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Did you buy this rumor...do you sell this news? Many equity funds are up about 10 - 20 % thus far this year with little volatility. S&P 500 up 18% (including dividends).Nearly 89% of the reports are beating analysts' second-quarter profit estimates - the highest percentage on record, based on Refinitiv data going back to 1994.
A gangbuster second quarter is expected to mark a peak for recent U.S. earnings growth as companies recover from the depths of last year's pandemic-induced profit collapse.
https://reuters.com/business/us-company-profits-even-bigger-than-wall-streets-lofty-targets-2021-08-03/Third-quarter earnings are estimated to climb 29.6% from a year-ago quarter. Fourth-quarter earnings are seen gaining 21.2%, based on Refinitiv data.
In aggregate, companies are reporting earnings 16.6% above expectations, compared with an average of 20.1% for the prior four quarters and an average of 3.9% going back to 1994, based on Refinitiv data.