As of this morning, 399 companies or nearly 80% of the S&P 500 have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 57%
- Companies Matching Estimates: 8%
- Companies Falling Below Estimates: 35%
Compared to three weeks ago when only 20% had reported, the breakdown has shifted with a larger increase in companies beating vs. missing estimates. Even compared to one week ago, the trend shows a slight increase in companies beating. On a percentage basis, steel players US Steel and Nucor continue to lead the list of upside surprises. In absolute dollars, energy and tech rule. Chevron's $549 million surprise passes Pfizer's $405 million surprise followed by Marathon Oil's $381 million and Apple's $347 million surprise. IBM is next in line with a $336 surprise.