As of this past Friday, just over 10% of the S&P 500 companies had reported earnings. This week we will see roughly 30% more of the S&P report.
Here's how things stand so far:
- Companies Exceeding Estimates: 71%
- Companies Matching Estimates: 9%
- Companies Falling Below Estimates: 20%
Compared to the start of last earnings season, the breakdown has shifted with a significantly larger increase in companies beating vs. missing estimates. At the same point last quarter, over 30% of the companies reporting had missed EPS estimates and just over 60% had beaten estimates.
JP Morgan Chase has had the biggest percent surprise to the upside followed by Janus Capital and Goldman Sachs . In absolute dollars, financials sit atop the leaderboard. After JP Morgan's surprise of nearly $936 million, Goldman follows with its $700 million surprise. Bank of America's $432 million surprise is next.
On the downside, Intel leads the losers, reporting a -188% miss. In absolute dollars, Intel also leads with its $838 million negative surprise followed by Micron Technologies' $119 million downside surprises.