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The second cut, made yesterday at a presentation at the University Club in Midtown Manhattan, represents one of the largest revisions downward of his forecasting career.
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The revision downward was Cuba's second this year.
Mr. Coen's reduced estimate for American ad spending in 2001, made as part of his annual midyear forecast, was his second revision downward in six months.
At a much-anticipated meeting with Wall Street analysts in New York today, Coca-Cola intends to outline details of its makeover and make a slight revision downward of its estimates for soft drink growth, which have long been deemed overly optimistic in the face of challenges from other beverages like tea, water and juice drinks.
Mr. Bernstein notes that for the first time in seven years, the ratio of upward earnings revisions to downward revisions has fallen to 0.5 — meaning that for every corporate earnings forecast that has grown more positive, two have become more pessimistic.
More downward revisions are expected.
There were also downward revisions to business investment.
The persistent downward revisions to GDP growth do look suspicious.
This is a cause for worry, especially if growth suffers further downward revisions.
It continues the now very oft-told tale of budget deficit downward revisions.
The data follow downward revisions at several leading institutions' growth forecasts for the year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com