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To: Frank E W who wrote (121115)	4/29/1999 9:19:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

<--OT-->Dow 12,000 by year end-Ron Hill (partner) Brown Brothers Harriman. Frank No kiddin',Dow 12000 he says. Look at them earnings thus far:- 80% of S&P 500 companies reported. 66% beat estimates Earnings are up 10% YOY much higher than historical growth rate. Earnigs are projected to grow faster in Q2 =============================== Courtesy:NBR 04/28/99: 1st Quarter Winners & Losers JEFF YASTINE: Amazon is only one of many companies out with better than expected earnings this quarter. In fact, the first quarter of 1999 is shaping up to be the strongest in more than a year. Erika Miller looks at the winners and losers. ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: Earnings season is entering the home stretch on Wall Street, and profits are racing far ahead of expectations. As of today, nearly 80 percent of the S&P 500 have weighed in with results. So far, earnings are up almost 10 percent from last year's first quarter. That's above the historic quarterly norm of 7 percent. Of those that reported, 66 percent have beat the street, 21 percent met Wall Street's target, while 13 percent fell short. CHUCK HILL, RESEARCH DIRECTOR, FIRST CALL: The relevant question is, are we doing better or worse than what we normally do? Certainly we're doing much better, by whatever yardstick you want to use. I mean, 13 percent falling short is half of what we normally run. MILLER: Technology has been the runaway leader, with an average earnings gain of 48 percent. Communications services and consumer cyclicals have also done well. The worst performers have been basic materials, energy, and transports. But the declines were not as steep as analysts expected. HILL: There clearly is a change in thinking here in these segments from what there had been, and lends some support to the sector rotation that currently is going on in the street. MILLER: Only utilities have come in below forecasts, down 2 percent from last year. Analyst Ron Hill says strong earnings are a key reason he raised his stock market projections today. RON HILL, PARTNER, BROWN BROTHERS HARRIMAN: It looks as though the economy is remaining strong, and so earnings are also likely to remain strong throughout the year, which is why we've now raised our target prices for the Dow Jones Industrials up to 12,000 by year end, and for the S&P 500 to 1500 by year end. MILLER: The first quarter was a strong one, but the outlook is even brighter going forward. Wall Street is forecasting a 13 percent profit gain for next quarter, with even bigger increases expected later in the year. Erika Miller, NIGHTLY BUSINESS REPORT, New York.