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Donald Johnson

The yoy earnings are down 32% vs. an estimate at the start of the earnings season that they'd be down about 37%.

Isn't it interesting that the market is trading on the earnings that beat estimates rather than on the earnings reports? I guess they're trading on the new guidance and estimates for Q2 and 2009?

Of course, that guidance is coming from the same folks who under estimated 60% to 62% of Q1 results.

Now, the question becomes, which companies gave accurate guidance for Q1? And what are they guiding for Q2 and beyond?

They have some credibility, after discounting the luck factor.

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