BUSINESS DIGEST | Hopes are high over 1st-quarter reports

Hopes are high over 1st-quarter reports

NEW YORK

Look for a lot of winners when companies report their first-quarter earnings.

The companies in the Standard & Poor’s 500 index have surpassed analysts’ profit expectations for two years, or eight straight quarters. Some analysts say they will make it nine straight this earnings season, which beginstoday with a report from aluminum producer Alcoa Inc.

Credit Suisse analysts wrote in a recent report that they expect companies in the S&P 500 will report total earnings per share of $22.66. That’s 3 percent above what analysts across the industry were expecting at the end of the first quarter. Over the last eight quarters, earnings have beaten expectations by an average of 7 percent.

If results beat forecasts, expect stocks to go up.

Iceland rejects deal

REYKJAVIK, Iceland

Voters in Iceland rejected a government-backed deal to repay Britain and the Netherlands for their citizens’ $5 billion worth of deposits in a failed online bank, referendum results showed Sunday — sending the dispute to an international court and plunging the economically fragile country into new uncertainty.

Final results showed the “no” side had just under 60 percent of the votes and the “yes” side about 40 percent.

The result reflects Icelanders’ anger at having to pay for the excesses of their bankers and complicates the country’s recovery from economic meltdown.

It is the second time voters have defeated a bid to settle the dispute stemming from the collapse of Iceland’s high-flying banking sector in 2008.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 22.48 —.15

Avalon Holdings,2.9301—.07

Clear Channel, .63 57.50 —1.09

Cortland Bancorp, 6.00.00

Farmers Nat., .12, 4.45 .10

First Energy, 2.20, 37.13—.03

FirstMerit Corp., .64,17.34 —.25

First Niles Financial, .32,7.25.00

First Place Fin., 2.02.04

FNB Corp., .48,10.51—.38

General Motors,31.52—.79

General Electric, .56,20.19—.16

Motors Liquidation, .0422.00

Huntington Bank, .04, 6.73—.07

JP Morgan Chase, 1.00,46.84—.56

Key Corp, .04,8.87—.06

LaFarge, 16.48 .29

Macy’s, .20, 24.83—.57

Parker Hannifin, 1.28, 95.31—1.62

PNC, .40,63.23—.26

RTI Intl. Metals,30.62—.58

Rural/Metro, 17.05 .02

Simon Prop. Grp.,3.20,105.65—.72

Stoneridge 14.41 —.18

United Community Fin. 1.20.00

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.