You remember July, don't you? Flags and hot dogs and fireworks -- and Costco ( COST) saying its fourth-quarter earnings would be "well below" the then-expectations of a buck. Costco reported those fourth-quarter earnings yesterday, and guess what we've seen since? Little mention of July. Here's a Reuters headline, quite positive: " Costco profit up 7 percent." And a Reuter's lead, equally positive: "Costco Wholesale Corp reported a higher quarterly profit on Wednesday as price-conscious shoppers headed to the discount retailer's warehouse locations for bargains on food and gasoline." In its original version, the article made no mention of July. It's been updated since, with a couple of paragraphs about July near the end, but the damage has already been done. The July mention is necessary to put near-terms trends in Costco's business into perspective -- and is there anything more needed in today's consumer environment than perspective? Does anyone remember perspective? CNBC, for its part, ran the same Reuters story, with no mention of July in its first version and an update to include the information. CNBC, however, topped its story with a negative headline: " Costco Profit, Comparable Sales Fall Short." By favorable contrast, look at what Dow Jones Newswires managed to get July's central events into the top half of its article, hours before Reuters did its update: "Costco warned in July that its profits would be 'well below' analysts' then- estimates of $1 a share, hurt by the company's decision to delay price increases to entice shoppers as energy and commodities costs grew. Analysts' latest estimate was 92 cents."