%). All other sectors except Telecom have sales decline or low single digit sales growth. Tech sales growth is disappointing at -1.6% y/y (-4.0% ex AAPL & GOOG). There is significant revenue recession at Energy (-33.3%), Materials (-15.1%) and Industrials (-7.6%). Blended EPS y/y growth is strongest at Tel

%). All other sectors except Telecom have sales decline or low single digit sales growth. Tech sales growth is disappointing at -1.6% y/y (-4.0% ex AAPL & GOOG). There is significant revenue recession at Energy (-33.3%), Materials (-15.1%) and Industrials (-7.6%). Blended EPS y/y growth is strongest at Tel

-4% 0% 4% 8% 12% 16% 20% 24% Industrials Source: IBES, Deutsche Bank Industrials ex. Defense Industrials ex. Airlines Figure 17: Tech ex. AAPL & GOOG sales growth -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% Sales growth Y/Y -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% Informat