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 Safeway Inc. (NYSE: SWY) and Supervalu Inc. (NYSE: SVU).
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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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Safeway operates 1,666 stores in the United States and western Canada and had annual sales of $43.6 billion in 2011. The company reported income from continuing operations of $108.0 million for the third quarter of 2012 compared to $130.3 million in the third quarter of 2011.
Supervalu is one of the largest companies in the U.S. grocery channel with annual sales of approximately $35 billion. The company reported a second quarter fiscal 2013 loss of $111 million compared to a profit of 60 million in the year-ago quarter. Supervalu reported on Thursday that they are in active talks regarding the possible sale of the company.
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