Most companies would kill for Google's growth and what is slow for Google would be lightning fast for 90% of other companies, but that has already been built into the stock. Frankly, very few sectors truly are showing sustained growth >25% annual - ironically most of the stuff decimated today to the tune of 10-15% losses was the stuff that has that level of growth. But this market is all about irony. ;)

Microsoft (MSFT) is also giving poor guidance and is down 5.5% after hours (which for a slow moving stock like that is akin to 20% for a fast mover) - a theme we've been warning about ---> 2nd half analysts expectations are way too rosy and simply a fantasy. As these expectations are ratcheted down once people own up to the fact this economy is not rebounding anytime soon (and much of the rest of the world will be slowing along with us), stocks must adjust (downward) to this reality. Every place people are running to the past 72 hours as an alternative to commodities is at grave risk on future guidance as economies slow and profit margins get squeezed. Are commodities immune? No. But items such as food and heating your home are tough to give up in a slowing economy. For a simple contrast need I point you back to this morning's posts about fertilizer?

And for the 100th time technology is a safe haven - your money is fine there (along with health care) - don't forget that. (ahem) It makes a lot of "sense" that every time crude drops $5, hedge funds go and fill up on technology stocks. A lot of sense. Mmmm.

A lot of earnings to read through tonight - back at it tomorrow.