Q1 2008 S&P 500 operating earnings as of the close of 4/25/2008 263 issues reported (52.6%), representing 61.07% of the market value

43.5% beat their estimate and 53.1% did not -> historically over 60% beat their estimates 60.1% beat last years value, 38.0% did not 25.9% of Financials posted earnings gains; 69.8% of non-Financials did 49.8% of the non-Financials are expected to post at least a 10% earnings gain (27.2% so far and another 22.5% are expected to do so)

Expect quarter to post a -12.6% decline over Q1 2007 Ex/Financials the index is expected to post a 10.8% gain The good news is that there was no major negative news; optimism lives Earnings Shift: Q1 2008 20% is coming from Energy and 11% from Financials Q1 2007 14% was from Energy and 30% from Financials Q2 expected to be down 5.1%, and Q3 & Q4,’08 are expected to show strong increases (very weak comparisons) 2008 estimated to increase 11.8%, but is due to poor 2007 and Energy’s increased contribution 2009 estimated to increase 21.5%, but estimates lack charges and there could be gains due to reversals of prior charges

21 unreported Energy issues are expected to report 14% of the S&P 500 earnings, with their average year-over-year gain averaging 30% (11 of them are expected to post at least a 30% gains); Q1 energy will contribute 20% of the S&P 500 earnings and Q2 is estimated to contribute 19.6% Wednesday is the Fed meeting and Q1 GDP (S&P expects a 25 point cut and a 0.5% gain) and Friday is the employment numbers (down 50,000 jobs with 5.2% unemployment), since we have nothing for Thursday, XOM will announce their earnings. Street numbers point to another world record in quarterly sales, and a tad under the $11.66B world quarterly earnings record, which was set by XOM in Q4 of 2007 (with any positive surprise setting a new world earnings record, and don’t forget about their current 30 consecutive quarters of share count reduction, courtesy of the buybacks - they spend the most, $80B over the last 3 years).

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