As of this morning, 377 of the S&P 500 companies (just over 75%) have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 248 or 66%
- Companies Matching Estimates: 42 or 11%
- Companies Falling Below Estimates: 87 or 23%
Four of the five biggest surprises came in last week, knocking the Tech sector stocks off the leaderboard. In absolute dollars, CIT Group leads with its $944 million surprise followed by Bank of America's $847 million, Citigroup's $634 million and Goldman Sachs' $519 million surprise.
On the downside, the banks lead the losers with Legg Mason reporting the biggest miss in that sector, off by 269%. In absolute dollars, GM replaces Merrill as the biggest loser with its $4.9 billion downside surprise. Merrills' loss was $3.0 billion more than expected, followed by WaMu's $2.3 billion, and National City's $1.6 billion surprise.