S&P 500 Earnings Update

Monday afternoon's earnings flow was poor, as AXP, SNDK and TXN all missed EPS forecasts.  Additionally, while AAPL beat, their guidance was extremely weak.  That coupled with questions surrounding the health of Steve Jobs sent the stock down by over 10% in after-hours trading.  The end result is that since the start of July, nearly 20% of the stocks in the S&P 500 have reported EPS, and of those companies, 67% have beat EPS forecasts.  While this is down from the levels in the low seventies that we saw last week, it is still above the average of the last ten years.  Let's hope the news flow turns for the better in the morning and helps sentiment improve.

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