(1) Q4 S&P 500 revenues and earnings are out. (2) Revenues rose 6.8% y/y during Q4 to new record high. (3) Earnings dipped in Q4, rising only 2.0% y/y. (4) Profit margin also dipped, but in record-high territory. (5) Utilities and Financials lead the earnings gainers, while Energy and Materials lead the losers. (6) IT leads in the profit margin derby. (7) Industry analysts cutting their Q1 & Q2 earnings forecasts, which remain too high relative to our forecast. (8) Record dividends.
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