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BANK OF AMERICA: 'Beware of crowded stocks that miss' during the most impressive earnings season in 5 years

Published by Business Insider on Mon, 24 Jul 2017


Only about a third of companies on the S&P 500 have reported earnings, and they are outpacing Wall Street's expectations so far. "Overall, 68% of companies beat on EPS, 75% beat on sales and 53% beat on boththe highest proportion of top and bottom-line beats at this point during earnings season in over five years,"a group of Bank of America Merrill Lynchequity strategists led by SavitaSubramanian said in a note on Monday.Although there's always pressure to demonstrateearnings growth and beat Wall Street's forecasts, the stakes are higher now with record stock prices and high valuations. This can be seenin the trendof investors increasingly punishing companies that miss on earnings.Amid the most earnings beats in over five years, "beware of crowded stocks that miss," Subramanian said."Companies which missed expectations have underperformed by 6ppt on average the day following results, whereas those that beat have outperformed by a mere 50bplarger alpha from misses is a trend we have noted in recent quarters as well," she said.They wrote at the start of thebusiest week of second-quarter earnings, withcompanies includingAlphabet, Facebook, and Amazon set to report.SEE ALSO:Stock moves are 'downright insane' after earnings, and investors have to get it rightDON'T MISS:The market is getting 'more discriminating' during earnings seasonJoin the conversation about this storyNOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy
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