ML-Implode News - Earnings Downgrades Turning Into Deluge as First Quarter Craters

The pace at which earnings estimates are being cut is getting worse, not better. While bulls cling to predictions that profit growth will resume for Standard & Poor's 500 Index companies in 2016, analysts just reduced income estimates for the first quarter at a rate that more than doubled the average pace of deterioration in the last five years.
... Growing skepticism among analysts is another example of an economic truth, that once corporate income starts to fall across industries, it's rarely temporary. Most of the downward revisions in projections came in January and February -- a clue as to why equities staged their worst selloff to start a year since 2009 and almost $3 trillion was wiped from share prices at the worst point.

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Earnings Downgrades Turning Into Deluge as First Quarter Craters