Downhill From Profit Peak

Though profit estimates have been coming down lately, the fourth-quarter earnings season promises to be another good one, at least by historical standards.

But with the outlook for the first quarter decidedly less rosy, investors may have a hard time appreciating the results.

Analysts surveyed by Thomson First Call are now looking for 15.3% growth in the final three months of 2004, more than double the long-term average, thanks to respectable economic growth, a weaker dollar and a continued focus on keeping costs low. ...