How about our two biggest chip companies, Intel ( INTC) and Qualcomm ( QCOM)? We understood that Intel missed. It is too linked to personal computers. But Qualcomm is Mr. 4G. It is supposed to be perfect. Two more $100 billion companies that blew the quarter. Did you see the reaction, the miserable reaction to GE's ( GE) quarter? It fell to $21 from $23 because the company's earnings growth decelerated as the quarter went on and Europe weakened badly. The most-high-profile earnings miss and another $200 billion company that let us down.
United Technologies ( UTX) is still going down after a reporting a quarter that many felt was light with Europe and sequestration called out for the reasons for weakness. That's an $80 billion multinational we are talking about. The largest health-maintenance operation in the country, Dow Jones component UnitedHealth ( UNH) missed hugely and reminded us that there's still plenty of risk to a health care play that's supposed to be winning in the new regime. Oops! Nobody cared for the numbers from Bank of America ( BAC), JPMorgan Chase ( JPM) or Wells Fargo ( WFC), the three largest financials, as worries about net interest margins and fretting about slower mortgage originations knocked back all of these stocks. Bank of America's numbers, once again, couldn't be fathomed, and it seems more like a law firm, at times, than a bank, it has so many suits against it. At least their quarters weren't viewed as light as the two largest independent security brokers, Goldman Sachs ( GS) and Morgan Stanley ( MS), which still haven't regained their footing. Did anyone slash their forecast more visibly that Caterpillar ( CAT)? Talk about missed earnings, the largest manufacturer in the Dow totally failed to deliver. Two of the largest food purveyors in the world, McDonald's ( MCD) and Starbucks ( SBUX) reported what looked to be terrific numbers, but when you dove underneath the hood you saw some real weak comparable-sales numbers around the globe for McDonald's, and critics chose to emphasize a gross-margin issue in China that reversed the stock after hours. They were both labeled disappointing. And what happened after all of this? What happened after Apple, Exxon, IBM, Amazon, MMM, AT&T, Procter & Gamble. Intel, Qualcomm, General Electric, United Technologies, United Health, JPMorgan, Wells Fargo, Bank of America, Morgan Stanley, Goldman Sachs, Caterpillar, McDonald's and Starbucks disappointed?