Of the 493 companies in the S&P 500 that have reported fourth-quarter 2011 earnings to date, 63% booked results above analysts' expectations, which is the lowest number since the uncertain days of the financial crisis in fourth-quarter 2008. On a sector level, oil and gas fell in the median range, with 58% of companies in the S&P 500 Energy Index beating or meeting estimates, while only roughly 45% of master limited partnerships (MLPs) fared as well. Meanwhile, however, MLPs' median payout rose 5% year-over-year, according to Morgan Stanley.
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