Analysts cut profit estimates for about 48% of worldwide stocks

According to JP Morgan Chase & Co, analysts cut profit estimates for about 48% of worldwide stocks and predicted that US Stocks earning on the next year will be reduced by 60% from their estimated in four weeks through November 11 while 44% of their Europe stocks were downgraded.

In the current economic landscape there is only very little reason that a stock will be receiving upgrade rating. In the current quarter there were about 15% of reported US companies earning that missed analysts estimated while in the Western Europe there were about 8%.

S&P 500 index is expected will post 9.5% decline of the annual profit and will be followed by 11% rebound in 2009. DJ Stoxx 600 Index is expected will post 10% decline of the annual profit while its earnings will be growing 5.6% in 2009.

ETFs/Stocks :

ProShares Ultra S&P500 (ETF)     SSO   $22.18  - 2.45 (-9.95%)
ProShares UltraShort S&P500 ETF  SDS  $112.80  +11.25 (11.08%)

Related Posts :

Nov 13, 08 Market Recap-Deleveraging still rolls over the markets

Sources :

Bloomberg: Analysts Cut Estimates for Almost Half of Stocks, JPMorgan Says, November 19, 2008 06:37 EST

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