Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Another warning, this time from industrial multinational Cummins Engine (CMI) – the company has a lot of Asian exposure, especially of the Chinese and Indian kind. Looks like they are cutting 2012 revenues to “flat” versus 10% growth. It is putting some pressure on the market, but bigger picture showcases how this is going to be a much more difficult earnings season than we’ve experienced the past few years. At the micro level each of these warnings does damage to the stock, but of course the question (as asked yesterday) is how much of this is baked into the entire market at the macro level?
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