Word: quarterly
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Pessimism is in vogue. As third-quarter earnings roll in, Wall Street's analysts are slashing prior estimates, predicting many dire months ahead for major American companies...
Just 55 of the S&P 500 companies have seen estimates of their likely earnings in the fourth quarter revised upward, while 424 companies are facing declines. "That's telling me that earnings are going over a cliff," says Dirk van Dijk, director of research for Chicago-based Zacks Investment Research, which compiles the earnings forecasts of Wall Street analysts. "Estimates were way too high given the soft economy, and analysts are diligently whacking at them with a machete...
...bottom line: Securities analysts now expect the fourth quarter and 2009 to be much tougher on corporate America than they did just a month ago. Part of this new burst of cynicism is coming from the brutally candid earnings that guidance companies have been providing lately. "What management is saying on these [conference] calls is basically 'Life sucks,'" says Van Dijk. (He titled his investment report for the close of October "Halloween Comes Early: The Drop in Earnings Expectations Is Scarier Than Any Witch or Werewolf That Shows Up at Your Door...
Excluding the financial sector, which is living through its own nightmarish quarter, the consensus analyst expectation is that S&P 500 earnings will surpass last year's dismal fourth quarter by a slim 1.2%, a figure that may soon fall into negative territory...
...plays.”Meanwhile, the Crimson is coming off a highly contested 24-20 victory against Princeton. Senior quarterback Chris Pizzotti continued to impress by completing 17 of 26 passes for two offensive scores and engineering a brilliant game-winning drive against the Tigers late in the fourth quarter. Though Harvard mustered the victory, last week’s game clearly showed improvements needed to be made on both sides of the ball. Thus, the Crimson will be sure not to look past winless Dartmouth, a team that lost by only seven points to Harvard last season...