Oct 24 - Of the 30 S&P 500 companies that have given guidance so far, 87 percent of fourth-quarter outlooks have been negative. Conway G. Gittens reports.
PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Today's daily digit: 87% That's the number of S&P 500 companies that have so far given negative guidance for the fourth quarter. The major factor behind the disappointing outlooks: revenues. Many companies are not seeing the kind of sales growth expected in the third quarter and so are downgrading forecasts for the next quarter. Demand for products and services are noticeably weak across Europe and Asia, according to the earnings releases. Dow component Caterpillar is one example of that, but technology companies like Intel are facing the additional pressure of shifting demand to mobile devices. So far, more than a third of the S&P 500 have reported third-quarter results, but only a small percentage have given outlooks.