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Yesterday we passed the earnings season midpoint and now ~60% of the S&P 500 [.SPX
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] companies have reported earnings.
Here's how things stand so far:
- Companies Exceeding EPS Estimates: 80%
- Companies Matching EPS Estimates: 6%
- Companies Falling Below EPS Estimates: 14%
At the same point last quarter, 14% of the companies reporting had missed EPS estimates and 76% had beaten estimates.
Dow component, Caterpillar [CAT
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] has had the biggest percent surprise to the upside followed by Capital One [COF
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] and Sallie Mae [SLM
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]. In absolute dollars, financials sit atop the leaderboard. After Citigroup's [C
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] surprise of over $1.3 billion, JP Morgan Chase [JPM
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] and Wells Fargo [WFC
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] follow with ~$1.2 billion and ~$900 million surprises.
Earnings - Best Performers (as of 10/29 am) |
| Company | Symbol | Sector | Date | EPS Est. | Actual | %Chg |
| Caterpillar | CAT | Industrials | 10/20/2009 | 0.06 | 0.64 | 967% |
| Capital One | COF | Financials | 10/22/2009 | 0.14 | 0.94 | 571% |
| Sallie Mae | SLM | Financials | 10/20/2009 | 0.04 | 0.26 | 550% |
| AK Steel | AKS | Materials | 10/27/2009 | 0.01 | 0.06 | 500% |
| PNC Financial | PNC | Financials | 10/22/2009 | 0.31 | 1.00 | 223% |
On the downside, Massey Energy [MEE
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] overtook Pittsburgh based Allegheny Technologies [ATI
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] to lead the losers, reporting a -122% miss. In absolute dollars, Bank of America leads with its $433 million negative surprise.
Earnings - Biggest Losers (as of 10/29 am) |
| Company | Symbol | Sector | Rpt Date | EPS Est. | Actual | %Chg |
| Massey Energy | MEE | Energy | 10/27/2009 | 0.18 | -0.04 | -122% |
| Allegheny Technologies | ATI | Materials | 10/21/2009 | 0.03 | 0.01 | -67% |
| Harley Davidson | HOG | Cons Disc | 10/15/2009 | 0.21 | 0.11 | -48% |
| Genzyme | GENZ | Healthcare | 10/21/2009 | 0.44 | 0.31 | -30% |
| CONSOL Energy | CNX | Energy | 10/22/2009 | 0.66 | 0.48 | -27% |
Source: Thomson Reuters
Many companies have improved their earnings by cutting costs. Investors are looking for topline growth as a sign that the economy has indeed turned the corner. Continue on to the next page to see the biggest revenue surprises to date as well.
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