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...fourth quarter. But that collective estimate is now -12%, a nosedive resulting at least in part from tanking commodity values. "Analysts feel that earnings weakness is spreading beyond the financials and consumer discretionary sectors, which includes industries like retailing and travel, into other sectors like energy and industrials," says John Butters, director of U.S. earnings research for Thomson Reuters. Among the few companies that may buck the negative trend in analyst expectations are airlines, which may benefit from falling fuel costs...
...that end, this issue features David Von Drehle's smart opening piece about how John McCain or Barack Obama would probably govern and a four-page spread of where the candidates stand on the issues--ably edited by Massimo Calabresi, along with actual responses from Obama and McCain. Adding to the mix are Karen Tumulty's story on the Joe Biden campaign, Jim Poniewozik on how the media have covered the candidates, John Cloud on the secretive group that is reshaping gay politics, reports by Andrew Lee Butters and Aryn Baker on Iraq and Afghanistan, and reflections on Campaign...
...cycle got its most vigorous workout during the whirlwind introduction of Sarah Palin. John McCain's Veep passed from surprise (who is this woman?) to novelty (beauty queen who shoots moose) to scandal (her daughter's pregnant) to obituary (will McCain drop her?) to resurrection (she's a pit bull with lipstick) to skepticism (but can she appeal beyond the base?) at the speed of a snowmobile...
What the story really revealed is an ecology that Mickey Kaus of Slate calls the "undernews": stories, true and false, that percolate in the blogs or tabloids until the "respectable" press is forced to soil its white gloves, just as what happened with the John Edwards love-child story. (Wow, how long ago was that? The 1980s...
...same time, the election and technology bred another, kinder-and- dorkier group of stars: the geekocracy. CNN's John King broke down election returns and poll figures on a touchscreen "magic wall," while NBC guru Chuck Todd crunched numbers on what resembled an electronic Risk board. Meanwhile, a raft of bloggers used the Web's strength--indulging obsessiveness--to create temples of poll analysis. Chief among them was Nate Silver, a baseball-statistics nut at whose FiveThirtyEight.com habitués debate weighting averages and tracking-poll internals until the wee hours...