Good day for earnings, big industrials leave full-year guidance unchanged. Of 19 large companies that have reported since the close yesterday, 18 beat earnings expectations, but several—including big multinationals like United Technologies—came in light on the top line.
My biggest fear? That big global industrials reporting today would lower full-year guidance on concerns over global guidance. It did not happen, though several noted the second quarter might be slightly weaker than expected.
a) Multi-industry: A big day for this group, which makes lots of things (tools, machines, auto parts, pumps, building supplies, heating ventilation and air conditioning, etc.) that are sold to companies all over the world; it's the stuff that's behind the walls of all the buildings and a good indicator of global growth.