As of this morning, over 80% of the S&P 500 companies have reported earnings.
Here's how things stand so far:
- Companies Exceeding Estimates: 74%
- Companies Matching Estimates: 8%
- Companies Falling Below Estimates: 18%
Compared to the same point in time last earnings season, the breakdown has shifted with a significantly larger increase in companies beating vs. missing estimates.
Hess , MeadWestvaco and Plum Creek Timber have passed Sallie Mae with the biggest percent surprises. In absolute dollars, financials take 4 of the top 5 slots in the leaderboard. Citigroup leads with $4.7 billion surprise followed by Wells Fargo's $1.1 billion and JP Morgan's surprise of nearly $936 million. Ford is the only non-financial on the list, with an $869 million surprise.
On the downside, Intel leads the losers, reporting a -188% miss. In absolute dollars, Exxon Mobil passed Intel with its $927 million negative surprise. Morgan Stanley's $825 million downside surprises ranks third.
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