FactSet said that 272 S&P 500 companies have reported quarterly results so far, and 65% have come in above the mean estimate. That percentage is a bit skewed, however, because roughly 20% of companies warned ahead of their reports, lowering the bar in many cases. On a valuation basis, FactSet estimates the current 12-month price-to-earnings ratio for the S&P 500 at 12.4, which is below the 10-year average of 14.6.Switching gears, it's always interesting to look at which stocks don't participate in a broad rally like the one seen on Friday. Research In Motion (RIMM) was one whose presence was notably absent as the stock dipped nearly 2% following a downgrade by Jefferies.
Market Preview: Big Gain Hangover
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