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Given recent economic numbers, it wouldn't be surprising to see a nice net exports performance, which would lead to an upward move in expectations for fourth quarter growth.
But anxious investors cast doubt on the report and sent stock markets down much of the day as the outlook for fourth quarter remained cloudy.
Furthermore the loss reduction at City Link was below expectations and management now expect a small loss for fourth quarter instead of a modest profit.
Credit Suisse issued an outperform rating but Societe Generale kept its sell rating: Guidance for fourth quarter is underwhelming with dollar sales flagged at 'about €350m', i.e., only in line with current consensus.
Official figures for fourth quarter gross domestic product (GDP) are due to be released on 25 January.
And, the company's outlook for fourth quarter earnings of $0.36 to $0.70 per share fell well below analyst expectations.
Similar(47)
Expectations for fourth-quarter results are high.
Analysts are downgrading their forecasts for fourth-quarter profits at a rapid rate.
Investors took this as a favorable sign for fourth-quarter growth.
The statistics agency did not give an official figure for fourth-quarter growth.
Analysts have also been lowering their estimates for fourth-quarter profits over the last few weeks.
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