We have completed the first three and a half days of earnings week #1.
If you count Monday as the start of earnings season with Alcoa (AA) meeting expectations and then trading lower, you probably see a lot of the same doom and gloom that I do.
On Monday AA reported in line, 2 other reports missed earnings and one beat. On Tuesday morning, 5 of the 5 companies that reported missed earnings. Tuesday evening was better in the regard that one company met expectations and the other 3 missed expectations. Throw in a pre announcement from AMD as well.
Wednesday was more of the same, with two misses, a meet and a single beat. We also got a slew of pre-announcements from the likes of AMAT, SVU and HGG.
If you were not keeping a running tally in your head, that works out to be 2 beats, 3 meets and 12 misses.
We finally turned it around this morning, with four beats and two misses.
Friday has four reports lined up, with JPM and WFC overshadowing the two smaller companies.
Does this first week of earnings set the tone for an awful series of 2Q reports or will they merely be just bad?
Let us know how you think earnings season will shape up !
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