Stocks Race to Positive Finish
Breadth was just about even on both the New York Stock Exchange and the Nasdaq. Volume totaled 3.20 billion on the Big Board and 1.65 billion on the Nasdaq.
"To date, 34% of the S&P 500 has reported by market cap, and 3Q earnings can best be described as broadly disappointing," wrote UBS in commentary released before Monday's open. "Excluding Financials, companies have surprised by 40 bps [basis points] on the bottom-line, by far the worst results in this recovery cycle. Top-line trends have been even more concerning. Only one-third of companies are beating revenue forecasts, with the average company missing year-over-year sales projections by 70 bps."
According to data from Thomson Reuters, 25% of the S&P 500 had reported their quarterly results through Friday with 60.2% of those companies beating the consensus profit view and just 39% coming in ahead of revenue expectations. Those percentages compare to averages of 67% and 55% over the past four quarters.
2012 Stock Predictions and Outlook
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>To contact the writer of this article, click here: Andrea Tse. Follow @Commodity_Bull
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