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Over the past six quarters, Thomson Reuters notes 75% of S&P 500 companies have reported earnings above the mean analyst estimate. Additionally, during these six quarterly periods, the average negative to positive surprise is 1.2. This level is below the long term average N/P ratio of 2.0. However, in Q3 of this year, the N/P ratio did increase to 1.8., but still remains below the previously noted long term average.

From The Blog of HORAN Capital Advisors
It is apparent company earnings continue to be better than analyst expectations. At HORAN Capital Advisors, we do believe this positive trend in earnings will continue through the fourth quarter and into 2011 as well. This positive earnings picture, and the fact we have a second round of quantitative easing in process, should provide for a positive stock environment in 2011.
Source: Earnings Improving Slowly, Quarter by Quarter

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