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With two young children I am reacquainting myself with the holiday cartoon classics. One of my favorites is A Charlie Brown Christmas, where Charlie is ridiculed for the half-dead tree with a few scraggly branches that he picks out a for the holiday production.
We are all living the Charlie Brown Christmas this year, and making due with less. Most people are cutting back on their holiday shopping as they adjust to the slowing economy and higher unemployment.
Frankly, it is a nice change of pace. That said, our reduced spending is, in a sad way, making matters worse.
Companies are retreating en masse, with many reducing or eliminating guidance. It's brutal out there.
The latest victim is video game maker Electronic Arts (NASDAQ: ERTS).
Although there is no must-have buy this season, video games were thought to be attractive for those looking for cheap entertainment. Apparently, that's not the case.
Yesterday, ERTS issued a warning to investors. The company said it now expects to miss already reduced guidance for the fiscal year ending in March. Things have gotten so bad that ERTS is not offering any specifics.
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