While there have been plenty of reasons to lighten up on stocks lately, S&P 500 companies keep delivering the goods when it comes to profits.

Or have they?

Yes, corporate earnings growth is up double-digits from the second quarter a year ago, as the energy sector‘s recovery from the oil-bust levels of 2016 continues to be a driving factor. And, sure, the top line has also enjoyed a nice boost

But Wolf Richter of the Wolf Street blog says the numbers blur the reality, and he offered up this “warning siren” as our call of the day.

“The Wall-Street hype machine is cranking at maximum RPM to propagate the great news that earnings are soarin…
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