CORPORATE AMERICA DOES IT AGAIN
Corporate America did it again. Companies blew by estimates and made strategists and analysts look silly (though we humbly suggest that we may have looked less silly than most in our earnings preview on July 12). S&P 500 earnings growth did not surprise by quite...
In our earnings preview commentary in mid-July, we wrote that we expected another quarter of solid upside surprises. Huge earnings growth rates were never in question, considering that so much of the U.S. economy was shut down during the year-ago quarter. But strong second-quarter economic data and rising earnings estimates pointed to faster earnings growth than the consensus estimate implied on July 1.