Reset Estimates Creates Many Earnings Beats

We are only about 40% through earnings season and while 80% of the companies have beaten estimates, the bar set by analysts was very low, down -40%.

This week is the largest reporting week, with Microsoft today (they did well), Pepsi Wednesday, Apple and Google on Thursday, Exxon and Chevron on Friday, to name just a few.

More important than the actual earnings number is the management guidance going forward. Most companies so far have been surprisingly upbeat saying that the “worst economic case” that they prepped for in March, has not come to pass. But all remain steadfast saying that we are far from out of the woods at this point. More on this pivotal week of earnings next Monday.

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