Despite Strong Start To Earnings Season, EPS Estimates Continue To Slide

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As we enter Week 2 of earnings season, 30 S&P 500 companies, or 9% of earnings have reported, of which the most notable so far include four Financials and two Industrials reporting results last week, with only Wells Fargo missing EPS estimates.

Among the earlier reported, JPMorgan beat on sales and EPS, topping expectations across most businesses; likewise, Delta Air Lines confirmed consumer strength, citing strong travel demand especially for premium tickets, and Fastenal’s results were encouraging for Industrials.

Yet despite the strong (early) start, Bank of America notes that bottom-up 1Q EPS fell a few cents last week (to $37.23 from

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