...how the popular media is fed much of their material and bias by financial market participants. Those who are short (and facing various margin calls) are in full propaganda mode providing "information" that has zero probative value with respect to economic prospects.
NEW YORK (Reuters) - Earnings season is just over a month away, but the early signals are not comforting.
Companies cutting forecasts outpace those raising estimates by the greatest ratio in 10 years, and some sectors, such as materials, have seen a dramatic fall in expectations for the soon-to-be ended fourth quarter, according to Thomson Reuters data.
It is a stark reminder that even as U.S. economic data has improved in recent weeks, the euro zone debt crisis and concerns about slowing growth in China still cast a long shadow.
Estimates for fourth-quarter S&P earnings growth have tumbled over the past two months as global macroeconomic headwinds prompted analysts to slash forecasts.
The S&P is now seen posting earnings growth of 10 percent in the fourth quarter, down from a forecast for 15 percent growth on October 3.
"With all the uncertainties out there - from geopolitical issues to the risk that we could be headed towards another recession - this suggests the economy is barely keeping its altitude above the tree line right now," said Michael Mullaney, a portfolio manager for the Boston-based Fiduciary Trust Co.
"It's good that we're still expecting growth, but it is nowhere near as robust as what we were expecting, to a significant degree."