Decline in SP500 earnings

CNN carried an article claiming decline in SP500 earnings in FY07 compared to FY06. The article had the following prognosis for SP500

Earnings for the energy sector are expected to fall 2 percent in the first quarter or 2007, dragging on broader earnings growth.
But downward revisions to technology and consumer earnings are also contributing. As of Jan. 1, the tech sector was forecast to post earnings growth of 17 percent, whereas now the growth is set at 12 percent.
The consumer sector was expected to see a decline of 1 percent at the time. Now the decline is pegged at 4 percent.
2007 earnings are currently on track to grow about 7.3 percent, down from a forecast of 9.3 percent on Jan. 1.
Should the numbers hold up, that would make 2007 earnings growth the slowest since 2002, when S&P 500 earnings grew one-tenth of a percent

While this may mean less than average growth for SP500 index in 2007, this may also provide opportunities to buy quality companies at reasonable prices. I already have several companies in my list who I am hoping will decline in price through the summer of 2007.