TTAC’s advisor in cross-cultural affairs, Frau Schmitto-san, advises me that “itay” means “pain” in Japanese. Nomen est omen: Pessimistic remarks of an analyst named “Itay” sent car stocks down this morning. By mid day, Ford had dropped 19 cents, GM lost 53 cents. All because Citi analyst Itay Michaeli thinks the car market may not be as hot as some think.
Michaeli reduced his forecast for total U.S. sales from 14.3 million to 14.1 million. He now expects only 14.5 million to be sold next year.
After checking the results of TTAC’s Grade The Analysts, it appears that Michaeli is not the sharpest shooter of the bunch. Whenever he bets, he lands near the bottom of the field. His February SAAR guess was off by 900,000 units, in May, he missed by 600,000. He was DNS in the other month.
As with most ANALysts, he’s just pulling numbers out of his ass.
I know right?
Just like 84% of all statistics are made up on the spot.
But seriously is this guy really responsible for those stocks dropping? The markets were all down 2% or more today. I can’t believe this moron is single handedly responsible when there are soooo many other morons out there doing the same thing. I’m going to have to respectfully disagree with the premise of this article.
Some chowderhead on a forum I post on said the word of analysts is why the ATS will be a success. Like they’ve never been wrong. Good luck!
Suck it Trebek
That’s right…Suuuuck iiiit