S&P 500 Earnings Update

Monday afternoon's earnings flow was poor, as American Express (AXP), SanDisk (SNDK) and Texas Instruments (TXN) all missed EPS forecasts.  Additionally, while Apple (AAPL) beat, their guidance was extremely weak.  That coupled with questions surrounding the health of Steve Jobs sent the stock down by over 10% in after-hours trading.  The end result is that since the start of July, nearly 20% of the stocks in the S&P 500 have reported EPS, and of those companies, 67% have beat EPS forecasts.  While this is down from the levels in the low seventies that we saw last week, it is still above the average of the last ten years.  Let's hope the news flow turns for the better in the morning and helps sentiment improve.

Comments

[User 223073:]

to me it seems some inv banks ran up oil and commodity prices, yes they were headed higher my opinion is they added the rocket fuel to help cover losses on their books. Now they can't short each other anymore so they will take down whatever they see fit. Now very few will short them although the facts cry out for shorting. AAPL's earnings didn't call for a grave,Fast Money disappointed me tonight with the last 15 minutes hitch'n a ride on the AAPL short train they added fuel to the fire there. I mean find out if SJ ever does the earnings call before you declare him missing in action. Hoe much of that short run will fill in the books at the inv banks? and what stock is next?

2008 Jul 22 03:34 AM