The earnings picture continues to look impressive. Heading into the close yesterday, the earnings beat rate (% of companies beating EPS estimates) stood at 71%, which is high in its own right. Last night and this morning, another 64 companies reported earnings, taking the total number of US companies that have reported since earnings season began up to 223. As shown below, the earnings beat rate now stands at 73.5%, which would mark the highest reading for any quarter since at least 1999 if the reporting period ended today. And even though the S&P 500 finished the day down, the companies that reported earnings last night and this morning collectively had a stellar day. The S&P 500 closed the day down 0.42%, but the stocks that reported earnings averaged a gain of 2.40%! The average 1-day % change for all companies reporting earnings this season stood at -0.24% coming into today, but the 64 additional companies added to the total today have bumped the overall number up to 0.52%.
Over at Bespoke Premium, we're constantly providing up-to-date analysis on earnings season above and beyond the information shown above. Click here to subscribe today.
Comments