First Quarter Earnings Season
The numbers are in, and they are impressive. The first quarter was enormous for corporate America, and things look even better moving forward.
The good news is while the blistering pace of the first quarter will ease a bit; this is looking up to be a huge year for top and bottom line growth. These numbers are accumulated by FactSet with a great track record, although it’s a bit conservative.
One reason for the decline in the second quarter is energy that benefited from an easy year-to-year comparison in the first quarter. The recent pullback in crude could make it a drag on the overall results. I continue to see a period where OPEC cuts and a stall in U.S. rigs are coming back online, propelled by crude north of $55.00.
Also, the global economy is doing a lot better than many realize. Apple (AAPL) and Visa (V) were the real unsung heroes in strong earnings results from American companies. This growth will help with crude demand as well as for the remainder of 2017.
We get the jobs report on Friday. I think we’ll see a number north of 200,000 with higher wages being the real story. Until then, we have income and spending (consumers have gotten spooked the last couple of months). This number, along with consumer confidence, will give us a better handle.
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