The DOW will get smashed at the open....
Very disappointing earnings. American Express (AXP), SanDisk (SNDK), Texas Instruments (TXN) and Wachovia (WB) all reported earnings that missed Wall Street's expectation. The latter company also cut its dividend to $0.050 from $0.375 and is exiting the general bank wholesale mortgagee origination channel. Apple (AAPL) topped its earnings estimate, but issued an earnings guidance that fell short of estimates, sending shares tumbling 10% in premarket trading. Caterpillar (CAT) topped its earnings estimates, but had some cautious comments regarding the economy.
wachovia reports record loss of 8.9 billion, page-8
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