First quarter earnings better than Q4

With 52% of the S&P 500 companies reporting, earnings will likely fall 14.1% vs. a year earlier, according to Thomson Reuters. That follows the fourth quarter's 25.1% plunge and the third's 4.5% slide.

Profits at financials are down 70 percent but are not as bad as feared. Excluding financials, S&P 500 profits should rise 8.6%. Energy firms are on course to deliver 29% growth. Tech profits are rising 9%, easily eclipsing analyst forecasts. Industrial firms' profits are up 6% — 12% excluding GE's (GE) finance-related shortfall.

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source: Profits Plunged In Q1 On Banks, But Better Than Q4
INVESTOR'S BUSINESS DAILY
http://www.investors.com/editorial/IBDArticles.asp?artsec=16&artnum=1&issue=20080425