“This summer’s earnings season has disappointed thus far, and investors have reacted in kind,” David Weidner writes for MarketWatch. “That seems to be the narrative this week after companies including Apple Inc. and Microsoft Corp. reported lower-than-expected results. The sky is falling, and so is the S&P 500. The index is down about 1% this week.”
MacDailyNews Note: On Tuesday, Apple reported all-time record quarterly results that exceeded both the company’s guidance (revenue between $46 billion and $48 billion) and analysts’ consensus estimates for both EPS ($1.85 actual vs. $1.81) and revenue ($49.60 billion actual vs. $49.31 billion).
“Apple is now a Dow Jones Industrial Average component, which means it’s pricing tends to send the index — an index in which it’s a component, really — into an ascent or descent. But take a deep breath. Apple is just one company, and it continues to grow. Even if that growth is slowing a little,” Weidner writes. “Of the 61 companies that reported earnings in the prior week, 72% reported better-than-expected earnings and more than half, 56%, reported revenue and sales beyond the estimates, according to FactSet. That was 12% of the S&P 500.”
Weidner writes, “In short, the numbers suggest that, except Apple (and Apple is perhaps one of the few companies where expectations were set too high), the overall earnings performance of S&P 500 companies was actually better than expected.”
Read more in the full article here.
MacDailyNews Note: On Tuesday, Apple reported all-time record quarterly results that exceeded both the company’s guidance (revenue between $46 billion and $48 billion) and analysts’ consensus estimates for both EPS ($1.85 vs. $1.81) and revenue ($49.60 billion vs. $49.31 billion).
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SEE ALSO:
Wall Street blew it: Apple’s stock slide isn’t the company’s fault – July 22, 2015
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