As of yesterday, over 40% of the S&P 500 companies have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 62%
- Companies Matching Estimates: 11%
- Companies Falling Below Estimates: 27%
Compared to just over a week ago when only 10% had reported, the breakdown has shifted with an increase in companies meeting estimates. Caterpillar has had the biggest percent surprise to the upside followed by Bank of America and Intel . In absolute dollars, financials take 4 of the 5 top spots on the leaderboard. After BAC's surprise of nearly $2.6 billion, Ford follows with its $1.4 billion surprise. Citigroup's $876 million surprise is next.
There are also three financials that lead the downside surprises. Sallie Mae leads the losers, with a 125% miss. In absolute dollars, financials get a 5 for five sweep led by Huntington Bancshares' miss over $2.4 billion followed by Suntrust Banks' $656 million negative surprise.