The US June quarter profit reporting season is now nearly 90% complete and this week sees a string of second and third-tier companies releasing results.
The most notable results will come from Cisco, the tech group, and retailers, Macy’s Dillard’s and JC Penny which is in bankruptcy. Macy’s will report big losses as will Dillard’s and JVC penny because of the disruption of shopping patterns at their hundreds of shops across the country.
Results have continued to come in much better than expected with a bigger than average 84% beating on earnings by an average 22.6% and 64% beating on sales.
This has seen upwards revision to consensus earnings expectations, with earnings now expected to fall -28%yoy in the June quarter compared to -44% a few weeks ago.
Hardest hit were energy, basic material, financial and industrial companies but utilities, health care, and consumer goods companies saw earnings rise.
The standouts though were the likes of Apple, Facebook, Netflix, and Amazon.
