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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.