Both the earnings per share and revenue beat rate percentages have dropped below 70% for the current reporting period. As shown in the first chart below, the percentage of US companies that have beaten earnings estimates this season is currently at 69.5%. This is below the 70%+ reading we've seen this season up until this point, but it still would be the highest reading seen since Q3 '06 if the reporting period ended today. The revenue beat rate is currently weaker than the earnings beat rate at 66%, which is higher than the revenue beat rate seen last quarter, but lower than the 71% reading seen two quarters ago. Regardless of the weakening beat rates, the S&P 500 managed to close the day at its highest level since May 17th.
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