Most Earnings Suck

MSFT Microsoft

Earnings are terrible. Posted first ever drop in annual sales of Windows and its fourth-quarter revenue fell a steeper-than-expected 17 percent as its business continued to be hurt by the weak global PC and server markets

COF Capital One Financial

3rd straight loss. CEO states no "green shoots" in credit. "We expect further increase in U.S. card charge off rates through 2009 as the economy continues to weaken. We also expect that our U.S.
card charge off rates will deteriorate at a faster rate than the economy, in part because Capital One makes fewer loans and increased minimum payment requirements that might make it more difficult for some customers to pay their card bill". "We now expect the unemployment rate to increase to around 10.3% by the end of 2009, up from our estimate of about 9.6% last quarter. Our prior assumption for home prices was for the Case-Shiller index to fall by around 39% peak to trough. We now expect modestly worse peak to trough of 42%,"

This didn't stop the Wall Street Whore Machine from putting more lipstick on this pig. Citigroup raised its target.

AMZN Amazon.com

BTW- I love this company. I buy books on a monthly basis.

Surprisingly missed its top line quarter estimates due to weakness in videogames. This will definitely have a major adverse effect to the videogame/console market. Watch ERTS here.

Margins way off. Pricing is a problem.

They ran this puppy up because its one of the few growth stories left. This was a pure momentum stock.

SLB Schlumberger

The oilfield services provider reported a 57 percent drop in second-quarter earnings and said revenue declines were slowing, but it did not expect any rebound in spending by its oil- and gas-producing customers this year.

AXP American Express

Net Income down 48%. For the quarter ended June 30, the company wrote off 10% of its U.S. card
loans, up from 8.5% in the first quarter and 5.3% in last year's second quarter.