Interactive Data Corp.’s (IDC) second-quarter results were weak, with EPS coming in below both our estimate of $0.37 and the market expectation of $0.35. Revenue also slid and fall short of our expectation of $190.1 million and the consensus forecast of $189.2 million.

Quarterly EPS of $0.34 fell 2.9% from the year-ago period due to a out-of-period accounting adjustment related to write-down of certain assets and the accrual of certain liabilities associated with the company’s European real-time market data services operation. Interest income fell 73.9% but was offset by a 13.5% decline in SG&A from the year-ago period.

The $10.5 million out-of-period accounting adjustment decreased quarterly revenue by approximately $2.0 million and bumped up total costs by approximately $8.5 million.

Revenue for the quarter decreased 0.6% to $185.0 million, from $186.1 million last year. The softness was due to the difficult economic environment and a net negative impact

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I love the price/earnings ratio, but like all investment tools, it is flawed. This is because it is only as good as the numbers that go into it.

There is no debate about the “p” in the equation – price is quoted every second. But the “e”, though readily available, is only as good as the best estimates.
Many people describe the stock market as cheap. After all, at 18 times earnings, p/es are half of what they were eight years ago (those bubbly valuations are not coming back anytime soon) and only three points above their …