We're nearing the end of earnings season with 93 percent of companies in the S&P 500 having reported their quarterly results, let's look at our scorecard. Over the past four quarters two-thirds of companies are above estimates and this quarter is much better. Almost 70 percent of companies have beaten estimates, but traders note the bar was low because many analysts had already lowered their expectations. The revenue growth estimate is just under 3-percent...with a little more than half of the companies reporting above forecasts and just 47-percent missing expectations. Analysts say traders aren't stupid and stocks have sold off as a result.

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