Additionally, there were negative preannouncements from companies like Hewlett Packard Enterprise Co. TSLA, Nokia Oyj NOK, Discover Financial Services DFS, and Alcoa Corp. Some of the notable disappointments from the past week include Tesla, Inc.
The decline in earnings is largely due to downward revisions in earnings per share (EPS) estimates for Pfizer, Inc. The Week That Was: The blended year-over-year earnings of S&P 500 companies are expected to decrease by 0.4%, marking the fourth consecutive decline, according to Factset’s weekly earnings insights report.
After the first week of earnings, analysts have tempered their expectations for profit growth, anticipating a continuation of the profit-declining trend.
