What's Truly Amazing About This Market

Tickers in this article: AAPL AMZN IBM WMT XOM

This article originally appeared on April 26, 2013 on Real Money. To read more content like this + see inside Jim Cramer's multi-million dollar portfolio for FREE. Click Here NOW.

Now, think about it.

Think about who has disappointed this quarter. First, obviously, there is Apple with a quarter that is now regarded as the benchmark of bad quarters with the most downgrades and price target cuts of any this year.

Apple used to be the largest-market-capitalization company there is, before passing the torch back to ExxonMobil , which, yes, reported the worst quarter so far of any oil company.

Then there is IBM , the bellwether tech company of the Dow Jones with a hugely-disappointing report that drove the stock down 22%, or 10% in a couple of days' time.

Or how about Amazon.com ? Is there a more-important retailer save Wal-Mart out there? I don't think so, and yet its report struck people as sorely wanting and the stock got pummeled for almost $20.

Or 3M , one of the cornerstone industrials out there, which reported a heavily-disliked quarter and then gave you a forecast cut that sent shudders down peoples' spines; spines of those who are used to this company's consistent earnings growth. It got dinged again today after being clipped hard on Friday's report.

Then there's AT&T , the largest phone company, which gave you a quarter that sent the stock down the hardest I can ever recall it getting hit in one day. Just a nasty decline for the $200 billion behemoth and the commentary made you feel that there's no real growth there at all.

But it wasn't as horrid as the quarter Procter & Gamble , the one that dropped the stock to $76 from $82 before it stabilized today. Procter, at $200 billion, is the largest consumer-products company out there and it was just a nasty report.

How about our two biggest chip companies, Intel and Qualcomm ? We understood that Intel missed. It is too linked to personal computers. But Qualcomm is Mr. 4G. It is supposed to be perfect. Two more $100 billion companies that blew the quarter.