First-quarter earnings season is off to a solid start. Or so you might understandably believe, depending on what analyst you may be hearing or reading. A common refrain in recent days is that “First-quarter earnings seasons have turned out to be better than expected so far”. Hardly ever are these statements challenged with the follow-up questions of “Exactly how?” and “What actual data support this conclusion?” For in reality, first-quarter earnings have NOT turned out better than expected, at least so far. In fact, the results have been markedly worse than what was expected at the end of the first quarter.
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