I'd like nothing better than for the stock to oblige me. I don't think it will though as it's just too strong technically and keeps bouncing back after just short, shallow givebacks.
The difference this time is that the analysts now are on board for $2.25 to $2.30 in 2012, there is no drop in earnings in any year at all and the one-year target is now up to $22. Most of the publicity is good.
The funny thing is that I really saw nothing at all remarkable that came out during the earnings release or conference call to completely turn around attitudes and perceptions.
In fact, I would have thought beforehand that slashing R & D in order to do more stock buybacks would have been construed as a negative by the Street.
The new $5B stock buyback authorization was nice but 2011 earnings guidance was a big disappointment and the lesser expected revenues now for 2012 doesn't thrill me either. So why the excitement?