As of this morning, 237 companies or nearly 50% of the S&P 500 have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 56%
- Companies Matching Estimates: 8%
- Companies Falling Below Estimates: 35%
Compared to a week ago when only 20% had reported, the breakdown has shifted with a larger increase in companies beating vs. missing estimates (see last week's review here). On a percentage basis, steel players Nucor and US Steel lead the list of upside surprises. In absolute dollars, healthcare and tech rule. Pfizer leads with its $405 million surprise followed by Apple's $347 million surprise. IBM and Merck are next in line with $336 and $275 million surprises respectively.