Blithe Bulls Find Just Enough to Like in Decade’s Worst Earnings
- More than 80% of companies beat estimates, poised for a record
- Analyst revisions turn positive and management are more upbeat
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The bad news, if anyone needs the reminder, is that U.S. companies are currently in the process of reporting the worst quarterly profit decline in 12 years. The good news is that despite a lot of day-to-day volatility, nobody in the stock market seems to care.
Three weeks after companies began reporting, the S&P 500 is en route to an earnings-season advance that will rank among the best of the last five years. Income is poised to fall 35% at a time when valuations are inflating -- and stocks just capped their best July since 2010.