### Comment:
None of those are S&amp;P 500 companies. The SPX is composed of mostly established corporations, for whom earnings are indeed important. Guidance and revenue, of course, matter, but to say 'no one cares about earnings' for SPX companies is just plain false.

### REPLY:
SP500 companies are so large and established that they can always increase earnings per share with financial engineering and stealth layoffs. That will last a couple of quarters at most before they can’t paper over what’s happening.  
  
 Smaller companies don’t have the ability to tinker with earnings for a couple quarters while the boat starts taking on water. That’s why the Russell 2000 vs SP500 is not looking good at all for the economy.

### END.