80% of S&P 500 Companies Beat Estimates

Rick Winters, vice president at Adviser Investments, has the market analysis for Wednesday, August 8. Despite only minor movement on the major U.S. stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. indexes, the NASDAQ’s fractional gains propelled it to the index’s longest winning streak since March. In terms of earnings reports, we’ve now seen 80% of S&P 500-listed companies that have reported beat estimates, reflecting earnings and sales growth rates of 25% and 10%, respectively. Reporting today, CVS gained over 4% after topping expectations and raising its 2018 adjusted earnings outlook to $6.98 to $7.08 a share versus the previous range of $6.87 to $7.08. Meanwhile, Tesla’s stock fell 3% on reports of a potential Securities and Exchange Commission probe into Elon Musk’s recent Twitter post.