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Brace for big cuts to corporate earnings forecasts: Bank of America

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Brace for big cuts to corporate earnings as companies adjust to a tougher credit environment, Bank of America says

Companies will continue to deliver big cuts to earnings expectations in a tighter credit environment, Bank of America said.

Cuts to earnings estimates tend to accelerate once the economy enters a recession, the bank warned. And so far, cuts this year are lagging those seen in prior downturns. And following the 2008 financial crisis, earnings per share estimates were cut six quarters straight by an average 20% per quarter.

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