What Wall Street got wrong this earnings season, according to LBellCFRA via TradingNation
div > div.group > p:first-child"> Instead of the beginnings of an earnings recession, corporate profits are now expected to come in flat to slightly higher for the first three months of the year."Going into this reporting period, earnings estimates were cut from 5% positive growth on January 1 to negative 3% going into the earnings period.
Three sectors have led the earnings surge, Bell said:"We've seen technology companies as well as consumer staples companies and communication services companies, their numbers have been coming in the best so far. You're seeing the biggest moves there." Staples"companies are actually able to pass through price increases to the consumer, so that says a good thing about the consumer. They're still feeling very strong in the wake of commodity prices rising, transportation costs rising," she said.
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