The 5 Dumbest Things on Wall Street This Week: Jan. 11
Social media, our ass. Those people need food, not Farmville! They aren't allowed out of the country, let alone onto the World Wide Web.
"We'll meet with North Korean political leaders. We'll meet with North Korean economic leaders, military. We'll visit some universities. We don't control the visit," said former presidential candidate Richardson before their trip.
No bull, Bill. You and Eric certainly didn't need Google to find the best restaurants in Pyongyang during your stay, did you? We're sure Kim Jong-un selected them for you. For that matter, we're confident he gave extra special treatment to your entire party of political pawns simply to stick it to the disapproving folks at Foggy Bottom.
"We don't think the timing of the visit is helpful, and they are well aware of our views," State Department spokeswoman Victoria Nuland told reporters last week.
Look, Eric, we understand you want to wire the world and promote freedom through Internet connections. We know that, deep down, you and your Google cohorts wish to "Do No Evil." Or at least that's what you tell folks when you aren't snooping on them.
Unfortunately, North Korea's ruler is an autocratic nutcase who has a different point of view. There is no doubt Kim loved all the attention you foisted upon him right after his saber-rattling missile launch. And the fact that you showed up the State Department by showing up in a country where Google isn't even allowed to do business must have only made the so-called Great Leader even giddier.
3. Accuray Disarray
It may be a brand new year, yet our analyst friends on Wall Street are still up to the same old tricks.
Or as we say here at The Dumbest Lab : The more things change, the more they stay inane.
Take the case of poor, poor Accuray(ARAY) , for example.
The company has lost nearly a third of its stock-market value since last Friday after it announced that it anticipates fiscal second-quarter revenue of $72 million to $75 million compared to the $94 million Wall Street analysts were expecting. The company's brass blamed problems with its sales force, manufacturing and supply chain -- basically everything up to and including the leaky kitchen sink -- for the sales shortfall.
For the 2013 fiscal year, Accuray expects a loss of 87 to 95 cents per share on revenue of $320 million to $330 million. Analysts were on record predicting the company would post an adjusted loss of 55 cents per share on revenue of $406 million for the year.
Yep, Accuray proved its analyst followers to be anything but accurate with their forecasts. Nevertheless, despite the stock's shellacking, Accuray's fans on Wall Street remained resolute.