Neil Diamond: "(Recession) Coming to (Corporate) America"....Today!!!

ZeroHedge says....

just as two thirds of the S&P by market cap prepare to announce earnings starting tomorrow, Q4 EPS forecasts have hit the lowest they have been at in the past 12 months
it has been corporate results that have so far managed to keep the market afloat. This may be coming to an end, courtesy of a perfect storm of negative earnings preannouncements (which have soared to a ratio of 3.5x compared to positive ones; the highest since Q1 2008) together with outright coincident misses.
Because as the chart below shows, at $24.09 and pointed decidedly downward, Q4 EPS and its transition to Q1 2012 does not portend anything good for the world economy or markets.
In fact, with the EUR plunging, while the news is welcomed by German exports, the adverse impact to US companies, via FX losses and otherwise, is about to be unveiled.

Goldman Says....

While 4Q is typically the strongest quarter for earnings, estimates have fallen 9% since the summer and are now below both realized 2Q and 3Q results. This trend of revisions has existed since July, when weak US economic data along with concerns of recession in Europe and slow growth in Asia led analysts to lower estimates
In 2012 we expect margins to fall slightly to 8.7% and S&P 500 earnings of $100 while consensus expects record 9.3% margins and $107 EPS.

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