Once again, stocks have delivered an upset. Despite the havoc wreaked by COVID-19 during the second quarter, corporate profits have generally been better-than-expected. So far, 88% of S&P 500-listed companies have reported earnings results, and of these, 58% have exceeded expectations “by more than a standard deviation of estimates,” according to Goldman Sachs strategist David Kostin.Sure, Kostin notes the bar was set “extremely low,” but the results do warrant an estimate revision to the upside. To this end, the strategist now forecasts 2020 S&P 500 EPS of $130, up from $115, with this call still landing 21% below 2019 earnings. …read more
Source:: Yahoo Finance
