secretary Tim Geithner is basically saying “Nuh uh!” and I’m just all sorts of worried about what the global economy is going to do next.
Companies had basically been doing okay through the third-quarter earnings season. A lot bested expectations. And now Cisco, a “bellwether” of the technology sector, is coming out with some gloomy forecasts. So now I’m less able to hang my hats on rosy prospects for corporate America. Which is a shame.
See you tomorrow,
The Dow Jones Industrial Average