Earnings 'Optimism' Crashes To 7-Year Lows

Earnings 'Optimism' Crashes To 7-Year Lows

As the gap between GAAP and non-GAAP converges (and not in a bullish way), BofA reports the earnings estimate revision ratio (ERR) fell for the sixth consecutive month, to 0.47 from 0.49 – its lowest level since April 2009. So despite the exuberant, we're going back to record highs, rally off the lows, the real mother's milk data suggests more than twice as many cuts vs. increases to earnings forecasts over the last three months... and it's not just Energy anymore.

This is the lowest S&P500 GAAP earnings per share since 2010.

Goldman Cuts More Than 5% Of Fixed Income Workers; BofA To Layoff 150 Bankers And Traders

Goldman Cuts More Than 5% Of Fixed Income Workers; BofA To Layoff 150 Bankers And Traders

For years, we noted that despite Goldman suffering progressively declining revenue...

 

... and occasional downward fluctuations in its bonus pool. one of its key "charms" for employees was that ever since the financial crisis, its total number of employees never declined. That is no longer the case.

Carer Wins £1 Million Lottery ‘By Mistake’

An Essex grandmother has won a £1million lottery draw and thinks that fate dealt her the wrong hand by mistake. Lynne Groves,  57, from Chelmsford, bought the winning ticket for Wednesday night’s Lotto Millionaire Raffle from her local shop after the shopkeeper originally printed her the wrong ticket. The Independent reports: Delighted that she can now treat her family and friends to cars and foreign holidays, the mother-of-three and grandmother to eight, is sure fate played a helping hand.

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