For the year, analysts are projecting profit of 88 cents per share, a decline of 42.1% from last year, the Wall Street Cheat Sheet blog reported on Wednesday.
My extensive backtesting going back 30 years and my recommendations going back about six years show that when a high momentum stock breaks down and Wall Street accepts the reality at a time when the balance sheet is still strong, the next swoosh down is typically the low of the cycle.
Reporting on this story today, the Wall Street Journal spoke with Randy Beall political director of Sheet Metal Workers Local 85 in Atlanta who is one of the union leaders seeking the subsidies for his lower-earning union members.