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“Earnings forecasts look less bright”

October 23, 2011

Earnings have not been bad at all so far. This is due to rollover from previous quarters, and in the case of banks, cough cough Citi, devious accounting tricks. However, guidance is not promising at all. Everyone sees the financial iceberg coming but no one can steer us clear of it. We are held on course by Europe’s debt troubles and congressional gridlock.

From Reuters:

“Third-quarter reports among the big names have been reasonably solid, with Google, McDonald’s and others reporting strong results.

But, unless there’s a turnaround in the outlook for the U.S. economy, the next few quarters may be less rosy.

[…]

At the same time, S&P 500 earnings forecasts for the fourth and first quarters have come down since the start of October, especially in the materials, energy and financial sectors, according to Thomson Reuters data.”

Full article here.

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