Live Markets: Q2 earnings reporting picks up steam, forecast rises

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23/07/2024 18:42

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    Q2 EARNINGS REPORTING PICKS UP STEAM, FORECAST RISES
    Second-quarter U.S. earnings reporting heats up this week,
with results from Alphabet  GOOGL.O  and Tesla  TSLA.O  due
after the bell Tuesday.
    Earnings for the quarter are now estimated to have increased
11.5% in the quarter, according to LSEG data Tuesday. That's up
from growth of 9.6% estimated on July 12.
    The latest forecast is based on results from 102 of the S&P
500 companies and estimates for the rest. About 80% of companies
are beating analyst earnings estimates, which is close to the
79% average of the past fourth quarters, the data showed.
    Investors are anxious to see if tech-related megacaps can
sustain recent strong earnings growth and whether earnings
growth could be broadening out to other sectors.
    Earlier Tuesday, GE Aerospace  GE.N  raised its full-year
profit outlook for a second time in four months, but trimmed its
revenue outlook and estimates for LEAP jet engine output this
year.
    Caroline Valetkevitch)
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