A few earnings reports provide a beautiful snapshot of what's happening to corporate America.

First of all, DuPont earnings were a total horror show.

The stock is down over 5% in the pre-market after the company missed on EPS, missed on revenue, lowered guidance, and announced 1500 layoffs.

What made the report so especially bad is the situation in Asia:

Third-quarter sales from continuing operations were $7.4 billion or 9 percent below last year, primarily reflecting volume declines in Electronics & Communications and Performance Chemicals, particularly in Asia Pacific. Company sales reflect 5 percent lower volume, 4 percent negative currency impact and a 1 percent net reduction from portfolio changes, which were partly offset by 1 percent higher local prices.

Also on the weak US industrials front: A bad outlook from 3M:

3M also updated its 2012 performance expectations. Reflecting current economic realities, the company now expects full-year earnings to be in the range of $6.27 to $6.35 per share, including $0.03 per share of anticipated acquisition-related costs. 3M previously expected a range of $6.35 to $6.50 per share, which did not include acquisition-related costs. The company anticipates full-year organic local-currency sales growth of 2 to 2.5 percent and that currency translation will reduce sales by approximately 2.5 percent for the year. 3M expects that full-year operating income margins will be in the range of 21.5 to 22 percent.

This is consistent with what we're seeing: US industrial companies with big foreign exposure are getting creamed.

But there are good reports too.

Luxury brands company Coach is rallying, with growth strong everywhere among consumers:

• Total North American sales increased 8%, to $784 million from $729 million last year. North American direct sales rose 11% for the quarter with comparable store sales up 5.5%. At POS, sales in North American department stores were essentially even with prior year while shipments into department stores declined, as inventories were planned lower.

• International sales increased 15% to $362 million from $314 million last year. China results continued very strong, with total sales up nearly 40% and comparable store sales rising at a double-digit rate. Shipments into international wholesale accounts rose sharply reflecting strong underlying POS sales trends. In Japan, sales rose 1% on a constant-currency basis, while dollar sales were even with the prior year, adjusted for a slightly weaker yen.

Also on the domestic consumer front, Harley Davidson beat on the top and bottom line.