This study examines the recommendations of analysts who track the companies that compose the S&P Midcap 400.  We examine how analysts’ recommendations over the last 60 quarters, from 2002 through 2017, consider the potential impact of, or respond to, the reported write-offs or expenses that typically do not constitute a firm’s operating activities. First, do analysts predict or respond to price changes for the company’s stock price for the quarter?  Second, do analysts do a good job during the bull market prior to and predict the collapse of equities in the 2007-2009 period, as well as anticipate the recovery?  Third, to what extent, if any, do analysts take into consideration the activities that sporadically affect a company’s overall earnings, such as write-offs of tangible and intangible assets, merger expenses, legal expenses, or other one-time items?