Something Is Very Wrong With This Picture

Just because very few actually understood the severity of the Cisco earnings guidance, in which the company forecast an 8-10% drop (let’s call it 9%) in quarterly revenues when Wall Street was expecting a 4% increase, we have compiled and presented in chart form the historical and projected quarterly revenue data for CSCO to show today’s preannouncement in all its gruesome context.

A few points:

  • The current quarter, in which revenues missed expectations of $12.4 billion by $300 million, while bad, was still a year-over-year increase of 1.8%.
  • It is the next quarter that is a true stunner because while Goldman Sachs (which has the company at a Conviction Buy rating with a $30 price target) was expecting a print of $12.9 billion, taking the midline of CSCO’s guide-down, Cisco now expects to make a paltry $11 billion, the lowest amount since early 2011, which would make the next quarter, ending January 2014, the biggest miss to expectations in company history.
  • In sequential terms, the drop in revenue next quarter would amount to just over $1 billion, a topline crash second only to the $1.2 billion sequential collapse in the quarter when Lehman filed and the modern financial system as we know it nearly ended.
  • There is simply no way that the company will be able to grow into its current projected revenue growth range as this quarter will mean a dramatic change to the topline trendline

And while another massive buyback is just what the adjusted EPS doctor ordered, should CSCO experience just one more quarter such as the forecast, things will get very ugly not just for revenue, which it is quite obvious is no longer growing anywhere, but for the bottom line.

In short: while the markets may not represent it, because the markets stopped reflecting reality some time in 2009, something is suddenly seriously broken not only with the global demand picture, but the entire world economy as well.

 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/fzzYYcLwfNc/story01.htm Tyler Durden

Fayetteville dedicates veterans memorial

It was a solemn occasion Nov. 9 as more than 300 people gathered at Patriot Park in Fayetteville for the dedication of the Fayette County Veterans Memorial. The memorial of polished black granite is a tribute to the soldiers from all wars who were born and raised in Fayette County, and who gave their lives on countless battlefields in service to their country.

read more

via The Citizen http://www.thecitizen.com/articles/11-13-2013/fayetteville-dedicates-veterans-memorial

Voters settle sales tax question; PTC mayor to be decided Dec. 3

While Peachtree City voters filled three city council seats in last week’s election, the mayor’s race has yet to be settled since none of the five candidates won more than 50 percent of the vote.

That sets up the Dec. 3 runoff election between current Councilwoman Vanessa Fleisch and former Mayor Harold Logsdon.

read more

via The Citizen http://www.thecitizen.com/articles/11-13-2013/voters-settle-sales-tax-question-ptc-mayor-be-decided-dec-3

Fayette to spend $338K on water system review

CH2M Hill also to address remaining drinking water rule violations, sanitary survey deficiencies

An exhaustive review of the county’s water treatment plants and their treatment processes will cost Fayette County water customers $338,000 in an effort expected to be approved Thursday night by the county commission.

read more

via The Citizen http://www.thecitizen.com/articles/11-13-2013/fayette-spend-338k-water-system-review

Prosecutor Asks That She Not Be Called ‘the Government’ Because the Term Is ‘Derogatory’

Last month a Tennessee judge overseeing a burglary case
rejected
a pretrial motion in which the prosecution requested
that it not be referred to as “the Government” because that term is
“derogatory.” In the May 22 motion,
Assistant District Attorney General Tammy J. Rettig noted with
alarm that “it has become commonplace during trials for attorneys
for defendants, and especially Mr. [Drew] Justice [the defendant’s
lawyer], to refer to State’s attorneys as ‘the Government’
repeatedly during trial.” Rettig worried that “such a reference is
used in a derogatory way and is meant to make the State’s attorneys
seem oppressive and to inflame the jury.” She added that “attempts
to make the jury dislike the State’s attorney have no place in the
courtroom.” She therefore urged Williamson County Circuit Court
Judge Michael Binkley to bar Justice from using the
g-word during the trial and instead refer to her as
“General Rettig, the Assit District Attorney General, Mrs. Rettig,
or simply the State of Tennessee.”

In his response,
Justice argued that such an order would violate the First
Amendment. Should Judge Binkley nevertheless see fit to comply with
Rettig’s request, Justice said, he also should consider a few other
speech limits in the interest of neutral terminology:

First, the Defendant no longer wants to be called “the
Defendant.” This rather archaic term of art, obviously has a fairly
negative connotation. It unfairly demeans, and dehumanizes Mr.
Donald Powell. The word “defendant” should be banned. At trial, Mr.
Powell hereby demands be addressed only by his full name, preceded
by the title “Mister.” Alternatively, he may be called simply “the
Citizen Accused.” This latter title sounds more respectable than
the criminal “Defendant.” The designation “That innocent man” would
also be acceptable.

Moreover, defense counsel does not wish to be referred to as a
“lawyer,” or a “defense attorney.” Those terms are substantially
more prejudicial than probative….Rather, counsel for the Citizen
Accused should be referred to primarily as the “Defender of the
Innocent.” This title seems particularly appropriate, because every
Citizen Accused is presumed innocent. Alternatively, counsel would
also accept the designation “Guardian of the Realm.” Further, the
Citizen Accused humbly requests an appropriate military title for
his own representative, to match that of the opposing counsel.
Whenever addressed by name, the name “Captain Justice” will be
appropriate. While less impressive than “General,” still, the more
humble term seems suitable. After all, the Captain represents only
a Citizen Accused, whereas the General represents an entire
State.

Along these same lines, even the term “defense” does not sound
very likeable. The whole idea of being defensive, comes across to
most people as suspicious. So to prevent the jury from being
unfairly misled by this ancient English terminology, the opposition
to the Plaintiff hereby names itself “the Resistance.” Obviously,
this terminology need only extend throughout the duration of the
trial—not to any pre-trial motions. During its heroic struggle
against the State, the Resistance goes on the attack, not just the
defense.

The good news is not only that Justice triumphed but that even
the Government concedes that “the Government” has a negative
connotation.

[Thanks to Allen St. Pierre for the tip.]

from Hit & Run http://reason.com/blog/2013/11/13/prosecutor-asks-that-she-not-be-called-t
via IFTTT

Prosecutor Asks That She Not Be Called 'the Government' Because the Term Is 'Derogatory'

Last month a Tennessee judge overseeing a burglary case
rejected
a pretrial motion in which the prosecution requested
that it not be referred to as “the Government” because that term is
“derogatory.” In the May 22 motion,
Assistant District Attorney General Tammy J. Rettig noted with
alarm that “it has become commonplace during trials for attorneys
for defendants, and especially Mr. [Drew] Justice [the defendant’s
lawyer], to refer to State’s attorneys as ‘the Government’
repeatedly during trial.” Rettig worried that “such a reference is
used in a derogatory way and is meant to make the State’s attorneys
seem oppressive and to inflame the jury.” She added that “attempts
to make the jury dislike the State’s attorney have no place in the
courtroom.” She therefore urged Williamson County Circuit Court
Judge Michael Binkley to bar Justice from using the
g-word during the trial and instead refer to her as
“General Rettig, the Assit District Attorney General, Mrs. Rettig,
or simply the State of Tennessee.”

In his response,
Justice argued that such an order would violate the First
Amendment. Should Judge Binkley nevertheless see fit to comply with
Rettig’s request, Justice said, he also should consider a few other
speech limits in the interest of neutral terminology:

First, the Defendant no longer wants to be called “the
Defendant.” This rather archaic term of art, obviously has a fairly
negative connotation. It unfairly demeans, and dehumanizes Mr.
Donald Powell. The word “defendant” should be banned. At trial, Mr.
Powell hereby demands be addressed only by his full name, preceded
by the title “Mister.” Alternatively, he may be called simply “the
Citizen Accused.” This latter title sounds more respectable than
the criminal “Defendant.” The designation “That innocent man” would
also be acceptable.

Moreover, defense counsel does not wish to be referred to as a
“lawyer,” or a “defense attorney.” Those terms are substantially
more prejudicial than probative….Rather, counsel for the Citizen
Accused should be referred to primarily as the “Defender of the
Innocent.” This title seems particularly appropriate, because every
Citizen Accused is presumed innocent. Alternatively, counsel would
also accept the designation “Guardian of the Realm.” Further, the
Citizen Accused humbly requests an appropriate military title for
his own representative, to match that of the opposing counsel.
Whenever addressed by name, the name “Captain Justice” will be
appropriate. While less impressive than “General,” still, the more
humble term seems suitable. After all, the Captain represents only
a Citizen Accused, whereas the General represents an entire
State.

Along these same lines, even the term “defense” does not sound
very likeable. The whole idea of being defensive, comes across to
most people as suspicious. So to prevent the jury from being
unfairly misled by this ancient English terminology, the opposition
to the Plaintiff hereby names itself “the Resistance.” Obviously,
this terminology need only extend throughout the duration of the
trial—not to any pre-trial motions. During its heroic struggle
against the State, the Resistance goes on the attack, not just the
defense.

The good news is not only that Justice triumphed but that even
the Government concedes that “the Government” has a negative
connotation.

[Thanks to Allen St. Pierre for the tip.]

from Hit & Run http://reason.com/blog/2013/11/13/prosecutor-asks-that-she-not-be-called-t
via IFTTT

Ficalore lawsuit to cost taxpayers $30K minimum

City’s insurance to foot $275K of $300K settlement to end former employee’s discrimination suit

A $300,000 settlement to end a sex and disability discrimination case against Peachtree City officials and police chief H.C. “Skip” Clark will cost city taxpayers a minimum of $30,000.

read more

via The Citizen http://www.thecitizen.com/articles/11-13-2013/ficalore-lawsuit-cost-taxpayers-30k-minimum

Bankruptcy again for PTC’s World Airways

Global Aviation Holdings, Inc., including its two operating air lines World Airways and North American Airlines, all headquartered in Peachtree City, has announced it has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code.

It’s the second time this year the company has been under a Chapter 11 umbrella. It emerged from the earlier filing this past February.

read more

via The Citizen http://www.thecitizen.com/articles/11-13-2013/bankruptcy-again-ptc%E2%80%99s-world-airways

Bernanke “Explains” 100 Years Of The Federal Reserve (And It’s War On Gold?) – Live Webcast

With Janet stealing the limelight, we really don’t expect any market-moving fireworks from the lame-duck Bernanke’s town hall presentation to US educators this evening. Discussing the Fed’s 100-year history and his efforts to bring greater transparency to the central bank’s actions, Bernanke will also take questions (which may well be much more interesting than the speech itself). But, to ensure some ‘fair-and-balanced’ coverage, we offer an alternate history of the Fed’s 100-year war against gold (and economic common sense).

 

Bernanke’s 100-Year History Of The Fed – Live Stream:

Live streaming video by Ustream

 

Nick Barisheff’s alternate 100-Year History of the Fed’s War Against Gold And Economic Common Sense

Federal Reserve Centennial Anniversary_Executive Summary_Final_Formatted_12 11 13.pdf


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/BYJ8tE9hueg/story01.htm Tyler Durden

Bernanke "Explains" 100 Years Of The Federal Reserve (And It's War On Gold?) – Live Webcast

With Janet stealing the limelight, we really don’t expect any market-moving fireworks from the lame-duck Bernanke’s town hall presentation to US educators this evening. Discussing the Fed’s 100-year history and his efforts to bring greater transparency to the central bank’s actions, Bernanke will also take questions (which may well be much more interesting than the speech itself). But, to ensure some ‘fair-and-balanced’ coverage, we offer an alternate history of the Fed’s 100-year war against gold (and economic common sense).

 

Bernanke’s 100-Year History Of The Fed – Live Stream:

Live streaming video by Ustream

 

Nick Barisheff’s alternate 100-Year History of the Fed’s War Against Gold And Economic Common Sense

Federal Reserve Centennial Anniversary_Executive Summary_Final_Formatted_12 11 13.pdf


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/BYJ8tE9hueg/story01.htm Tyler Durden