Cold water tossed on outlook.

Wall Street, sister-publication Ward's Automotive Reports, and just about everyone else remain bullish on the industry's outlook heading into the third quarter. But a lone dissenter, Nicholas Lobaccaro of Bear Stearns & Co. comes out with -- what else, given his firm's first name -- a bearish report, and Big Three stock tumble in late-June trading. Mr. Lobaccaro concedes sales are still strong and Big Three profits look good short-term, but thinks things may have peaked, signaling a down-cycle on the horizon. If so, he's a tad early: Nearly everyone else has stretched the downturn to come in late '97 or '98. Shorter term, WAR says third-quarter vehicle output has been boosted 2% to 3% reflecting strong sales, While most Wall Street analysts are absolutely bullish on Big Three second-quarter financial prospects. Hottest gainer: Chrysler Corp., which analysts expect to nearly quadruple earnings year-to-year from 70 cents per share to $2.44.