Updated from 5:39 p.m. ET to include additional commentary on the FOMC meeting, after-hours action.
NEW YORK ( TheStreet) -- Don't look now but the thesis that earnings are going to improve as the year wears on is starting to show some cracks.
According to Thomson Reuters data, the current blended analyst view is for profits from the S&P 500 to grow 9.8% in the second quarter, 6.2% in the third quarter, and 16.2% in the fourth quarter on a year-over-year basis.
But while the first quarter is shaping up pretty well, Tobias Levkovich, chief U.S. equity strategist at Citigroup, sees some clouds forming on the horizon."The austerity programs and credit conditions in Europe should mean a tougher second half economically, while the so-called US 'fiscal cliff' at year-end and Presidential elections in early November may cause management teams to defer some activity in 3Q12 until better
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