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Analysts Starting to Take Earnings Estimates Down

As expected, evidence of a softer sales picture in May and June (particularly for housing) is causing analysts to begin to take down earnings numbers.

According to Bespoke Investment, over the last four weeks, analysts have raised estimates for 373 companies in the S&P 1500 and lowered estimates for 545. "The last time analyst sentiment was this negative was back in May 2009," Bespoke says.

Elsewhere:

BP down another 4.5 percent today, and after listening to the weather report for the Gulf of Mexico, it's easy to see why.

Several thunderstorms are likely to turn into tropical storms in the next few days, which may pose a threat to BP's oil collection efforts. It may also disrupt production at other facilities as well.

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