Stock Bulls Dealt Blow by Mounting Profit Warnings in Europe
- BofA says more companies cutting guidance this season
- Poor consumer sentiment weighs on biggest companies’s earnings
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Many of Europe’s biggest companies are adjusting their profit targets lower on the back of weak demand, posing a threat to this year’s stock rally.
Bank of America Corp. strategists led by Andreas Bruckner said guidance cuts have picked up “sharply” during the current reporting season and are well above the number seen during the preceding four quarters.