5 Corporate Giants Set To Win Big On Q2 Earnings This Week
Zacks Investment Research | Jul 23, 2019 06:55AM ET
Wall Street bulls are raging since the beginning of 2019 barring the trade-related market rout in May. All three major stock indexes, predominantly consisting of large-cap stocks, witnessed the best first half of any year in more than two decades.
Meanwhile, second-quarter 2019 earnings results so far are not as disappointing as expected initially. However, the forecast of overall earnings dip for two consecutive quarters is still looming large. Notably, Wall Street witnessed negative earnings in the first quarter for the first time since the second quarter of 2016. In spite of this, a few big corporates are set to handsomely beat earnings estimates this week.
Second-Quarter Earnings Mixed So Far
As of Jul 19, 79 S&P 500 members reported second-quarter earnings results. Total earnings for these 79 index members are up 2.6% from the same period last year on 2.9% higher revenues. Notably, 79.7% companies surpassed EPS estimates while 60.8% beat revenue estimates.
At present, total second-quarter earnings for the S&P 500 Index are expected to be down 1.7% from the year-earlier period on 4% higher revenues. This is a significant improvement over an earnings decline of 3.4% on 3.9% higher revenues, expected on Jul 12. However, if the current estimate actually materializes, it would follow the 0.2% earnings decline on 4.5% higher revenues in the first quarter. (Read More: Zacks Investment Research
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