“The markets are going to go into meltdown soon so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday,” Holly Ellyatt reports for CNBC.
“‘I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ – because there won’t be a ‘fiscal cliff,'” Faber told CNBC’s Squawk Box,” Ellyatt reports. “‘The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.'”
Ellyatt reports, “Faber, who is known for his bearish views, cited tech giant Apple, a company whose disappointing earnings have caused its stock to fall 20 percent from its September highs and 14 percent in the past month.”
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MacDailyNews Take: Only on Wall Street is quarterly revenue of $36.0 billion and quarterly net profit of $8.2 billion, or $8.67 per diluted share – Apple Inc.’s all-time record September quarter results – “disappointing.”