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These revised estimates suggest analyst forecasts of earnings are not rational with respect to publicly available information.
ITV was further boosted yesterday by a revised forecast from analysts at Group M, the parent company of media agency WPP who predicted that television advertising revenues would climb by 11.6 per cent to £3.3bn this year, instead of an overall decline as previously stated.
The consensus analyst forecast was for 42 cents.
Excluding McLane, profit matched the revised average forecast of analysts surveyed by Thomson First Call.
The Intel Corporation, after warning last month that sales and earnings for the first quarter would be weaker than expected, reported financial results today that exceeded Wall Street analysts' revised forecasts.
At the same time, some analysts revised their holiday forecasts upward after the retailers tracked by Thomson Reuters beat estimates and reported an average 5.1 percent increase in same-store sales for September last Thursday.
One notable exception: Dell, whose share came under pressure as more analysts revised their revenue forecasts downward for the direct-sales PC maker.
Although Mr Pucci believes this is over-optimistic, he sees little evidence that analysts themselves have revised their forecasts during the past two weeks.Mutual-fund investors, too, appear unfazed.
On Tuesday, the leading financial regulator in Massachusetts issued a subpoena to Morgan Stanley as part of an investigation into whether its analysts selectively disclosed revised revenue forecasts for Facebook.
It also revised its forecast for inflation slightly upward.
It revised the forecast, however, and predicted a 7.1percentt decline.
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