Hopes for a Second Half Recovery Fading

by: Bespoke Investment Group posted on: July 07, 2008    
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As we highlighted earlier, analysts are expecting second quarter earnings to show an 11.2% year over year decline.  While consensus estimates throughout the first half of the year were calling for a second half recovery, these numbers as well as trends in recent analyst revisions show that hopes for a rebound in the second half of the year appear to be fading. 

In our weekly look at analyst EPS revisions for the stocks in the S&P 1500, we found that over the last month, analysts have raised EPS forecasts for 375 companies, but lowered forecasts for 608 companies.  As shown in the chart below, this net differential of -233 (-15.5%) is the weakest reading we have seen since the end of April.

Net_earnings_revisions_070708_2

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