It's not common for a stock to decline this much going into earnings if they are good. The guy that said that leaks aren't that common is practicing wishful thinking. Earnings almost always leaks in one way or another. There are probably a dozen or more employees well below officer or even manager level who by now know what sales are, what margins are, what advertising expense is etc. I've been there. I'm a CPA, not practicing, but I know. You can't stop very basic numbers from getting out.
Something is wrong or we would be cruising at $45-$50. I honestly hope I'm wrong, but I doubt it.
"Earnings almost always leaks in one way or another."
Seriously?? Really earnigs almost always leaks out? WOW I guess that explains why there is never a earnings surprise. OR there is never a big move when earnings are released. This is very true with large companies since SOOO many employees are in on the info. Like APPL!
In fact I have heard they may get rid of quarterly earnings since everyone knows beforehand.
I sense sarcasm. The bigger the company the more likely it is to keep the end product locked up because of so many divisions etc. The controller, treasure and a few more may have access to the numbers days before release. Also note that they don't usually wait 2 months to deliver numbers. Think Alcoa.
Even with Apple, the numbers probably leaked. look at a chart and see the run up to earnings.
Stop being naive.
IMO there is not enough volume to start panicking about leaked earnings or some other thing.
That being said, it isn't a secret if more than 1 person knows about something... so it is likely that there is advanced knowledge of the earnings...as is the case with ANY stock. I don't think that leaked info is doing anything here.
Stock market is starting to erase some losses in afternoon trading.