The second quarter earnings season has kicked off and in this report Peter Garnry, equity strategist, Saxo Bank, takes a look at some of the majors that have reported so far and gives insight into indications of emerging trends.
Apple was the star performer so far, well exceeding forecasts. IBM also beat estimates so the scene is set for a strong performance of technology stocks.
Meanwhile, Swedish industrials like Atlas Copco, Sandvik and Electrolux missed the mark as analysts seem to have got a bit carried away, spurred on by the strong macro backdrop in the companies' backyard. Hence, several stocks dropped after reporting earnings.
The first cats out ouf the bag were the big banks, as always, though apart from less loan loss provisions their earnings stories remain quite mixed.