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Eddy Elfenbein submits: Thanks to Wednesday's surge, the P/E ratio of the S&P 500 is up to 16.87 (I use smoothed operating earnings). That's the highest it's been since August 2005.
It's hardly excessive, but we're starting to see the impact of slower earnings growth. At the start of the year, first-quarter earnings were projected to be up 8.7%. They'll probably be up 4% to 5%. Fortunately, most of the damage is confined to the autos and homebuilders.
So far.
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This article has 1 comment:
Strong international economic growth should mitigate the results from a US slowdown. Companies (like XOM) that derive two thirds (66%) of their revenues from overseas should fair better as well. In general, exporters and foreign base companies should do well in 2007.
We do not have a current S&P 500 company breakdown for over 50% exports by revenue. If you have one, please post it.
Disclosure: Opinion of CrossProfit (IL) analyst and may not be the consensus at CrossProfit.com.