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Below we highlight estimates for quarterly S&P 500 earnings growth for Q4 '07, Q1 '08 and Q2 '08. The estimates are weekly since early August, and as shown by the chart, Q4 '07 earnings estimates have fallen off a cliff. Back in August, Q4 growth was expected to be 12.3%. It is currently expected to decline by 6.3%. This decline is primarily due to the collapse of earnings in the Financial sector. Q4 '08 estimates for Financials are now expected to decline 57%. All other sectors are actually expected to be flat or show significant gains.

Source: Q4 S&P 500 Earnings Now Expected to Decline