Dowzones live , Halfway into earnings season, company profits head for worst fall since 2009
With 55% of S&P 500 companies reporting earnings thus far , company profits are headed for worst fall since 2009.
For the primary quarter of 2020 to May Day , the blended earnings decline for the S&P 500 is 13.7%, consistent with FactSet.
“If -13.7% is that the actual decline for the quarter, it might mark the most important year-over-year decline in earnings reported .
At a time when company earnings are falling the foremost since 2009 amid the coronavirus pandemic.
That’s consistent with data compiled by FactSet and published during a note Friday.
Fifty-five percent of S&P 500 companies have reported earnings so far , and therefore the blended earnings decline is 13.7%.
Last week was the busiest week in earnings reports, with four of the world’s largest companies reporting results.
In fact, during the month of April, there have been record-high cuts to S&P 500 per-share earnings estimates for the second quarter of 2020.
The second quarter bottom-up earnings-per-share estimate declined by 28.4% in April to $26.46.
The individual sectors that are reporting year-over-year growth in half-moon earnings include healthcare, consumer staples.
Dowzones live now sectors leading the decline in earnings for the quarter include consumer discretionary.