WSJ: “Falling Profit Forecasts Are Weighing on Tech Stocks”By datatrekresearch in IN THE NEWS
Excerpt from The Wall Street Journal quoting DataTrek co-founder Nick Colas:
.... "Some of the big tech stocks that pulled the market higher this year have lagged in recent weeks.
That is partly because analysts have been cutting their earnings estimates for many of the big tech companies, according to Nicholas Colas, co-founder of DataTrek Research.
Apple, Tesla and Meta Platforms have all seen sizeable declines in earnings expectations over the past 30 days, DataTrek's analysis shows.
"Outside of Big Tech, estimates are also coming down, but not by as much," Colas wrote. "This goes a long way to explaining Big Tech’s recent underperformance and we expect more of the same in September"....
Full article here on the WSJ.