Bank of America on Q3 earnings:
- nearly 80% of S&P 500 index have reported so far
- signs that the season will remain strong
- consensus EPS is now up 2% vs. where it stood as of October 1, which means its tracking +6% YoY, in line with our forecast
- 68%/57%/45% beat on EPS/sales/both so far, compared to the historical average of 59%/59%/41% and last quarter’s 71%/56%/46%
- mentions of weak demand have jumped but signs its bottomed .... worst in de-stocking is behind us
S&P 500 update:
The amount of words that have been written about this tiny pullback .... sheesh.
