It is the busiest week of earnings season. The Dow has a three-day losing streak, but the S&P 500 is coming off its first gain in three days and the Nasdaq saw its first gain in four sessions yesterday. (CNBC)
Consensus estimates are calling for a 21% year-over-year increase in S&P 500 Index earnings for the quarter, setting up a second-straight quarter of 20+ growth. Should results come in ahead of expectations, it would mark the 37th consecutive quarter of earnings exceeding expectations. Tax cuts, strong manufacturing activity, a weaker U.S. dollar and higher oil prices all point to strong results. With 87 S&P 500 companies having reported, the season is off to a good start: 84% of companies have exceeded earnings estimates. (LPL)
Papa John’s has adopted a shareholder rights plan which would be implemented if a shareholder amasses a 15 percent stake in the company. The plan is designed to prevent a shareholder from gaining control of the pizza chain and is seen as a move to thwart founder John Schnatter from taking control. (CNBC)
Alphabet reported a profit of $11.75 per share. Revenue rose 25 percent yoy, helped by a 58 percent jump in paid clicks. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.