FORGET APPLE: This Company Will Be Responsible For All Of The Earnings Growth In Q2

bank of america

Photo: AP Images

Much has been made about how Apple’s size and popularity made it the key driver of earnings growth in the S&P 500 in Q1However, according to data collected by FactSet, a new company has replaced Apple as the gigantic driver of earnings growth for Q2.

From FactSet’s latest Earnings Insight note:

Not only is Bank of America the largest contributor to earnings growth for the Financials sectors, it is also the largest contributor to earnings growth for the entire S&P 500. Excluding Bank of America, the earnings growth rate for the index would fall to -1.1% from 3.6%. Bank of America is predicted to report EPS of $0.18 compared to the year-ago actual EPS of -$0.90.

SEE ALSO: BofA: Here’s What The Markets Will Look Like After Sunday’s Greek Elections >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.