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Earnings Tea Leaves

Christina Medici Scolaro

Earnings season is here again. There are company estimates, consensus numbers and actual numbers being reported daily. From the beginning to end, they vary greatly.

Christine Short, associate director at S&P Capital IQ, said third quarter estimates for S&P 500 companies stand at 3 percent, half the 6 percent estimated at the beginning of the quarter on July 1 and much lower to than the historical average of 8 percent growth.

At this point though, it doesn't seem to concern Short. She points out analysts are extremely conservative before earnings season. "Due to this, we believe growth could be close to 6 percent this quarter," said Short.

Short expects telecom services and consumer discretionaries to stand out as the leaders and energy and financial services as the quarter's laggards.

--By Christina Medici Scolaro

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