by Wolf Richter
Even the SEC woke up. But what will the media do?
All 30 companies in the Dow Jones Industrial Average have now reported earnings for the first quarter. As required, all of them reported these earnings under GAAP, the thicket of Generally Accepted Accounting Principles that is supposed to help investors get some insights into the financial condition of the company.
But 19 of these 30 companies also reported “adjusted” earnings that they skillfully draped over their GAAP earnings, and now it all looks just so much prettier.