UPDATE 1-US 2nd qtr profits seen off more than 10 pct-report

Newswire

(Updates with details, background) NEW YORK, June 24 (Reuters) - The U.S. corporate profit outlook is deteriorating rapidly, with S&P 500 earnings for the second quarter now seen falling at a double-digit pace from a year earlier, according to Thomson Reuters Proprietary Research released on Tuesday. Second quarter profits are expected to fall at a rate of 10.2 percent, compared with the Monday estimate for a drop of 9.6 percent. At the end of May, analysts expected a 7.3 percent ...

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