5 Top-Ranked Stocks Set To Gain This Week On Q2 Earnings
Zacks Investment Research | Jul 22, 2019 07:35AM ET
U.S. stock markets finished a disappointing week ended Jul 19 on mixed second-quarter earnings results and speculation over how much rate cut will be implemented by the Fed. All the three major stock indexes --- the Dow, S&P 500 and Nasdaq Composite --- posted biggest weekly losses since May 31. Meanwhile, no meaningful development has taken place so far related to the year-long trade dispute with China.
Second-Quarter Earnings Mixed So Far
At present, the market is anticipating a negative earnings session for the second quarter of 2019. As of Jul 19, total Q2 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.
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.
Although trade-related issues, especially tariff conflict, took a toll on several companies which have already reported, it is important to note that these issues did not lead to the board-based negative guidance by those companies. However, negative earnings expectation is still prevailing for the second quarter and if that 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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