Breadth Is Looking Up

First the bad news: Industry analysts are continuing to cut their earnings estimates for this year and next year (chart). Nevertheless, as of the February 2 week, the analysts collectively still were projecting an increase this year of 2.3% to $224.31 and an increase of 11.2% next year to $249.52. Those estimates are consistent with a mid-cycle slowdown in earnings this year and better growth next year.