Coronavirus expected to hurt U.S. earnings harder and longer

The hit to U.S. corporate earnings from the coronavirus epidemic is getting harder and messier to predict. More here:

NEW YORK - The hit to U.S. corporate earnings from the coronavirus epidemic is getting harder and messier to predict.

Worries about the expected impact escalated last week as the virus, which was first detected in China spread rapidly to countries such as South Korea, Italy and Iran, causing the S&P 500to suffer its biggest weekly drop since the 2008 global financial crisis. In the United States, New York's governor confirmed his state's first positive case on Sunday.

However, if it triggered a global recession, profits could “decline near 25% and equity markets fall similarly as stocks typically track earnings given past patterns when downturns occurred,” Levkovich wrote. To be sure, part of the recent steep sell-off in stocks has been because of the warnings from companies including market heavyweight Apple Inc .

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