As of this morning, 227 (just over 45%) of the S&P 500 companies have reported earnings.
Here's how things stand:
- Companies Exceeding Estimates: 138 or 61%
- Companies Matching Estimates: 25 or 11%
- Companies Falling Below Estimates: 64 or 28%
Compared to last earnings season, the breakdown is about the same with a small increase in companies missing vs. beating estimates. Financials lead the surprises to the upside. On a percentage basis, Comerica has had the biggest surprise to the upside followed by Northern Trust and Morgan Stanley. In absolute dollars, JP Morgan Chase leads with its $1.2 billion surprise followed by Morgan Stanley's $609 million surprise.
On the downside, Financials make a sweep of the 5 worst surprises. CIT leads the losers, reporting the biggest miss in that sector, off by 728%. In absolute dollars, Bank of America is the biggest loser with its $2.1 billion downside surprise. The good news so far, is the surprise losses are less than half the losses we saw last quarter when Merrill Lynch had a surprise of more than $4 billion.