NEW YORK ( TheStreet) -- Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. Last week he blogged on:
- the market's ability to rise in spite of disappointing earnings from blue-chips; and
- why you should avoid Avon and Herbalife.
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What's Truly Amazing About this MarketPosted at 9:35 p.m. EDT on Friday, April 26 Now, think about it. Think about who has disappointed this quarter. First, obviously, there is Apple (AAPL), with a quarter that is now regarded as the benchmark of bad quarters with the most downgrades and price target cuts of any this year. Apple used to be the largest-market-capitalization company there is, before passing the torch back to ExxonMobil (XOM), which, yes, reported the worst quarter so far of any oil company.
Then there is IBM (IBM), the bellwether tech company of the Dow Jones with a hugely disappointing report that drove the stock down 22%, or 10% in a couple of days' time. Or how about Amazon.com (AMZN)? Is there a more important retailer save for Wal-Mart (WMT) out there? I don't think so, and yet its report struck people as sorely wanting and the stock got pummeled for almost $20. Or 3M (MMM), one of the cornerstone industrials out there, which reported a heavily disliked quarter and then gave you a forecast cut that sent shudders down peoples' spines; spines of those who are used to this company's consistent earnings growth. It got dinged again today after being clipped hard on Friday's report. Then there's AT&T (T), the largest phone company, which gave you a quarter that sent the stock down the hardest I can ever recall it getting hit in one day. Just a nasty decline for the $200 billion behemoth and the commentary made you feel that there's no real growth there at all.
But it wasn't as horrid as the quarter Procter & Gamble (PG), the one that dropped the stock to $76 from $82 before it stabilized today. Procter, at $200 billion, is the largest consumer-products company out there and it was just a nasty report.
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