Where To Now For Corporate Profits?

Analysts have rapidly cut profit forecasts for corporate America, even as the breadth of negative revisions is easing. Since reporting season began more than a month ago, estimates for S&P 500 earnings this year and next were slashed by 2% and 1%, respectively. That doesn't sound like a lot but, according to Goldman's David Kostin, it's "about twice the magnitude of the average EPS cut during Q4 earnings seasons since 1995." As discussed here at some length last week, companies are adept a