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Of the 19 percent of S&P 500 companies reporting earnings so far, 65 percent have beaten expectations, slightly better than the yearly average since 1994, according to Thomson Reuters data.
But the Fast Money pros says statistics like these aren’t really a guidepost for anything. Joe Terranova tells us that the results that inform his trading thesis are large mega-cap names that have the ability to move the needle.
“For me in financials it’s names like JPMorgan and Goldman Sachs,” he says. And this earnings season, both beat the Street. For Terranova that suggests upside. And in tech Terranova is focused on IBM and Microsoft . “Those results also spoke to me - they say things aren’t as bad as the bears would have you believe.Pete Najarian says much the same.
In tech he looks at Intel which said PC market growth rose 3% to $8.7 billion. “I’m not a perma-bull,” he insists, “but when everyone else says the PC market is dead, I look at these numbers and say it’s not quite that bad.”
And for a read on global growth he relies on GE .
Najarian says don’t get confused by GE’s sales or currency risk - what matters is guidance. “And GE forecast double digit growth,” he reminds. That suggests to Najarian that global growth, though not robust, is still strong enough to drive some gains in the market.
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