The market does not believe the low-ball earnings estimates put...

The market does not believe the low-ball earnings estimates put out by the majors as well as stock broking houses. Last time round, most companies beat the so called "expectations". This time round, stocks have priced in better than expected earnings results hence anything that does not beat expectations significantly is received harshly.

The big 4 banks here are also trading at heavy historical earnings multiples. I wouldn't be surprised if they get sold down even though they beat expectations.