The critical question isn't are we having a lot of negative pre-announcements, but are we having more or less than normal. |
The estimates are for earnings to be down 50 percent in the second quarter, 37 percent in the third quarter, and 12 percent in the fourth. |
The flood gates will open. |
The good news is that the recovery's in sight. The bad news is that there's a lot of uncertainty about what the slope of the recovery's going to look like and worries that it'll be somewhat disappointing. |
The important thing about next week is not the specific companies. By the end of the week we'll have a pretty good cross section of everything but retailing. It's kind of filling in the blanks. |
The market is in denial about earnings. The story about small caps is that the Russell has consistently outpaced the growth rate for big caps since the second quarter '97, and the margin is widening. |
The next three weeks, pre-announcements are center stage. It's the next three weeks that we have to get through. |
The rebound in the technology shares since September 21 has been huge. I think the valuations are too high again. I don't think people learned their lessons with the correction we had. |
The story on slowing earnings growth and revenue growth is not over. |
There are obviously signs the economy is slowing but it's not showing up yet in earnings, and probably won't in the third quarter. |
There was way too much stenography going on. |
There were no great surprises and the biggest concern is the guidance going forward. We still think it's going to be a difficult time ? we're already down 8.3 percent for the third quarter. |
There's big changes taking place. By the time we get to the third quarter, most of these companies are going to be significantly in the black, as far as earnings growth goes. And in the fourth quarter, the earnings gains are going to be huge. |
These independents don't want to participate in a market to distribute their research to everyone. |
This is supposed to make it clear if a firm is really just a shill for clients. |