Really good “Ahead of the Tape” WSJ column by Mark Gongloff from Friday: “Investors, It Pays to Mind the GAAP Gaps”. He discusses the widening gap between operating earnings and GAAP earnings over the last 15 years.
From the chart, it looks like operating earnings for the S&P 500 over the last 4 quarters is close to $40. With the S&P closing today at 1065, that’s a trailing P/E greater than 21.
The market responded negatively to Yahoo!’s mediocre 3rd quarter – even though everybody knew it was coming! Yahoo’s shares lost $1.16 yesterday to close at $22.99 on volume of almost 112 million shares. The shares have bounced a bit today and…
As I wrote a few weeks ago, in my review of Yahoo!’s 3rd quarter, changes in stock options accounting made Yahoo!’s quarter seem worse than it was. In an aside in that post, I also mentioned my criticisms of the…
The number that I and everyone else will be focusing on is the GMV number, which was disappointing with only 8% growth. – John Aiken (subscription required), Analyst, Majestic Research eBay (EBAY) reported 2nd quarter earnings after the close yesterday (EBAY Earnings…
GPS maker Garmin (GRMN) is getting torched again today after reporting disappointing 2nd quarter earnings before the open (GRMN 2nd Quarter Earnings Release). They reported earnings of 94 cents a share, excluding a 25 cent per share gain on the…
About 6 months ago I wrote a post arguing that copper giant Freeport McMoran (FCX) was overvalued (“Freeport Valuation Bloated Here”, Top Gun FP, April 23, 2008). At the time, Freeport was trading at $118 a share and my call…
Google (GOOG) is trading at $345 a share as I write this – down 54% from its high of $747 last November. That gives it a market cap of about $110 billion. Subtract the $14 billion in cash and investments…