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Earnings season gets under way this week, and so far we've seen less "earnings beats" than in prior quarters since the 2003 lows.

With just 11% of S&P 500 companies reporting, 62% have beaten estimates, while 19% have missed estimates. Analysts have been overly optimistic compared to past quarters.

click to enlarge

earnings


Chart courtesy of Birinyi Associates

Source: Earnings Season Begins: Fewer "Beats" Than Before