Earnings catastrophe.........Does it get much worse than this......I bet it does..........Tennis anyone?
"With a total of 2006 companies having reported Q4-08 earnings in the sixth week of this reporting season (1550 last week), the net (loss) on continuing operations widened to -$79.64 billion ( from -$42.769 billion last week) which works out to a change in earnings of -156.4% from Q4-07. This compares to -150.7% last week, -144% two weeks ago and -80% three weeks ago. The final result for Q3-08 was -62% from Q3-07.
The hardest hit sectors so far have been Financials (504 companies) in which the net on continuing operations has fallen from $6.44 billion in Q4-07 to -$40.3 billion (loss) in Q4-08 for a -725% change, Basic Materials (84 companies) with an earnings change of -341.9%, Consumer Services (246 companies) with -263% change and Oil & Gas (63 companies) with a -176% change versus Q4-07."