Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.
"... Shifting gears, not that profit or credit cycles matter when the Janet waives her “dovish” day-trader wand, but Earnings Season officially ended yesterday and here’s the summary:
- SP500 (500 of 500 companies have reported) aggregate SALES down -4.0%
- SP500 aggregate EPS down -6.9%
- SP500 Sectors saw 6 of 10 report NEGATIVE earnings growth
- “Ex-Energy” (i.e. 40 of the 500 companies), there are still 460 companies!
- Industrials (65 companies) and Financials (90) companies had EPS of -5.9% and -5.4%, respectively"