The Standard & Poorâs 500 Index is off to its second-worst start, shattering the biggest rally since World War II, as analysts cut earnings estimates by a record 83 percentage points and companies signal worse to come. Wall Street stock pickers, who were cheerleaders for equities as the S&P 500 tumbled the most since 1937, now forecast a 28 percent drop in profits for the fourth quarter after saying in March that earnings would rise as much as 55 percent. ... The average profit projection for the first quarter has come down for every industry. Income will shrink 17 percent, compared with a prediction for 35 percent growth in May, according to Bloomberg data. ... Excluding financial companies, S&P 500 profits dropped 8.5 percent for the 42 companies that reported so far, Bloomberg data show. Including banks, brokerages and insurers, the average company in the index had a loss. http://www.bloomberg.com/apps/news?pid=20601213&sid=avChYkYpoBH8&refer=home Sounds more realistic then 3 month ago...