João Leão: Economia precisa de imigrantes (e não só dos qualificados)

[Ulisses Pereira]

"Most Earnings Calls Disappoint"

By James J. Cramer
10/24/2003 07:58 AM EDT


"A disturbing moment came during the Microsoft (MSFT:Nasdaq - commentary - research) call. Everything seemed fine until the company tried to explain its deferred-revenue decline. And it can't, because business just wasn't that good. That's OK, but it isn't what we wanted to hear.

And then suddenly it all became clear to me, while listening to the call. There were only two genuinely no-flies, no-hair calls this month, and they were both at the very beginning: Yahoo! (YHOO:Nasdaq - commentary - research) and Intel (INTC:Nasdaq - commentary - research). Since then, we have kept waiting to hear about another Yahoo! or Intel.


We don't get them, though.

Microsoft has nowhere near the organic growth Intel has. Amazon (AMZN:Nasdaq - commentary - research) and eBay (EBAY:Nasdaq - commentary - research) don't have the exploding business model Yahoo! has.

Everybody else just played the "defied expectations" game, meaning they either had people hint that things were softer and they weren't -- that's Texas Instruments (TXN:NYSE - commentary - research) -- or made you think things had finally turned around when they hadn't -- that's the Raytheon (RTN:NYSE - commentary - research) game.

I don't want to oversimplify, but let's face it -- there are some strong areas of the economy and some weak ones and some strong areas of tech and some weak ones, and the selloff, is, well, deserved! "

(in www.realmoney.com)