Better-Than-Estimated Earnings Pushes S&P Index to New Two-Month High
July 24 2012 - 8:20AM
Marketwired
The Standard & Poor's 500 Index recent rally has seen it reach
a new two-month high. A string of better-than-estimated earnings
and speculation that the poor economic data will force further
stimulus from the Federal Reserve have pushed stocks higher. The
SPDR S&P 500 ETF (SPY) has gained over 3 percent in the last
week. The Paragon Report examines investing opportunities in the
S&P 500 Index and provides equity research on 3M Co. (NYSE:
MMM) and Kraft Foods Inc. (NASDAQ: KFT).
Access to the full company reports can be found at:
www.ParagonReport.com/MMM www.ParagonReport.com/KFT
Recent data compiled by Bloomberg shows that out of the 99
S&P 500 companies who have reported quarterly results
approximately 70 percent of them have exceeded analyst estimates.
Data showed that analysts had projected second-quarter profits to
decline by 2.1 percent.
"The theme coming out in earnings is companies are coming in
short in revenue but still beat on earnings. Analysts have moved
their targets (lower) and companies still are lean and mean and are
able to generate profit," said Kim Forrest, senior equity research
analyst at Fort Pitt Capital.
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With $30 billion in sales, 3M employs 84,000 people worldwide
and has operations in more than 65 countries. 3M is scheduled to
release second quarter 2012 earnings on Thursday July 26, 2012, and
will host a conference call on July 26, 2012, at 8:00 a.m. CDT to
discuss the results. Shares of the company are up over 10 percent
year-to-date.
Kraft Foods will release its second quarter financial results on
Thursday, August 2, 2012, at 4 p.m. EDT and will host a conference
call at 5 p.m. EDT that day. In 2011 the company had total revenues
of $54.4 billion. Kraft recent hit a new 52-week high of $40.29;
shares of the company are up 7.5 percent year-to-date.
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above-mentioned publicly traded companies. Paragon Report is
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