Partial collapse is for those who lack conviction in the impossible...
Overnight another Tech bellwether, Intel, imploded. The company projects a sequential revenue decline of $700 million relative to expectations; therefore they are laying off 12,000 employees or 11% of the workforce. This will result in a one-time charge of $1.2 billion, relative to the $800 million in stock they repurchased in the same quarter...just the latest company to decide that the key to prosperity is to lay people off to fund stock buybacks and then rinse and repeat when revenue unexpectedly declines again next quarter...
Speaking of bellwethers...
Berkshire, had that spike overthrow I mentioned yesterday...
Financials have enjoyed a late stage vertical run...
Northern Trust
JnJ had a parabolic ramp yesterday and then gave half of it back...
Homebuilders playing catch-up deja vu of 2008...
Railroads stymied at the 200 day...
Walmart
Brewers: Looking identical to 2008...
