(1) Impact of TCJA on earnings is a work in progress. (2) Back to old normal growth for earnings next year. (3) Analysts expecting S&P 500 profit margin to rise from 10.5% in 2017 to 11.8% this year and 12.4% next year. (4) S&P 500/400/600 forward revenues and earnings still making record highs. (5) Boom-Bust Barometer and Fundamental Stock Market Indicator remain in record-high territory. (6) So far, corporate managements not as giddy about earnings as they were during previous earnings season. (7) A few examples of DJIA companies talking about the impact of TCJA on earnings.
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