Sales revisions have been in a negative trend in the past week while earnings estimates have
been unchanged.
On the back of disappointing reported margins during this reporting season our earnings
estimates are 3% lower for 2011 than they were a month ago, while the consensus has
lowered its estimates by 2%.
Both sales and earnings estimates are higher now than a year ago but have declined slightly
since September. The decline is largely a result of negative revisions for ABB and
AstraZeneca and partly due to a strong SEK.
Orphan Biovitrum, Höganäs and NCC. SOBI and Höganäs had the largest negative
revisions, of -12% and -8%, while NCC's earnings estimates were raised 8%
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