Updated from 2:41 p.m. ET with information on Alcoa's report, a warning in the semiconductor sector.
NEW YORK (TheStreet) -- Before the employment picture went dim (again), and European debt contagion fears burst back onto the scene, it seemed Wall Street was pretty bullish about second-quarter earnings season.
Not so much anymore. Slowly but surely, analyst expectations have been coming down. More worrisome perhaps is that warning season was a whopper. According to Thomson Reuters data, 84 companies in the S&P 500 have already issued negative preannouncements about their second-quarter results, roughly 17% of the index, vs. 33 positive preannouncements.
That makes for a 2.6 negative/positive ratio, which Thomson Reuters says compares to ratios of 1.2 and 1.8 for last year's second quarter and 2011's first quarter, respectively.
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