The euro has fallen substantially the last seveal sessions. While the company's Q3 international books have been closed since the end of August, the euro weakness could take down Q4-11 earnings by a penny or so.
If I had my way, currency translations wouldn't be part of adjusted earnings - only GAAP. Currencies have little to do with a company's actual operations and are the lowest-quality element of earnings. I wish they backed it all out and simply compared constant-dollar earnings.
Investors should NOT be selling because of the prospect of negative Q4 currency translations. What does that really have to do with the company's ongoing operations?
You existed in 1949, fool. It happened then. You don't have to go back to the Great Depression. Valuations weren't all that low then, but earnings were, Numbers Numbskull.
As I said, obviously you've never studied market history.
Don't know GE's P/E in 1973/74, either, but was surely low.
Wrong again, as always, Number Dope.
P/Es were low in March 2009, but so were earnings.
Secular market trends are based upon valuations. Sometime in the next five years or so, P/Es could be lower than in 2009, but on higher earnings.
You still don't get it, do you, numbskull?
The secular bear is not "so-called". It is an arithmetic fact, Numbers Ninny.
Average P/E has yet to reach the low level of prior secular bears, but possibly there is relatively more money in stocks now than in prior decades, so valuations can't sink as low as previously.
Eleven years would be a short secular bear.
You have to be the most stupid subhumanoid on the planet. You still can't grasp after a decade of detailed explanation, charts, graphs, tables & data of all kinds what is immediately intuitively obvious to people of normal intelligence & numerical & reasoning ability.
The bear cycle of 2007-09 ended in March 2009, but that doesn't mean there can't be another bear cycle following the bull cycle that began then. In fact, we are now in one. It may or may not see lower valuations than in the prior bear cycle, but there is no reason why it couldn't. Both the prior bear cycle (07-09), the bull cycle following it (09-11) & the current bear cycle (11-??) are all cycles withing the present secular bear market (2000-??).
Why are these simple facts so hard for you to understand?
Also, have you really never noticed that whenever you say something cannot or will not happen, it always does?
Why should taxes be deducted for adjusted earnings? Better to compare pre-tax earnings for peer companies and avoid one-off changes in tax rates. If one company consistently has a lower tax rate than another, it should affect PE but earnings within the control of the company are pre-tax.