For investors, a rapid rise in the U.S. dollar this month means earnings estimates for many multinational companies will have to come down further.
"I don't think people have caught on to the FX effect," said Jeff Markunas, lead manager of the RidgeWorth Large Cap Core Equity Fund. "The fourth quarter is likely to be so bad it will force analysts to accelerate their estimate cutting. I think the currency headwind gets progressively worse until this time next year."
http://www.reuters.com/article/reutersEdge/idUSTRE49N1H820081024
Clearly the estimates of 4Q earning may be very off in a bad way.
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