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Earnings Beats Currently Tracking Low As Wall Street Awaits More Reports
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Pre-market futures are up to start this Hump Day, following a bullish session Tuesday which looks to have realigned investor sentiment toward buying into a strong second half of 2022. This seems to have continued this morning, with the Dow +145 points, the S&P 500 +20 and the Nasdaq +60 points.
Aside from Netflix (NFLX - Free Report) posting a disappointing Q1 report yesterday after the bell — now -28% from Tuesday’s close and -70% (!) year to date — Q1 earnings season is going about as well as expected. Gone are the super-easy year-over-year comps off the bottom of the pandemic quarters. According to Zacks Director of Research Sheraz Mian, among the S&P 500 companies already having reported earnings (as of Tuesday afternoon), 77.4% topped earnings estimates but only 54.7% beat on both earnings and sales.
This is the lowest since Q2 2020. “In other words,” Sheraz says, “[the percentage of earnings] beats… is tracking at Covid lows.” We are heavily weighted in the banking industry at this stage of Q1 earnings reports, and banks are still a little early from realizing higher interest rate profits based on higher rates overall, but its probably best to keep expectations for the remainder of Q1 earnings season relatively in check.
Procter & Gamble (PG - Free Report) reported earnings ahead of Wednesday’s opening bell this morning, beating expectations on its bottom line by 5 cents to $1.33 per share, while on the revenue side grew +3.8% year over year to $19.38 billion. This is the best annual sales jump in 20 years. Organic sales and full-year sales guidance were raised in this morning’s report, as well. Shares are up only marginally on the news, and still -2% year to date. For more on PG’s earnings, click here.
After today’s close, we get the much-anticipated Q1 earnings report from Tesla (TSLA - Free Report) , which is expected to bring stellar growth on the top line (+66.3%) and bottom (+131%). For a company that for years missed earnings estimates almost as much as they beat them, Tesla has outperformed in all but one of its last 10 quarters, by a four-quarter training average of 33%. Joining Tesla after hours is Transportation major CSX (CSX - Free Report) and airline giant United (UAL - Free Report) .
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Earnings Beats Currently Tracking Low As Wall Street Awaits More Reports
Pre-market futures are up to start this Hump Day, following a bullish session Tuesday which looks to have realigned investor sentiment toward buying into a strong second half of 2022. This seems to have continued this morning, with the Dow +145 points, the S&P 500 +20 and the Nasdaq +60 points.
Aside from Netflix (NFLX - Free Report) posting a disappointing Q1 report yesterday after the bell — now -28% from Tuesday’s close and -70% (!) year to date — Q1 earnings season is going about as well as expected. Gone are the super-easy year-over-year comps off the bottom of the pandemic quarters. According to Zacks Director of Research Sheraz Mian, among the S&P 500 companies already having reported earnings (as of Tuesday afternoon), 77.4% topped earnings estimates but only 54.7% beat on both earnings and sales.
This is the lowest since Q2 2020. “In other words,” Sheraz says, “[the percentage of earnings] beats… is tracking at Covid lows.” We are heavily weighted in the banking industry at this stage of Q1 earnings reports, and banks are still a little early from realizing higher interest rate profits based on higher rates overall, but its probably best to keep expectations for the remainder of Q1 earnings season relatively in check.
Procter & Gamble (PG - Free Report) reported earnings ahead of Wednesday’s opening bell this morning, beating expectations on its bottom line by 5 cents to $1.33 per share, while on the revenue side grew +3.8% year over year to $19.38 billion. This is the best annual sales jump in 20 years. Organic sales and full-year sales guidance were raised in this morning’s report, as well. Shares are up only marginally on the news, and still -2% year to date. For more on PG’s earnings, click here.
After today’s close, we get the much-anticipated Q1 earnings report from Tesla (TSLA - Free Report) , which is expected to bring stellar growth on the top line (+66.3%) and bottom (+131%). For a company that for years missed earnings estimates almost as much as they beat them, Tesla has outperformed in all but one of its last 10 quarters, by a four-quarter training average of 33%. Joining Tesla after hours is Transportation major CSX (CSX - Free Report) and airline giant United (UAL - Free Report) .