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Reuters reports:

Citigroup cut its 2008 target for the index to 850 points from 1,200 points. The 2009 target was cut to 1,000 points from 1,300 points.

Goldman cut its 2008 earnings-per-share estimate on the index to $55 from $65 -- its third estimate cut in less than three months. The 2009 estimate was cut to $53 from $68.

What's the point in making forecasts if you can instantly slash next year's estimate by 22%?

I don't mind estimates, and I don't mind people being wrong. But I do mind frivolousness. There's no value in that forecast whatsoever.

Posted by edelfenbein at November 24, 2008 4:22 PM