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On average, technology earnings have fallen to 1997 levels, Mr. Wieting said.
The forecast for technology earnings has dropped to 16percentt from 29percentt.
If the Fed is right, technology earnings are probably not going to be rebounding anytime soon.
In other technology earnings news, I.B.M. reported solid quarterly profits on Wednesday that easily surpassed Wall Street's expectations.
Stocks fell only modestly yesterday even as investors found two more reasons to worry about technology earnings.
The first big day of technology earnings comes tomorrow when Motorola and Yahoo are scheduled to report results.
Similar(34)
The decline reflected continued weakness in capital spending by businesses but helped the Tokyo stock market recoup losses posted earlier in the day because of high-technology earnings worries.
Technology companies' earnings, according to First Call/ Thomson Financial, are now expected to decline for the next three quarters.
The company, which develops high-speed networking technology, reported earnings that exceeded Wall Street expectations, a result of higher revenue and lower costs.
As one of the first blue-chip Japanese companies to report quarterly results, Canon is often seen as a barometer for technology sector earnings.
The report would have been even bleaker if Motorola had not switched to a new accounting method widely used to dress up technology company earnings.
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CEO of Professional Science Editing for Scientists @ prosciediting.com