Employment estimates are falling. These two companies take the blame.

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Updated on November 14, 2023 4:19 pm ET

Wall Street has slashed its estimates for corporate profits in the final months of 2023. But investors seem to be making headway, in part because much of the blame seems to be on two companies: Pfizer and Merck.

Analysts cut their forecasts for fourth-quarter earnings at companies in the S&P 500 by 3.9% in October, according to FactSet, more than twice the 10-year average of 1.8%. That marks the deepest drop in the first month of a quarter in more than three years.

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