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As we mentioned yesterday, third-quarter earnings reporting season hasn’t gotten off to the best start.
While the earnings “beat rate” (the percentage of companies that are topping analysts’ estimates) is looking good at 60%, that’s not the case for revenue.
Currently, 61% of the companies that have reported so far missed revenue forecasts.
Worse yet, not a single company has raised fourth-quarter guidance.
Sam Stovall, Chief Equity Strategist of S&P Capital, isn’t too down about the news, though. He believes that bullish sentiment could keep the market afloat in the coming weeks.
“The S&P is still only down about 2.5% from its recovery high that we saw on September 24. So you would think that if… these big companies would be missing in terms of either earnings or revenue and the market is still down less than 3%… that would imply to me that there is an awful lot of resiliency out there. And once some of these uncertainties get taken away then investors probably want to push this market even higher.”