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Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference at Steve Jobs Theater in Cupertino, California.The second-quarter earnings reporting season is about to begin and Bank of America has higher hopes for U.S. business results than the rest of Wall Street.
The firm said there is a "big beat ahead," forecasting overall S&P 500 earnings will come in 8% higher than the consensus of analysts' expectations. A fifth of S&P 500 companies report earnings next week with the consensus estimating earnings of $23.20 for the second quarter, a 44% decline year-over-year. Bank of America is forecasting earnings of $25.00. To be sure, the bank's estimate is still a 39% decline for earnings since last year.
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