Chuck Hill Percent Quotations

We still think we are on track to see earnings growth of 23 percent for the quarter.

Any deviation from that 15 percent for the quarter is expected to be lower, not higher.

Of the 59 percent of the S&P 500 that has reported, earnings are down 18.1 percent. If we add that number to estimates for the rest, we're down 22.2 percent from last year.

The estimates are for earnings to be down 50 percent in the second quarter, 37 percent in the third quarter, and 12 percent in the fourth.

We're doing about what we expected. Going into the reporting season, the estimate were for a decline of 18 percent and we said we thought we'd end up about down 15 but may end up down 16.

Last year, 43 percent of the negative pre-announcements came after Jan. 1, so there will be a ton more.

Overall, the quarter is going to be excellent. We think it will match the 23.6 percent earnings growth for the first quarter, which was the highest we'd seen since back in the fourth quarter of 1993. It's going to be a very good quarter for earnings despite all the pessimism here during the peak time of pre-announcements. But pre-announcements are running a little bit less negative than they usually do so I think it's a bit of an over-reaction.

We forecast technology as a whole for 11 percent growth as of Jan. 2. As of March 20, it's at minus 7 percent.

There were no great surprises and the biggest concern is the guidance going forward. We still think it's going to be a difficult time ? we're already down 8.3 percent for the third quarter.