"Investors Shouldn't Panic"

The Street has already anticipated an earnings slowdown, says S&P's David Wyss, who predicts a post-election rally

While the third-quarter earnings season doesn't officially start until Oct. 7, negative preannouncements are already starting to pile up. On Sept. 10, aluminum manufacturer Alcoa (AA ), a Dow component, warned that it could miss profit estimates by 42%, driving blue-chip stocks down early in the day. And in recent weeks, chipmakers Texas Instruments (TXN ) and National Semiconductor (NSM ) have reduced revenue expectations and warned about softer-than-expected demand. Among the companies due to report this week are Best Buy (BBY ), Campbell Soup (CPB ), Kroger (KR ), and Oracle (ORCL ).

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