Early on this earnings season, companies were raising guidance at a higher rate than they were lowering guidance.  But over the last two weeks, guidance has gotten worse and worse, and at this point the number of companies that have lowered guidance far exceeds the number of companies that have raised guidance.  Below is a look at the quarterly spread between the percentage of companies raising guidance minus lowering guidance going back to 2001.  As shown, the current reading of -3.1 percentage points would be the weakest seen in a year.

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