【英文原文】

Can Rally Run Without Revenue?

As stock investors turn their focus to earnings prospects for the second half and 2010, they are zeroing in on one of the market's biggest challenges: lackluster corporate revenue.

The market barreled ahead this summer and is hovering near its high for the year, fueled in large part by stronger than-expected second-quarter earnings. But a significant driver of the good news was cost cutting. Many companies posted disappointing sales.

In the short-term, earnings prospects may remain favorable for the market. Aggressive expense control and modest inventory restocking could boost third-quarter numbers, while the fourth quarter has easy comparisons against an awful 2008 that will give the appearance of healthy profit increases. But in 2010, the ability of stocks to sustain or extend their advances will have to come from a revival in sales, strategists say. In an uncertain economic environment, that won't be an easy task.

'You can not simply cut costs forever to have sustainable earnings. You need revenues to grow them over time,' says Dirk Van Dijk, chief equity strategist at Zacks Investment Research. However, 'it's going to be really, really tough' to increase revenue in the current economy, he says.

For now, stock prices suggest many investors are comfortable knowing that at least the decline in profits has been halted.

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