EDITOR'S NOTE
Major indexes are hovering around record highs, erasing May's massive sell-off, thanks in part to recent optimism on trade talks. But the corporate earnings outlook paints a less rosy picture.
Forecasters already were looking for negative earnings growth in the second quarter. The outlook has now swung to red numbers for the third quarter, CNBC's Jeff Cox reports, based on the latest FactSet calculations. The data firm estimates that the third-quarter outlook dropped from a slight gain as recently as June 7 to a slight decline of 0.3% at the end of last week. ![]() The primary reason for the downward trajectory has been multinational companies, Cox reports. FactSet estimated that companies that do more than half their business outside the U.S. likely will see an earnings decline of 9.3% in Q2. By comparison, those that do a majority of sales domestically were projected to see a 1.4% growth rate. TOP NEWS
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Stocks making the biggest moves midday: L Brands, Estee Lauder, CureVac, Tesla & more This is a developing news story. Please check back for updates: https://www.cnbc.com/2020/08/20/stocks-making-the-biggest-moves-midday-l-brands-estee-lauder-curevac-tesla-more.html Follow @CNBCnow for breaking news and real-time market updates Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy CNBC Events © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 D
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