Este último artigo do Jim Puplava tem a ver com a apresentação de resultados e a leitura que ele faz dos mesmos.
Segundo o autor é preciso muito cuidado com o que nos "vendem" nos meios de comunicação uma vez que, na generalidade, a divulgação dos resultados é feita numa base pró-forma e não correspondem à realidade.
Entre outras considerações o Jim Puplava não compreende a euforia em torno da NOKIA e explica porquê. Vejam aqui:
This is especially true when I hear press releases coming out of the tech sector and then read the actual financial reports. What I hear on cable news channels and in various financial publications is mostly spin. Financial anchors and reporters have simply become a form of entertainment or cheerleaders for Wall Street. Last Friday Nokia's earnings report was a good example. After watching a giddy and giggly anchor announce that Nokia beat Street expectations triggering a rally in the markets, I expected to arrive at my office and read a very bullish earnings report. Instead, I read the following:
* The gain in earnings came from an accounting change in revaluing receivables by $226 million Euros.
* Without the accounting change, earnings would have been down by 13%.
* Margins fell from 24.4% in Q4 to 23.5% in Q1.
* Total sales will grow at a slower pace going forward.
* Motorola surpassed the company in mobile phone sales in the US.
* The company will trim 1,800 jobs at its network unit to help trim losses.
* Networking had a Q1 operating loss of $127 million Euros with sales sliding 15%.
* The company will take a $350-400 million Euro charge in Q2, slashing earnings by $0.05-0.06 a share to account for layoffs.
* Industry sales of mobile phones networks will drop 15% or more this year.
Mas o melhor mesmo é lerem o artigo pois são referidos outros casos.
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