From Morgan Stanley:Nearly 30%of S&P 500’s market capitalisation has reported Q2earnings, and the results have been generally positive.Reported earnings have outpaced consensus estimatesby 3.8%, and only 7% have reported below consensusearnings. Similarly, reported revenues are beating theconsensus by 3.0%. Earnings andrevenue misses have been minimal thus far, but themarket is punishing these misses more than it isrewarding beats—anasymmetry we have been calling for and we forecast willcontinue.
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