As of this past Friday, 441 of the S&P 500 companies (just under 90%) have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 279 or 63%
- Companies Matching Estimates: 51 or 12%
- Companies Falling Below Estimates: 111 or 25%
So far, the tech sector has had the biggest surprises to the upside, with Lexmark reporting EPS that was 122% above expectations. In absolute dollars, Exxon still leads with its $982 million surprise. Microsoft and GM follow with $380 million and $352 million respectively.
On the downside, the banks lead the losers with Sallie Mae reporting the biggest miss in that sector, off by 165%. The biggest surprise overall has been Tesoro which missed by 1,550%. In absolute dollars, Merrill Lynch is still the biggest loser with its $6.3 billion downside surprise. Citigroup and Morgan Stanley follow with downside surprises of $4.7 billion and $3.2 billion respectively.