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[Ulisses Pereira]

"Earnings Still Matter"

By Jim Cramer
RealMoney.com Columnist
9/29/2008 6:53 AM EDT


"Too little too late? For some, yes. For Washington Mutual (WM - commentary - Cramer's Take), yes. For Wachovia (WB - commentary - Cramer's Take)? Maybe.

For Apple (AAPL - commentary - Cramer's Take)?

Oops, that's the problem: The earnings are no good. We sit here and fret about European property banks that were just these blips on our early-morning screens -- Fortis? Hypo? B&B -- what the heck, I didn't even know they were important. We follow their bailouts and we wonder how in heck did we do this to them? Did we? Did they have Lehman trouble? Who didn't have Lehman trouble?

And then Morgan Stanley downgrades Apple and we get a bunch of retail downgrades and then we realize that we are in uncharted earnings and assets waters.

It feels like every man is out for himself at these moments.

You can't take solace in anything because we just don't know if anyone's making the numbers or who is going to be in business a few weeks from now.

Look, this is a terrible time. Remember the stakes: The plan is about trying not to crash, the plan is about not letting the banking system disintegrate. It is not about upside surprises and better earnings.

Those are just totally off the table. "

(in www.realmoney.com)