When I see Jabil (JBL) up 4% after hours or Accenture (ACN) and Paychex (PAYX) up 3%, I think, "How quaint." These stocks are actually trading on earnings. How positively non-interrelational. How nicely domestic!
It really is antiquated, you know, companies trading on their fundamentals. Like it somehow matters how they are really doing. I can craft a story for every one of them that says, "They haven't seen it yet, but they will," even as they are all good companies that have a real good handle on things.
First, Paychex is an American company that has already dealt with the downturn and has adapted by buying new companies and taking share. It has nothing to do with Europe. Like that matters.
Jabil? They still haven't seen the pain that the networkers and PC companies are feeling, right? Actually they have and they have branched out nicely to other industries. But do we care? Most don't.
And worst of all, Accenture. Here was a blow-the-doors off stock that is doing everything right on a worldwide basis. Ah hah! Worldwide. Did these guys know that some German minister today said that a plan to save Greece was stupid? Do they have any idea what awaits them?
So, we play the game. We watch an after-hours rally be obliterated by after-after-hours European trading.
And we wonder why anyone bothers to play this game.