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First-quarter earnings season gets moving in a big way this week, with over 50 members of the S&P 500 slated to report.
Analysts are negative in terms of growth, estimating that profits will shrink more than 4 percent. If that plays out as forecast, it would be the worst showing since the second quarter of 2016.
The number crunchers at Factset say energy earnings will fare the worst, down more than 18 percent. Materials and technology also face double-digit declines.
The headlines will soon be coming your way fast and furious. To help keep them all straight, it can help to review last quarter’s big stories. So here’s a list of Market Insights’ last set of earnings recaps. The next series will resume this Thursday and repeat each week.
Earnings season began on a strong foot, thanks to financials and a handful of other key stocks. Bank of America (BAC), Goldman Sachs (GS) and Citigroup (C) led the charge. Stronger banking activity was the big driver, also lifting smaller regionals like Comerica (CMA) and M&T Bank (MTB).
Earnings remained strong in the last week, led by economically sensitive industries like semiconductors, transports and financials. Chip stock Xilinx (XLNX) is the S&P 500’s biggest gainer today and in the last week after beating estimates across the board.
Big tech results weren’t so bad after all: That’s the main takeaway from the busiest week of earnings season. Facebook (FB), Apple (AAPL), Advanced Micro Devices (AMD) and Alibaba (BABA) rallied 7 to 16 percent after reporting. Not all beat estimates, but each performed better than investors had feared in the wake of last year’s growth-stock meltdown.
The last week of earnings has brought more optimism toward semiconductors but skepticism about other major technology stocks. Skyworks Solutions (SWKS), Microchip Technology (MCHP), On Semiconductor (ON) and Cypress Semiconductor (CY) all pushed higher after releasing their quarterly results. Some beat estimates and others merely came in line, but they all gained on hopes that the worst of the industry’s slowdown has passed.
Several forgotten companies have rallied in the last week as investors continue to pore over quarterly results. Cosmetics company Coty (COTY) and toy maker Mattel (MAT) rallied on signs of reviving their businesses. Sketchers USA (USA) and Motorola Solutions also stood out.
Unusual companies advanced following their quarterly results in the last week, continuing a trend this earnings season. Just look at the moves in Garmin (GRMN), Arista Networks (ANET) and Albemarle (ALB).
The last week of earnings showed forgotten consumer stocks roaring back as prominent technology names fumbled. However, new disruptors continue to emerge. The consumer theme stands out the most as companies like Anheuser-Busch InBev (BUD), J.C. Penney (JCP) and Best Buy (BBY) surprised to the upside.
The last week of earnings saw big rallies by old-fashioned retailers. Foot Locker (FL), Target (TGT), Abercrombie & Fitch (ANF) and Kohl’s (KSS) all shot higher following their results. Software companies beat estimates, but failed to advance.
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