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Companies fired "whale" losses, clawbacks and profit warnings at the market this week, building anticipation for next week, when earnings season swings into high gear.
“We’ve seen a lot of pre-announcements and profit growth is definitely slowing,” said John Fox, co-manager of the FAM value fund.
According to data from Thomson Reuters, analysts on average expect earnings for the S&P 500 to grow 6.5 percent in the second quarter. That’s down from 9.1 percent growth forecast back in April.
Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Merrill Lynch, noted that “What we’ve seen from company guidance suggests that stocks with more foreign exposure are starting to look riskier.”
Chip maker AMD , for instance, warned that sales may decline 11 percent from the first quarter,reflecting weakness in Europe and China. Earnings from Intel will be scrutinized next week following the AMD preannouncement and a warning from chip-equipment maker Applied Materials .
Qualcomm, Google, Microsoft and flash-drive maker SanDisk are also slated to report earnings next week.
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