Not all new highs are the same.
Awesome chart from @sonusvarghese thru Ryan Detrick here. End of March, SPX up 10.2% YTD. Only 3.1% from EPS growth and the rest (7.1%) was from multiple expansion. On 5/15, SPX up 11.1% YTD. Now 5.3% from EPS growth and 6.0% from multiple expansion.
S&P 500 companies continue to outpace earnings expectations, but not quite as much on the sales side.
But now we are seeing these expectations rise, so the quarters ahead may become a bit more challenging as we may see earnings growth slowing at the same time. Source: Bloomberg, Markets & Mayhem
"Power Up America" theme is Goldman's top performing basket year-to-date w/+37.5% driven by global data centers' eye-popping demand for power.
17 of the 22 companies from the basket that have reported earnings have beat estimates by an average of +29%. Source: HolgerZ, Bloomberg
There is absolutely no fear in debt markets
Source: BofA
Earnings for the week of May 13, 2024
https://lnkd.in/eEaHXwcK $BABA $WMT $NU $HD $AMAT $BIDU $NXT $CSCO $JD $STNE $TTWO $SE $DE $OTRK $MNDY $LEGN $OCGN $WULF $DT $LUNR $GRAB $PBR $PSFE $SONY $NICE $HUT $TME $MNSO $OGI $DFLI $CPA $DHT $BITF $BKKT $HUYA $NOTV $QUIK $MAXN $KOPN $LSPD $HBM $ARQT $DDL $CGAU $CRLBF $DOCS $DOLE $ACXP $AGYS $GROY
US earnings season UPDATE: 1Q earnings reported so far are +7.0% above expectations. (Clone)
Source: Mike Zaccardi, BofA
US earnings season UPDATE: 1Q earnings reported so far are +7.0% above expectations.
Source: Mike Zaccardi, BofA
The five $1+ trillion market cap companies that have reported Q1 earnings so far posted sales of more than $412 billion combined during the quarter.
All five beat both EPS and sales estimates. $AAPL $AMZN $GOOGL $META $MSFT Source: Bespoke
