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.