An excerpt from Tobias Levkovich’s latest Pulse Monitor shows how strong earnings season has been so far.
Of the 161 S&P 500 companies that had reported 1Q10 earnings through 4/22/10, 131 had beaten estimates and 15 had missed. Therefore, the 1Q10 ratio of positive to negative surprise is 8.73x versus a 4Q09 ratio of 6.15x, and 1Q09 ratio of 2.72x thus far into the earnings reporting season.
In aggregate, 1Q10 share- weighted results are beating expectations by 18.6% and are up 48.6% (thus far) from a year ago.
Financials and Industrials appear to be leading the way in terms of topping estimates thus far for 1Q10.
Also, in a separate chart shown below, note the huge upward revisions happening in Consumer Discretionary stocks right now. This makes sense given the performance inflection point this past week we saw for consumer goods companies.
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