The US profit reporting season cranks up a notch in the coming week with a bevy of household names expected to release their quarterly earnings results.
On Monday, 13 companies are listed to report, including Citigroup and Wynn Resorts. On Tuesday, there are 37 companies listed to report, including Harley-Davidson, Charles Schwab, Peabody Energy, Coca Cola, Goldman Sachs, State Street, Intel and Yahoo!
On Wednesday, 67 companies are listed by Briefing.com to issue profit results. Amongst companies to report are IBM, Bank of NY, Bank of America, U.S. Bancorp, eBay, American Express, and YUM! Brands.
On Thursday, the biggest day of the season so far will occur with 120 companies to report. Included are Morgan Stanley, Nokia, Verizon, Advanced Micro Devices, Microsoft and E*Trade.
And, on Friday, General Electric, Xerox, and Vodafone are amongst 14 companies to issue earnings results.
Fears of a slowing US economy, fallout from Europe’s debt woes and weakening growth in China have resulted in analysts slashing profit estimates for not just the June quarter but also the September quarter. And profits are tipped to fall by 2% for Standard & Poor’s 500 companies for this season. The risk is that earnings expectations are actually too low, leaving the risk of upward surprises.
Savanth Sebastian is an economist at CommSec.
Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.
