SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Oct 16, 2012) - The S&P 500 Index has clumped for 4 consecutive days as the International Monetary Fund have cut its global growth forecast. The IMF forecasts the global economy will expand by 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 First Horizon National Corporation (NYSE: FHN) and Regions Financial Corporation (NYSE: RF).
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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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First Horizon National provides financial services through more than 170 First Tennessee Bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad. First Horizon is scheduled to release their third quarter 2012 results before market open on October 19, 2012. Shares of the bank are up nearly 20 percent year-to-date.
Regions Financial Corporation, with $122 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions are scheduled to release its third quarter 2012 results on October 23, 2012.
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