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To: Les H who wrote (23703)	8/24/1999 2:58:00 PM
From: Les H	Respond to of 99985

Salomon raises S&P 500 1999, 2000 EPS estimates NEW YORK, Aug 24 (Reuters) - Salomon Smith Barney said Tuesday it had raised its earnings estimates for the S&P 500 companies to a combined $50 per share from $48.85 for 1999, and to $53.25 per share from $51.40 for 2000. Salomon, in a research note, cited the much-improved outlook for overseas economies and significantly stronger-than-expected earnings in the 1999 first half. The research note preceded the Federal Reserve decision to raise two key interest rates by a quarter percentage point. Salomon said recent data suggest the collapse in overseas sales and commodity prices is in the process of reversing. ``Earlier estimates had assumed that movements in the dollar would be slightly unfavorable for profits U.S. firms earned abroad over the course of 1999, but this no longer seems likely,' Salomon said in the note. After a strong year in 1999, the earnings per share growth rate should slow in 2000 on much more difficult comparisons, but there appears to be little downside risk to current estimates if global growth continues to surprise on the upside, it said.