Communications equipment makers were by far the worst. The semiconductor guys were horrible, and hardware makers had a tough time. But software earnings were only down modestly. The software business will do reasonably well even in a lousy environment.
More Quotes from Chuck Hill:
We're doing about what we expected. Going into the reporting season, the estimate were for a decline of 18 percent and we said we thought we'd end up about down 15 but may end up down 16.Chuck Hill
Quarterly earnings are still made up to be too important, in my judgment. There's too much focus on the short term by far.
Chuck Hill
I would have expected, even without FD, to see more preannouncements this quarter. Things are worse out there.
Chuck Hill
I'm disappointed and I am surprised. I think it would have been useful to have an extraordinary category. Now it's going to be easier to make it sound like all this indirect stuff was a result of the attack.
Chuck Hill
I don't think it's going to temper earnings that much. But it isn't going to be a positive, that's for sure.
Chuck Hill
Right now is not the acid test. The bankingresearch conflict isn't there. But it will come back.
Chuck Hill
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