BofA on earnings season: Buckle Up!
Expect a slight miss, but the risk isn’t 3Q. It’s guidance
Expect a slight miss, but the risk isn’t 3Q. It’s guidance
BofA: Our 3Q forecast of $50 (+2% YoY) is 1% below consensus’ $55.58 (+3% YoY)
S&P 500 3Q EPS estimates have fallen 7% since July
S&P 500 3Q EPS estimates have fallen 7% since July
S&P 500 EPS estimates: consensus & BofA
BofA sees $220 this year and
... (ominous music)...
$200 for 2023
BofA sees $220 this year and
... (ominous music)...
$200 for 2023
S&P 500 consensus Q3 earnings growth:
-0.7% ex-Energy & Financials
-0.7% ex-Energy & Financials
20 SPX companies have reported Q3 results:
55% have beaten on EPS, 60% on sales and 40% on both.
This is the weakest since 1Q19 and below the historical average EPS/sales/both beat of 69%/64%/49%
55% have beaten on EPS, 60% on sales and 40% on both.
This is the weakest since 1Q19 and below the historical average EPS/sales/both beat of 69%/64%/49%
Record number of negative pre-announcements in August…
Margin expectations have fallen, but 2H23 margins still look optimistic
"Following a 16% rise in the USD in 3Q YoY, we calculate FX was a 3ppt hit to sales from translation, representing the biggest headwind since 2015."
Yo Jay: New job postings are down 50% from its October 2021 peak - @RevelioLabs
Staples spending is eating away discretionary spending
Inflation has now caught up to income growth
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