The market needs leadership, especially beyond technology. That said, there are numerous industries that are outperforming, including pockets of retail and restaurants.
It’s the plague of any earnings season, but this time around, the reaction to results and guidance has been treacherous. Even with a blending earnings growth of 24.6%, the best since the fourth quarter of 2010 - and confident guidance - many would-be winners are getting slammed. See Western Digital (WDC).
Of course, earnings are backward-looking, but it does speak to execution, momentum, and guidance. The reaction to earnings is also a mix of science and emotion, which means low expectations can spark huge moves in benign earnings beats while fantastic earnings results can often be greeted with huge stock sell-offs.
Earnings Scoreboard and Sector Performance
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