Below we have charted S&P's bottoms up quarterly earnings growth estimates through the fourth quarter of 2008 from their website. The blue line represent actual data while the red line represents estimates. We also provide each sector's full year 2008 estimated earnings growth.
As shown, Telecom and Consumer Discretionary are expected to show the biggest growth in earnings. Consumer Discretionary is expected to grow so much because 2007 earnings have been low. Financials, Industrials and Materials are expected to see big gains in Q3 '08 and Q4 '08 earnings (also due to weak Q3 '07 and Q4 '07 numbers).
The Technology sector is expected to post year over year earnings growth of 23.71% for full year 2008, but growth will peak in the second quarter. Energy is currently expected to grow earnings the least.