If you recall The Street is run by Crammer.
Below is a realistic view:
Thursday, January 31, 10:56 AM ET
ConocoPhillips (COP -4.7%) stumbles nearly 5% a day after issuing a disappointing 2013 production forecast of 1.475M-1.525M boe/day, with a significant Q2-Q3 dip due to seasonality, planned maintenance and project tie-ins. “Production will decline in ’13, and [COP] will need to show as we move forward that they can grow off that 2013 base," according to one analyst.
How can the earnings release be disappointing when the company has said this would be the case? Of, course they are saying production will slip slightly in 2013 before a significant increase beginning in 2014. They gave a full explanation in their call. If people would only listen to the earnings call they would KNOW. Earnings actually BEAT the consensus by a penny a share so there should have been no big surprise there. Fine by me because this only gives me the opportunity to scoop up more at a bargain price.