U.S. company profits even bigger than Wall Street's lofty targets
Much stronger-than-expected profit reports from U.S. companies in recent weeks have ratcheted up already high Wall Street forecasts on how second-quarter earnings growth will look versus last year.
Nearly 89% of the reports are beating analysts' second-quarter profit estimates - the highest percentage on record, based on Refinitiv data going back to 1994.A gangbuster second quarter is expected to mark a peak for recent U.S. earnings growth as companies recover from the depths of last year's pandemic-induced profit collapse.
"Except for a few disappointments here and there, everybody has had solid earnings. It has been a tremendous earnings season, but it was supposed to be," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
"It will be interesting when you start getting deeper into third and fourth quarters. The market might be anticipating a bit of a trip-up."Third-quarter earnings are estimated to climb 29.6% from a year-ago quarter. Fourth-quarter earnings are seen gaining 21.2%, based on Refinitiv data. headtopics.com
In aggregate, companies are reporting earnings 16.6% above expectations, compared with an average of 20.1% for the prior four quarters and an average of 3.9% going back to 1994, based on Refinitiv data. Read more: Reuters Top News »
Gavin Newsom holds onto his job as California governor, CNN projects
California's Democratic Gov. Gavin Newsom has defeated the effort to remove him from office, according to a projection from the CNN Decision Desk, capping off a recall effort that was born in partisan anger over his pandemic response but ended with a vote of confidence in his strategy to combat it.
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