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To: pater tenebrarum who wrote (116132)	8/10/2001 8:14:43 AM
From: fut_trade	Respond to of 436258

Does anyone know what a "Top Down" earnings estimate (for the S&P 500) is? Analysts have had such a wide range of earnings estimates the last year, I'm wondering why they are using this term. "Top Down: Year 2002 top down operating estimate was $54.10, P/E 21.9 Year 2001 top down operating estimate was $45.80, P/E 25.8 Bottom Up: Year 2002 operating earnings estimate was $60.91, P/E 19.4 Year 2001 operating earnings estimate was $47.65, P/E 24.8 The 12 month operating earnings estimate was $50.51, P/E 23.4 The current 12 month operating earnings is $52.89, P/E 22.4