'The Other 493' Set To Grow More Than 'Magnificent 7' This Earnings Season: Bank Of America

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'The Other 493' Set To Grow More Than 'Magnificent 7' This Earnings Season: Bank Of America - Benzinga

Quick Summary:

Behind the weaker-than-expected forecasts, analysts cited the weak macroeconomic data last quarter.“Economic Surprise Index is at the lowest level since June 2015. The historical relationship points to a 3% EPS miss,” Bank of America wrote.‘Magnificent 7 vs.

The second quarter is projected to be the first in which the “Other 493” companies — those outside the “Magnificent 7” tech giants — will exhibit earnings growth after five quarters of stagnation or decline.

Bank of America’s analysts, Ohsung Kwon, CFA and Savita Subramanian, presented a more conservative outlook on Q2 earnings for U.S.companies compared to consensus estimates.