Pisani On Earnings

Bob Pisani just on CNBC with an earnings season update. {Because this is breaking on the tube I can't source it right now.  I will try to do so later.}

-2/3s of companies have now reported 1st quarter earnings.

-Quarter earnings estimate is now $26.44 on the S&P 500.  

-70% of these companies have beaten their bottom line estimates.

-Only 43% are beating on the bottom line. This translates to a 4.1% increase on bottom line increases and only a 1.8% increase on the top line.

-175 companies have raised dividends so far in 2013.

*Long ETFs related to the S&P 500 in client and personal accounts.

Update from earlier:  

Here's that link: CNBC.com-Bob Pisani-Trader Talk: Record Quarterly Earnings

Also there's one other little factoid in Pisani's subsequent post:

"About 70 percent of companies are beating estimates. Especially strong have been health care (72 percent beat), financials (75 percent beat), and even technology, where 70 percent have beat. Those are the three largest sectors in the S&P 500.  Companies are not just beating, they are beating on average by 5.7 percent—that is about the historical norm.  By the way, projections are for earnings growth of 7 percent this year. The market seems to be happy with anything around 5 percent earnings growth."

Technology's underperformance is largely attributed to Apple' Computer's 2013 decline.  If Apple is stabilizing, tech could prove interesting in the 2nd half of the year.  Also earnings growth of 7% this year implies S&P 500 earnings closer to $109-110.  The midpoint of that range currently gives the index a 14.5 forward PE and a 6.8% earnings yield.

*Certain clients hold legacy positions in Apple or have we have purchased it for them at their direction.