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Holiday earnings forecasts have been lumps of coal so far, and here come the biggest ones
Holiday earnings forecasts are disappointing investors so far, and the biggest boxes under Wall Street’s tree are coming this week. So far in earnings season, a dozen S&P 500 SPX, -0.11 companies have issued earnings guidance, and eight of them have come in lighter than expected. Investors have punished those companies — such as Intel Corp.Health INTC, -11.68, which had its worst day in more than a year Friday following a weak forecast — as well as those outside the index that have disappointed, such as Snap Inc. SNAP, -26.59, which lost nearly a quarter of its market capitalization Friday. The market can withstand those kinds of moves from a…