Only 66 S&P 500 companies reported 4Q results so far, but the season has started remarkably well vs. targets. Analysts' preseason forecast for an 8.8% EPS decline vs. 4Q19 was well off the mark, with 85% of reports beating forecasts and the index on track for just a 4% profit decrease. Banks' strength put the financials sector on pace for double-digit EPS growth, surpassing expectations for a decline. Large-cap techs IBM and Intel also handily beat estimates.
Industrials is the sector most below expectations, as transportation remains weak. Delta and United Airlines missed lowered estimates, along with railroad companies CSX and Union Pacific.
Industrials is the sector most below expectations, as transportation remains weak. Delta and United Airlines missed lowered estimates, along with railroad companies CSX and Union Pacific.