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To: yard_man who wrote (6783)	9/22/1998 8:21:00 PM
From: Joseph G.	Read Replies (4) of 86076

I recall this Q was predicted as 10.5% two months ago, 2.5% two weeks ago, and +0.7% last week ... <<Wall Street expects third quarter earnings for the broad market benchmark Standard & Poor's 500-stock index to be 0.04 percent below the same quarter last year, First Call said. That would be the weakest since the recession-affected third quarter of 1991 when earnings tumbled 17.9 percent. Nearly 200 companies have already issued profit warnings for the third quarter, much heavier than at this time last year and likely to beat the 259 warnings issued in the 1997 third quarter, First Call said. 'The third quarter profit estimates are coming down at the steepest rate for any quarterly revision this year, and we will probably end up with minus growth,'' said Chuck Hill, First Call's director of research. ......... OUTLOOK STILL TOO ROSY? While estimates have come down sharply for the third quarter, the bleak near-term outlook has not yet been fully reflected in revisions to future estimates, analysts said. Analysts expect S&P 500 profits to grow 10.7 percent in the final quarter of this year, and rise 14.8 percent and 19.5 percent in the first and second quarters of next year. ''This is just pie in the sky - there is no way we will turn round that fast,'' Hill said.>> They never learn ...

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