S&P 500 Beats Estimates Due To Unprecedented Downward Revisions
The S&P 500 (INDEXSP:.INX) has fallen for nearly two straight weeks, even though companies on the index have been beating consensus 4Q EPS growth estimates by a fair margin. The trick is that analysts have been revising pre-announcement estimates down at an unprecedented rate, lowering the bar for positive surprise almost across the board.
“Of the 232 S&P 500 companies that reported 4Q13 earnings through January 30, 167 beat estimates and 38 missed . . .
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