Companies are increasingly cutting earnings guidance.
Of the 61 S&P 500 companies that have provided Q3 earnings guidance, 48 were negative, while 13 were positive. This is according to data compiled by FactSet.
“The percentage of companies issuing negative guidance for Q3 2012 stands at 79%,” writes FactSet’s John Butters. “If this is the final percentage for the quarter, it would be the highest percentage recorded since FactSet began tracking guidance data in Q1 2006.”
Here’s the chart from FactSet: