As of this morning, 449 of the S&P 500 companies (just under 90%) have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 295 or 66%
- Companies Matching Estimates: 47 or 10%
- Companies Falling Below Estimates: 107 or 24%
Two of the five biggest surprises came in last week, lifting Utilities to take 40% of the top 5 spots on the leaderboard. In absolute dollars, CIT Group still leads with its $944 million surprise followed by Bank of America's $847 million, Citigroup's $634 million and MBIA's $555 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 AIG's $2.97 billion, and WaMu's $2.3 billion.