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To: Joseph G. who wrote (5105)	9/3/1998 1:24:00 PM
From: Joseph G.	Read Replies (2) \| Respond to of 86076

<<NEW YORK, Sept 3 (Reuters) - The near-term corporate profit picture in the United States has dimmed as a result of the turmoil in the world's emerging economies, leading analysts to expect wafer-thin growth in earnings this quarter. The third quarter of 1998 is expected to produce profits growth of just 2.1 percent among companies in the Standard & Poor's 500 index, according to data from research tracking firm First Call. The index includes the nation's largest companies, which are the most exposed to international markets. The estimate is down sharply from earlier expectations. Earlier in the year, analysts had forecast double-digit earnings growth in the third quarter, and as recently as Monday the outlook stood at 3.5 percent. ............. First Call's Chuck Hill noted that fourth quarter and 1999 earnings expectations remain unreasonably high based on the double-digit growth rates indicated by current estimates. Numbers for the fourth quarter and next year are just starting to retreat a bit, he said. ''It's not a trend yet by any means, but we are starting to see some slippage into the fourth quarter.'' >>