This table has been posted a few times in the last 14 weeks, but to save readers the trouble, all the previous end periods are included.
As of this weekend, of the Top 10 Market Cap weights within the SP 500, Microsoft and Amazon have shown the highest 2019 EPS revision in terms of percentage of the September 30th, 2018 estimate, while Apple, Facebook and Exxon have shown the most negative.
There are three Financial stocks within the top 10 market cap weights, and while JP Morgan and Bank of America have shown a small negative revision, Berkshire Hathaway has shown a positive revision, despite the press beating up Mr. Buffett about the Apple stake.
We saw a peak-to-trough 20% correction in the SP 500 from the Sept ’18 highs to the December ’18 lows, and yet only two stocks have shown anywhere close to that degree of negative revision in the Top 10 SP 500 names, and those are Apple and Exxon.
Instead of a recession, or economic collapse or anything economic, 2018 could have simply been a year of PE compression.
We’ll know more at the end of this coming week.