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Strategies & Market Trends : FOLLOW THE GENERALS

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From: Jim Battaglia	7/25/2006 7:46:17 AM
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Earnings season began to heat up last week and the numbers are good. Positive surprises are outnumbering negative surprises by a ratio of 2.7:1. Second-quarter growth is running at 18.6% for companies that have reported - good, but admittedly down from 23.1% in the first quarter. Full-year earnings estimates, however, are basically unchanged. This is an important point because it means that analysts are maintaining their expectations for strong second-half growth in corporate earnings. In other words, concerns about an economic slowdown are not showing up in profit forecasts. PepsiCo topped expectations by three cents with profits of 80 cents per share. Net revenues rose 12%, boosted by growth in non-carbonated beverages and snacks. Citing positive momentum in its business, PEP projected full-year earnings of $2.95 per share - a two-cent increase from prior guidance.

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