Archive - May 18, 2009 - Story

There's some excitement about all the companies that beat Q1 S&P earnings estimates (see first chart). However, once you consider how many beat revenue estimates, it's a less compelling picture. Companies are slashing expenses at a ferocious pace, which is an anorexic approach to profitability that cannot be sustained for long (same dynamic in places like France, where employment is falling at the fastest pace since 1970).

There's some excitement about all the companies that beat Q1 S&P earnings estimates (see first chart). However, once you consider how many beat revenue estimates, it's a less compelling picture. Companies are slashing expenses at a ferocious pace, which is an anorexic approach to profitability that cannot be sustained for long (same dynamic in places like France, where employment is falling at the fastest pace since 1970).

There's some excitement about all the companies that beat Q1 S&P earnings estimates (see first chart). However, once you consider how many beat revenue estimates, it's a less compelling picture. Companies are slashing expenses at a ferocious pace, which is an anorexic approach to profitability that cannot be sustained for long (same dynamic in places like France, where employment is falling at the fastest pace since 1970).

• Pimco says stupidly cheap mortgage bonds still attractive [bridge...