US MSCI Operating Profits Contract For First Time Since 2010
Before the fourth quarter earnings reports started rolling in, Societe General analyst Andrew Lapthorne warned that investors were in for a surprise and that profits growth wasn’t nearly as strong as people were expecting. Now that the results are in, and net income was up 14% for the S&P 500 (INDEXSP:.INX) (12.8% ex-financials), you’d be forgiven for expecting Lapthorne to be eating his words. In fact, he stands by them.
2012 write-downs distort 2013 reporting
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