The spread between the percentage of companies raising guidance minus the percentage of companies lowering guidance ended at -5.4 percentage points this earnings season. This marked the fifth consecutive earnings season in which more companies lowered guidance than raised guidance. We haven't seen that happen since the 2001/2002 bear market. While bad, the final guidance spread of -5.4 percentage points was slightly better than the -5.6 reading we saw last earnings season. Hey, the bulls will take what they can get.
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