As we head into the thick of earnings season, we know what question you want answered. Who’s going to beat the Street?
Despite the negative sentiment generated by GE [ GE 15.60 
+0.00 (+0.00%) ] and BofA [ BAC 14.47 
-0.01 (-0.07%) ] on Friday, we’re still on track to have a strong number of earnings ‘beats.’
You read that right, in his blog Behind The Money Fast Money series producer John Melloy writes, "of the companies that have reported, 79 percent of them have put out profits that surpassed analyst estimates, according to Thomson Reuters." "If that figure holds up when the rest of the index members report, it will pass the previous 'beat' record for a quarter of 73 percent. (That record occurred during two previous earnings seasons since Thomson started keeping the data in 1994: the second quarter of this year and first quarter of 2004.)S&P 500 Earnings Scorecard61% - Historical Beat Percentage Avg. (since 1994)73% - Highest Beat Percentage (Q1 2004, Q2 2009)79% - Beat Percentage This Qtr. (61 Cos. reporting)Source: Thomson Reuters
Joe Terranova thinks the momentum in the market continues. And he thinks the following companies will send the bulls off and running.Joe's ‘Beats Monday – Steel Dynamics [ STLD 15.43 +0.58 (+3.91%) ]Tuesday – Peabody Energy [ BTU 42.37 +1.92 (+4.75%) ]Wednesday – Freeport McMoRan [ FCX 71.58 +2.38 (+3.44%) ]Thursday – Occidental Petroleum [ OXY 77.91 +1.61 (+2.11%) ]Friday - Schlumberger [ SLB 63.76 +1.64 (+2.64%) ]
My concern is that a lot of positive expectations are already baked into these stocks, counters Pete Najarian. We’ll have to wait and see.
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