Friday morning just after 7am Australian time looms as the most important time for markets in quite a while.
That’s when megatechs Apple, Amazon, Alphabet, eBay, Twitter and Facebook are due to release their September quarterly reports.
While the other megtech, Microsoft reports on Tuesday never have the giants of the US market in Apple, Amazon, Alphabet (Google) and Facebook been due to report on the same day at the same time.
They will be nearly 170 S&P 500 companies to report earnings in the coming week, including some old-line blue chips.
These include Boeing, 3M, Eli Lilly, Fiat Chrysler, General Electric, Amgen, Gilead, Ford, Etsy, UPS, Blackstone, Visa, Mastercard, General Dynamics, Deutsche Bank, Caterpillar, BP, Exxon Mobil, Merck and Co, Pfizer, Novartis, Comcast, Kraft Heinz, US Steel, NCR, Yum Brands, Archer Daniels Midland, Ralph Lauren, Chevron, Honeywell, Total,
Reuters reported last Friday that so far about 85% of S&P companies that have reported earnings have beaten analyst estimates, about 20 percentage points more than the long-term average.
Companies have been reporting earnings more than 16% above estimates, and the expectation is that earnings overall will be down about 18%, based on actual results and forecasts, according to Refinitiv.
It was just over 21% two weeks ago, so there is some improvement, as expected by some analysts.
Reuters also points out that overall, 73 companies in the S&P 500 index have offered guidance this quarter so far, up from last quarter’s 65 pre-announcements but well below the 170 companies that typically offer guidance, according to Refinitiv data.
Reuters said the companies offering guidance are giving the most bullish expectations in Refinitiv data going back to 1997.
In Australia, the ANZ Bank kicks off bank reporting season on Thursday with its full-year figures, and while important here, it will pale besides the reports from the likes of Apple, Amazon, and Alphabet.
Atlassian, Australia’s global megatech is also down to report its September figures this Thursday as well.
As well the final quarterly reports are due this week with Fortescue, Northern Star Resources and Newcrest.
