Uncommon Sense

January 28, 2014

Reality vs. Wall Street: Wall Street Wins!

Filed under: Economics — Steve Ruis @ 12:31 pm
Tags: , ,

Apple reported record sales of 51 million iPhones during the last quarter, up from 47.8 million in the same period last year. The company sold 26 million iPads, also a record. Apple also reported a profit of $13.07bn, virtually identical to the $13.08bn profit of the previous period. Revenue grew 5.7% to $57.59bn from $54.51bn in the same period. So, of course, you know what happened: Apple’s stock price was driven down. The reason: Wall Street analysts “expected more.”

I ask again, why do fallible predictions, made by fallible people count for more than reality? I also ask, why do people pay so much attention to the stock markets when they have no more reality behind them than do video games?

1 Comment »

  1. I saw this earlier while having some lunch in front of the box. Now, remind me again why commentators look to the stock market as an economic indicator? Triple facepalm.


    Comment by john zande — January 28, 2014 @ 12:53 pm | Reply

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