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Two Fridays ago we noted that as earnings season had progressed, the percentage of companies beating earnings estimates had increased. After this past week, however, things look quite a bit worse.

As shown below, the current earnings beat rate stands at 59.7%. After hitting a high of 61.8% on Monday, the beat rate dropped each consecutive trading day to close out the week below 60%. Earnings season ends this upcoming week when Wal-Mart (WMT) reports, so we'll see if the beat rate for the third quarter reporting period can get back above 60% with just a few trading days left.

(click to enlarge)

Source: Earnings Beat Rate Weakens