Dow 30 Keep Beating the Street
With American Express' report after the close yesterday and Microsoft's earnings report this morning, two thirds of the Dow 30 have now reported. Here is a summary of how things stand in terms of EPS and revenues to date.
So far, an astounding 90% of the 20 companies have beaten EPS estimates while 55% have beaten estimates on the topline. This compares to 78% of the S&P 500 beating on earnings and 62% beating on revenues. Caterpillar has had the biggest EPS surprise, coming in at 967% above expectations. 3M leads the Dow on revenue surprises with a 7.3% surprise.
Despite the surprises, more than half of the Dow components that have reported so far are trading down from their closing prices just before their announcements. Travelers has seen the biggest gains since its announcement. See the table below for the details.