S&P 500 Q3 earnings likely to turn negative tomorrow

Discussion in 'Wall St. News' started by Bowgett, Oct 10, 2007.

  1. Bowgett



    NEW YORK (MarketWatch) -- Third-quarter earnings of S&P 500 companies have "a good chance: of turning negative for the first time in five years on Thursday, after factoring in Wednesday's profit-warnings from a slew of energy stocks, Thomson Financial said. "There's a good chance that we'll go negative tomorrow," said John Butters, analyst at Thomson Financial. The third-quarter earnings growth rate is currently at 0.1%, and that's without factoring in the profit warnings from Chevron and others, he said. However, Butters said that upwards revisions from other companies could keep the growth rate positive. Should year-on-year comparisons turned negative, it would be the first quarter of negative growth since the first quarter of 2002, Butters said.

    I guess more good news for "give me rate cut, biatch" croud ...