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Paulsen said the dollar impact on profits could hit multinationals repatriating profits. “You’re going to hear it in different ways. They’ll be talking about the same thing but they’ll be talking about how weak pricing was,” he said.
Daniel Greenhaus, chief global strategist at BTIG, said company comments in the last earnings period were an early warning for the current economic sluggishness. “If you listened to the industrials in the first quarter, the industrials all said the same thing. It was Brazil. It was China. It was Europe,” he said. “A minority have suggested that their particular situation is better than expected. What will be interesting is how much companies that are particularly exposed to Europe indicate their expectations going forward and is that much worse than the Street (expects).”
Greenhaus said earnings expectations for the second quarter have been coming down for a while. While the consensus is for a 2 percent decline, he said the final numbers could be better. “I think you’ll come in closer to flattish. This is a huge moving target right now,” said Greenhaus.
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