S&P Earnings So Far Falling Short Of Q2 Projections (Investor's Business Daily)

Ed Carson 1 hour, 15 minutes ago Halfway through earnings season, banks are still a drag, tech firms are doing OK while the overall outlook remains cloudy. With 249 of the S&P 500 companies reporting results, second-quarter profits are on track to decline 17.9% vs. a year earlier, according to Thomson Reuters. "I'd rate (earnings so far) as pretty bad," said Sam Stovall, chief investment strategist at S&P Equity Research. S&P forecast a 10% drop at the start of the quarter but now sees about a 20% shortfall, he said. Financial firms' profits are forecast to dive 85%. The consumer discretionary sector, including automakers and home builders, also is a big loser. But excluding banks, S&P 500 earnings should rise a respectable 7.7%, Thomson Reuters said. Energy firms should deliver 25% earnings growth on higher prices. Industry... [read full story]