Here's Some Good News On Corporate Earnings

Dan Greenhaus of BTIG (@danbtig) gives us an update on earnings season so far. Short version, so far, corporate earnings are holding up just fine:

Of course, we're right in the middle of earnings season (129 companies report this coming week, second chart below) and in that regard, the bounce appears somewhat justified. While there has been a poor reception to several high profile reports, earnings reports this week overall were just fine. Indeed, broad earnings expectations have actually ticked up. Large companies such as BLK, CSX, AXP and DAL all beat EPS estimates while several others (URI, TXT, ADS) were greeted quite warmly by investors (it's still way too early to read into earnings season. Exactly half the companies that reported last week traded higher while half traded lower). Certainly, there's more to the stock market than earnings but better earnings can't hurt.