Retailers dominate the final week of the US third quarter earnings season to be led by the industry majors, along with the monthly sales report for October tomorrow.
Reports for the quarter ending October 31 will come from Walmart, Target, Macy’s, Kohl’s, Williams Sonoma, Ross Stores, TJ Maxx, Home Depot, Shoe Carnival, Lowes Cos and L Brands plus Victoria’s Secret and Foot Locker and Shoe Carnival.
These companies are down to report and we will also get an update on the health of US consumption with the October retail sales data Tuesday (US time) with economists forecasting a 1.1% month on month rise.
Others reporting include Cisco Systems, Palo Alto networks, Nividia, Tyson Foods, Vodafone, Applied Materials, Experian, Baidu,
That was after spending ended the September quarter with an unexpected 0.7% rise. October is expected to see another rise.
The AMP’s Chief Economist, Shane Oliver says that up to last week, the US September quarter earnings have come in 9% stronger than expected.
He says that 92% of S&P 500 companies have now reported September quarter earnings and 81% have exceeded expectations with an average beat of 9%.
“Earnings growth has slowed due to base effects but at around 38%yoy for the quarter is well up from expectations for a 29%yoy rise at the start of reporting season.
The solid reports continue to be good for share prices with Dr Oliver pointing out that the US share market has now rallied through each of the last seven reporting seasons.
