The earnings pace as quickened this week and the results have not be stellar. By Monday afternoon, only 34 of the 498 stocks in the S&P 500 had reported. Of those 34 companies we saw total earnings up +16% from the same period last year, with 64.7% of them beating earnings expectations. Total revenues for these companies are up +5.5% and 41.2% of them reported positive top-line surprises.
As the week progressed, we saw revenue and earnings weakness start to materialize a bit more with Nokia ( ( NOK – Analyst Report ) ), Intel ( ( INTC – Analyst Report ) ), Bank of New York (BK), eBay ( ( EBAY – Analyst Report ) ) and others missing the mark. UnitedHealth saw their first-quarter earnings fall 14% as higher medical bills continued to outpace increased revenue, they were trading down today as well.
— Zacks Investment Research