What We’ve Learned So Far In 2Q20 Reporting Season - a podcast by Lori Calvasina

In this edition, Lori discusses her takeaways from 2Q20 earnings season so far. She and her team recently did a deep dive into the trends in beats rates, forward-looking revisions, and commentary on earnings calls for the 63% of S&P 500 companies that had reported 2Q results as of Friday, July 31^st. Three big things you need to know: (1) Similar to May and June economic data, 2Q earnings have been less bad than feared, but the reaction in the stock market has been very mixed – up until the big Tech results came in at the end of the month. (2) The rate of upward EPS estimate revisions (earnings sentiment) has continue to surge, but we are on guard for a peak before too long. (3) Among the major sectors, Consumer Staples and Tech have been positive standouts, while Energy and REITs have been negative standouts.

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