As of this morning, roughly 90% of the S&P 500 companies have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 58%
- Companies Matching Estimates: 10%
- Companies Falling Below Estimates: 31%
Compared to last earnings season, the breakdown has shifted slightly with a small increase in companies missing vs. beating estimates. Financials lead the surprises to the upside. On a percentage basis, Comerica has had the biggest surprise to the upside followed by Northern Trust. In absolute dollars, JP Morgan Chase and Chevron lead with their $1.2 billion surprise followed by Exxon Mobil's $987 million surprise.
On the downside, Financials take 4 of the 5 worst surprises. Wachovia leads the losers, reporting the biggest miss in that sector, off by 3817%. In absolute dollars, Wachovia also leads with a $4.9 billion negative surprise followed by Bank of America with its $2.1 billion downside surprise. Unisys is the one non-financial in the bottom 5 in percentage terms while Ford takes the dubious honor in dollar terms.