SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Oct 22, 2012) - Markets slumped last week as U.S. jobless claims saw a larger increase than analysts had expected. The IMF has also lowered their forecasts for the global economy to 3.3 percent in 2012, down from their previous estimate of 3.5 percent. The Paragon Report examines investing opportunities in the S&P 500 Index and provides equity research on Philip Morris International Inc. (NYSE: PM) and Boston Scientific Corp. (NYSE: BSX).
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Aggregate profits for companies in the S&P 500 are expected to decline in the third quarter for the first time in three years according to analysts' estimates collected by Bloomberg. The data has showed that earnings per share and sales are expected to drop on average 1.7 percent, and 0.6 percent, respectively.
"Weaker economic data over the past 12-18 months has steadily eroded the growth outlook," said Jonathan Golub, a strategist at UBS. "Unfortunately, this weakness is relatively broad-based. More specifically, earnings are now expected to come in lower than 3Q11 in 5 of 10 sectors, with the greatest contractions in Energy and Materials."
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Philip Morris International is the leading international tobacco company with seven of the world's top 15 international brands. Shares of Philip Morris fell after the company reported both net income and number of cigarettes sold declined in the third quarter of 2012. "Economic conditions continue to be very difficult. Unemployment continues to rise," said the company's CFO Jacek Olczak in a recent conference call.
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. For the third quarter of 2012 the company posted a net loss of 725 million compared to a profit of $142 million in the year-ago quarter. The company estimates sales for the fourth quarter of 2012 in a range of $1.740 billion to $1.815 billion.
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