- "Corporate profits likely grew sequentially in the second quarter with both GDP and total hours worked growing about 3 ¼%. Late quarter weakness and strong 3Q consensus estimates should limit potential for positive guidance."
- "While we might be too pessimistic, our sitting 2Q estimate for S&P 500 operating EPS is just 2% above bottom-up consensus estimates. This is our least robust “beat forecast” of the past five quarters. We still see S&P 500 operating EPS 25% above a year ago and up about 7% in 2011."
- "Overall, macro concerns considered by anticipatory financial markets – some already evident in the very latest data – are unlikely to be fully reflected in the current views of company managements. The selloff in financial markets suggests lowered expectations both long-run and short-run, which could be helpful for markets."
Citigroup Portfolio Economics 20100715
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