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Quant Briefing:Earnings Surprise Monitor
Yardeni Research, Inc.
May 7, 2018
Dr. Ed Yardeni516-972-7683
Joe Abbott732-497-5306
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
S&P 500 Earnings & Revenue Surprise Summary 1S&P 500/400/600 Earnings Surprise for Current Quarter 2S&P 500/400/600 Revenue Surprise for Current Quarter 3S&P 500/400/600 Change in Shares Outstanding 4S&P 500 Revenue & Earnings % Surprise 5S&P 500 Revenue & Earnings % of Companies +/- 6S&P 500 Revenue & Earnings Surprise ex-Energy 7S&P 500 Revenue & Earnings Surprise ex-Financials 8S&P 500 Revenue & Earnings Growth ex-Energy 9S&P 500 Revenue & Earnings Growth ex-Financials 10S&P 500 Sectors Quarterly Earnings Surprises 11-12S&P 500 Sectors Quarterly Revenue Surprises 13-14S&P 500 Sectors Quarterly Earnings Growth 15S&P 500 Sectors Quarterly Revenue Growth 16
S&P 500 Earnings & Revenue Surprise Summary
Page 1 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
S&P 500 Earnings & Revenue Surprise Summary
Page 1 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
% Earnings Surprise
% Y/Y Earnings Growth
% With Positive Surprise
% With Negative Surprise
% With Positive Y/Y Growth
% With Negative Y/Y Growth
# Companies Reported
Q1-2018 7.1 24.8 79.6 14.1 85.9 12.9 417Q4-2017 5.0 16.7 76.1 16.8 77.5 20.0 500Q3-2017 5.4 8.1 72.5 19.9 69.1 28.3 500Q2-2017 5.6 11.7 72.7 19.3 70.1 27.3 500Q1-2017 6.7 11.2 76.0 18.1 62.6 36.6 500Q4-2016 3.7 10.0 68.2 22.5 68.4 28.2 500Q3-2016 6.4 4.3 72.2 20.2 69.5 28.4 500Q2-2016 4.6 -2.2 71.7 17.9 61.0 36.0 500Q1-2016 4.9 -5.7 71.8 21.8 54.6 43.3 500Q4-2015 3.8 -3.6 68.3 22.0 51.5 45.6 500Q3-2015 5.6 -0.7 68.1 23.0 58.7 38.7 500Q2-2015 5.3 1.5 69.7 21.7 61.6 36.5 500Q1-2015 6.8 2.1 67.7 24.3 63.1 33.6 500Q4-2014 4.4 6.8 68.9 20.7 70.0 27.3 500Q3-2014 4.6 10.0 73.1 18.9 75.7 22.3 500Q2-2014 2.8 7.9 66.6 23.4 75.7 22.4 500Q1-2014 5.2 4.1 67.8 22.7 67.2 27.7 500Q4-2013 3.3 9.4 64.8 23.9 68.7 28.2 500Q3-2013 2.2 4.9 66.6 22.9 71.8 25.5 500Q2-2013 3.0 4.1 66.0 24.5 68.5 30.1 500Q1-2013 4.4 3.9 65.6 25.3 66.9 30.0 500Q4-2012 5.2 6.2 68.1 22.4 64.4 33.1 500Q3-2012 4.4 0.6 64.4 25.5 61.3 37.3 500Q2-2012 4.2 7.0 66.7 24.5 63.6 35.0 500Q1-2012 4.8 7.8 66.3 23.5 64.0 33.5 500Q4-2011 4.8 9.0 62.7 27.2 67.3 30.5 500Q3-2011 6.2 21.9 69.6 20.3 75.8 22.1 500Q2-2011 6.0 11.8 70.5 19.4 77.3 20.9 500Q1-2011 7.8 19.7 67.1 22.7 71.8 25.3 500Q4-2010 6.6 211.1 69.6 21.1 76.4 21.5 500Q3-2010 6.7 39.1 72.3 18.5 75.4 22.1 500Q2-2010 9.9 27.9 74.5 16.1 76.7 20.8 500Q1-2010 15.0 64.0 77.4 15.1 73.3 24.8 500Q4-2009 6.9 -/+ 72.2 17.7 62.1 35.7 500Q3-2009 17.1 -11.4 78.8 14.6 43.5 54.1 500Q2-2009 17.1 -26.7 73.4 19.0 30.7 66.9 500Q1-2009 5.5 -33.8 64.9 26.7 na na 500
% Revenue Surprise
% Y/Y Revenue Growth
% With Positive Surprise
% With Negative Surprise
% With Positive Y/Y Growth
% With Negative Y/Y Growth
# Companies Reported
Q1-2018 1.1 8.1 76.1 23.9 87.4 12.6 414Q4-2017 1.2 8.2 76.4 23.6 87.5 12.3 500Q3-2017 1.3 5.8 67.6 32.4 78.8 21.2 500Q2-2017 1.0 5.2 68.4 31.6 78.7 21.3 500Q1-2017 0.7 8.0 63.1 36.9 39.4 14.2 500Q4-2016 0.1 4.3 51.1 48.9 71.1 33.3 500Q3-2016 0.2 2.6 54.2 45.8 66.7 33.3 500Q2-2016 0.1 0.2 53.2 46.8 57.8 42.0 500Q1-2016 -0.3 -1.4 52.4 47.4 55.2 44.8 500Q4-2015 -0.5 -4.1 45.9 53.9 46.8 52.8 500Q3-2015 -0.2 -3.9 43.1 56.7 51.4 48.6 500Q2-2015 0.6 -3.7 48.4 51.6 52.2 47.8 500Q1-2015 0.0 -3.9 43.2 56.8 55.2 44.8 500Q4-2014 1.6 1.9 57.9 42.1 68.9 31.1 500Q3-2014 0.3 4.2 59.7 40.3 72.2 27.8 500Q2-2014 1.3 3.2 63.8 36.0 74.9 25.1 500Q1-2014 0.0 2.7 52.2 47.8 71.0 28.7 500Q4-2013 0.3 1.1 61.4 38.4 69.8 30.0 500Q3-2013 1.0 3.4 54.0 46.0 71.6 28.2 500Q2-2013 0.9 2.0 53.4 46.6 70.7 29.1 500Q1-2013 -0.9 -0.2 45.8 54.0 64.3 35.5 500Q4-2012 0.4 1.8 63.9 35.3 70.1 29.9 500Q3-2012 -1.2 0.6 39.9 59.9 56.9 42.7 500Q2-2012 -0.3 0.2 40.4 59.6 62.0 38.0 500Q1-2012 1.1 5.4 64.9 35.1 73.2 26.8 500Q4-2011 0.2 6.7 55.7 44.3 75.8 23.8 500Q3-2011 1.5 10.9 60.4 39.6 81.2 18.8 500Q2-2011 2.8 11.8 73.4 26.6 84.6 14.9 500Q1-2011 1.1 9.5 66.3 33.7 77.8 22.2 500Q4-2010 1.8 8.4 64.0 36.0 79.0 21.0 500Q3-2010 0.7 8.5 60.6 39.4 80.7 19.1 500Q2-2010 0.0 7.2 61.1 38.9 78.0 21.8 500Q1-2010 1.2 11.4 67.9 32.1 78.2 21.8 500Q4-2009 1.4 4.5 69.5 30.5 56.3 43.3 500Q3-2009 0.2 -11.7 58.3 41.5 29.8 70.0 500Q2-2009 0.1 -14.1 49.2 60.6 25.0 74.8 500Q1-2009 -0.1 -10.6 36.5 63.5 na na 500
% surprise = difference between actual and consensus estimate at the time of the earnings report. Source: Thomson Reuters I/B/E/S and Yardeni Research, Inc.
Table 1A: S&P 500 Earnings Surprise (as of May 7, 2018)
Table 1B: S&P 500 Revenue Surprise
S&P 500/400/600 Earnings Surprise for Current Quarter
Page 2 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
S&P 500/400/600 Earnings Surprise for Current Quarter
Page 2 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Table 2A: S&P Indexes Aggregate Earnings Surprise Q1-2018 (as of May 7, 2018)
Sector % EPS Surprise
ExpectedY/Y EPS
Growth (%)
Actual Y/Y EPS Growth
(%)
%CompaniesReported
% with Positive EPS
Surprise
% with Negative
EPSSurprise
% with On Target EPS
% with Positive Y/Y EPS Growth
% with Negative Y/Y EPS Growth
% with Flat Y/Y EPS Growth
S&P 500 LargeCap 7.1 16.5 24.8 83.4 79.6 14.1 6.2 85.9 12.9 1.2 S&P 400 MidCap 9.8 16.5 27.9 76.0 73.7 20.7 5.6 78.9 19.1 2.0 S&P 600 SmallCap 9.1 10.2 20.3 65.3 62.0 29.3 8.7 70.2 29.1 0.8LargeCap Sectors Consumer Discretionary 12.4 1.7 14.2 62.8 75.5 18.4 6.1 71.4 24.5 4.1 Consumer Staples 4.5 7.9 12.8 76.5 84.6 15.4 0.0 96.2 3.8 0.0 Energy 10.4 66.5 83.9 87.1 74.1 14.8 11.1 85.2 14.8 0.0 Financials 5.0 22.5 28.6 98.6 80.9 10.3 8.8 88.2 11.8 0.0 Health Care 5.0 11.3 16.9 85.2 88.5 7.7 3.8 90.4 9.6 0.0 Industrials 10.9 12.3 24.6 94.3 80.3 12.1 7.6 90.9 9.1 0.0 Information Technology 8.7 19.3 29.8 72.1 91.8 2.0 6.1 93.9 6.1 0.0 Materials 2.3 20.6 23.4 88.0 77.3 18.2 4.5 100.0 0.0 0.0 Real Estate 27.1 -10.0 14.4 93.9 64.5 32.3 3.2 64.5 29.0 6.5 Telecommunication Services 1.5 17.0 18.7 66.7 50.0 50.0 0.0 100.0 0.0 0.0 Utilities 5.3 10.0 15.8 89.3 64.0 28.0 8.0 72.0 24.0 4.0MidCap Sectors Consumer Discretionary 4.1 10.9 15.5 58.3 71.4 20.0 8.6 74.3 25.7 0.0 Consumer Staples 7.7 12.5 21.2 62.5 80.0 20.0 0.0 80.0 20.0 0.0 Energy 51.7 57.4 79.4 87.5 28.6 57.1 14.3 61.9 38.1 0.0 Financials 4.0 24.3 29.2 93.3 67.9 19.6 12.5 91.1 8.9 0.0 Health Care 27.3 6.0 34.9 68.8 86.4 13.6 0.0 86.4 9.1 4.5 Industrials 10.9 20.0 33.0 82.5 85.1 12.8 2.1 87.2 10.6 2.1 Information Technology 10.0 11.0 22.1 69.8 81.8 15.9 2.3 72.7 25.0 2.3 Materials 5.0 35.8 42.6 89.7 73.1 23.1 3.8 80.8 19.2 0.0 Real Estate 31.3 -5.1 24.7 69.2 70.4 29.6 0.0 55.6 33.3 11.1 Telecommunication Services 65.2 -37.7 3.0 100.0 100.0 0.0 0.0 100.0 0.0 0.0 Utilities 12.5 4.5 17.6 78.9 86.7 6.7 6.7 86.7 13.3 0.0SmallCap Sectors Consumer Discretionary 9.3 7.0 17.0 50.0 60.4 32.1 7.5 69.8 30.2 0.0 Consumer Staples -3.3 73.1 67.5 50.0 55.6 33.3 11.1 77.8 22.2 0.0 Energy 229.9 133.6 210.7 64.5 60.0 25.0 15.0 80.0 20.0 0.0 Financials 5.8 14.3 21.0 87.8 63.3 27.8 8.9 81.0 19.0 0.0 Health Care -1.4 8.5 7.0 57.3 48.8 32.6 18.6 72.1 27.9 0.0 Industrials 9.7 15.5 26.7 72.5 66.2 29.7 4.1 75.7 24.3 0.0 Information Technology 13.2 1.7 15.1 59.6 75.0 17.9 7.1 69.6 28.6 1.8 Materials 21.1 0.2 21.4 76.5 65.4 34.6 0.0 69.2 30.8 0.0 Real Estate -27.1 -40.1 -56.3 64.7 50.0 36.4 13.6 13.6 77.3 9.1 Telecommunication Services 50.8 -34.9 33.6 66.7 50.0 33.3 16.7 50.0 50.0 0.0 Utilities 2.5 1.3 3.8 57.1 25.0 75.0 0.0 25.0 75.0 0.0
Table 2B: Slices & Dices
Sector/Industries % EPS Surprise
ExpectedY/Y EPS
Growth (%)
Actual Y/Y EPS Growth
(%)
%CompaniesReported
% with Positive EPS
Surprise
% with Negative
EPSSurprise
% with On Target EPS
% with Positive Y/Y EPS Growth
% with Negative Y/Y EPS Growth
% with Flat Y/Y EPS Growth
LargeCap S&P 500 ex-Energy 7.0 14.6 22.6 83.2 80.0 14.1 5.9 85.9 12.8 1.3 S&P 500 ex-Financials & Real Estat 7.4 15.4 24.0 79.9 80.8 13.2 6.0 87.4 11.6 0.9 S&P 500 ex-Tech 6.7 15.7 23.5 85.2 78.0 15.8 6.3 84.8 13.9 1.4 S&P 500 Retail Composite 16.3 8.7 26.5 40.0 42.9 42.9 14.3 78.6 21.4 0.0 S&P 500 Discretionary Retail 40.1 3.7 45.3 34.5 40.0 40.0 20.0 70.0 30.0 0.0 S&P 500 Staples Retail 1.3 12.1 13.6 66.7 50.0 50.0 0.0 100.0 0.0 0.0 S&P 500 Industrials Composite 7.5 15.6 24.3 78.7 82.1 12.1 5.7 88.9 10.4 0.7 S&P 500 Transportation 6.6 19.9 27.7 92.9 84.6 7.7 7.7 84.6 15.4 0.0 S&P 500 Industrials ex-GE 9.7 17.4 28.7 - - - - - - - S&P 500 ex-Apple 7.4 15.9 24.5 - - - - - - - Information Technology ex-Apple 10.9 17.0 29.7 - - - - - - -MidCap S&P 400 ex-Energy 9.6 16.0 27.2 75.3 77.0 18.0 4.9 80.2 17.7 2.1 S&P 500 ex-Financials & Real Estat 10.7 15.4 27.7 73.4 75.6 19.9 4.5 78.7 19.9 1.4 S&P 400 ex-Tech 9.7 17.6 29.0 77.2 72.3 21.5 6.2 80.0 18.1 1.9 S&P 400 Retail Composite -10.9 -31.5 -39.0 50.0 33.3 55.6 11.1 66.7 33.3 0.0 S&P 400 Discretionary Retail -0.6 -2.3 -2.9 40.0 33.3 50.0 16.7 83.3 16.7 0.0 S&P 400 Staples Retail -8.5 -56.8 -70.2 100.0 33.3 66.7 0.0 33.3 66.7 0.0 S&P 400 Industrials Composite 10.3 16.3 28.3 72.2 74.1 21.3 4.6 77.2 21.3 1.5 S&P 400 Transportation 15.9 37.4 59.3 100.0 88.9 11.1 0.0 100.0 0.0 0.0SmallCap S&P 600 ex-Energy 8.2 8.2 17.0 65.4 62.1 29.6 8.3 69.6 29.6 0.8 S&P 500 ex-Financials & Real Estat 12.2 11.8 25.4 61.1 62.5 29.2 8.2 71.5 28.2 0.3 S&P 600 ex-Tech 8.4 11.8 21.2 66.4 59.8 31.3 8.9 70.2 29.2 0.6 S&P 600 Retail Composite -4.2 2.0 -2.3 39.1 55.6 38.9 5.6 55.6 44.4 0.0 S&P 600 Discretionary Retail -0.9 5.3 4.4 39.5 58.8 35.3 5.9 58.8 41.2 0.0 S&P 600 Staples Retail -22.8 -13.1 -33.0 33.3 0.0 100.0 0.0 0.0 100.0 0.0 S&P 600 Industrials Composite 12.0 12.2 25.7 60.5 62.0 29.7 8.3 71.4 28.3 0.4 S&P 600 Transportation 22.7 15.9 42.3 84.6 90.9 0.0 9.1 90.9 9.1 0.0
Source: Thomson Reuters I/B/E/S and Yardeni Research.
S&P 500/400/600 Revenue Surprise for Current Quarter
Page 3 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
S&P 500/400/600 Revenue Surprise for Current Quarter
Page 3 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Table 2B: S&P Indexes Aggregate Revenue Surprise Q1-2018 (as of May 7, 2018)
Sector % Sales Surprise
ExpectedY/Y Sales
Growth (%)
Actual Y/Y Sales
Growth (%)
%CompaniesReported
% with Positive
SalesSurprise
% with Negative
SalesSurprise
% with On Target Sales
% with Positive Y/Y
SalesGrowth
% with Negative Y/Y
SalesGrowth
% with Flat Y/Y Sales Growth
S&P 500 LargeCap 1.1 6.9 8.1 82.5 76.1 23.9 0.0 87.4 12.6 0.0 S&P 400 MidCap 2.9 7.0 10.1 75.4 70.8 29.2 0.0 80.1 19.9 0.0 S&P 600 SmallCap 2.2 7.9 10.3 67.5 70.3 29.7 0.0 82.6 17.4 0.0LargeCap Sectors Consumer Discretionary 2.6 6.3 9.1 61.3 77.6 22.4 0.0 81.6 18.4 0.0 Consumer Staples 0.9 4.5 5.5 76.5 69.2 30.8 0.0 88.5 11.5 0.0 Energy -0.8 13.6 12.7 87.1 66.7 33.3 0.0 81.5 18.5 0.0 Financials -1.3 3.2 1.8 94.2 64.6 35.4 0.0 87.7 12.3 0.0 Health Care 0.8 6.9 7.8 85.2 75.0 25.0 0.0 90.4 9.6 0.0 Industrials 2.8 6.4 9.4 94.3 87.9 12.1 0.0 97.0 3.0 0.0 Information Technology 2.3 12.5 15.1 72.1 93.9 6.1 0.0 91.8 8.2 0.0 Materials 1.0 9.7 10.8 88.0 72.7 27.3 0.0 86.4 13.6 0.0 Real Estate 6.6 7.1 14.2 93.9 83.9 16.1 0.0 80.6 19.4 0.0 Telecommunication Services -1.1 2.0 0.9 66.7 50.0 50.0 0.0 50.0 50.0 0.0 Utilities 2.4 1.4 3.8 89.3 52.0 48.0 0.0 76.0 24.0 0.0MidCap Sectors Consumer Discretionary 2.7 4.3 7.1 57.6 70.6 29.4 0.0 85.3 14.7 0.0 Consumer Staples 2.5 6.1 8.7 62.5 90.0 10.0 0.0 80.0 20.0 0.0 Energy 6.7 6.8 13.9 87.5 66.7 33.3 0.0 57.1 42.9 0.0 Financials 1.7 6.7 8.5 91.7 49.1 50.9 0.0 78.2 21.8 0.0 Health Care 0.4 2.6 3.0 68.8 68.2 31.8 0.0 72.7 27.3 0.0 Industrials 3.2 12.2 15.8 82.5 85.1 14.9 0.0 91.5 8.5 0.0 Information Technology 2.4 8.5 11.1 69.8 75.0 25.0 0.0 81.8 18.2 0.0 Materials 1.3 6.4 7.8 89.7 76.9 23.1 0.0 88.5 11.5 0.0 Real Estate 3.4 2.7 6.1 69.2 81.5 18.5 0.0 74.1 25.9 0.0 Telecommunication Services -2.0 1.0 -1.1 100.0 0.0 100.0 0.0 0.0 100.0 0.0 Utilities 7.2 7.1 14.8 73.7 64.3 35.7 0.0 78.6 21.4 0.0SmallCap Sectors Consumer Discretionary 2.8 8.2 11.2 49.5 65.4 34.6 0.0 75.0 25.0 0.0 Consumer Staples -4.1 22.2 17.3 47.4 55.6 44.4 0.0 100.0 0.0 0.0 Energy 3.9 18.0 22.6 64.5 75.0 25.0 0.0 85.0 15.0 0.0 Financials -1.9 9.1 7.0 86.7 47.4 52.6 0.0 78.2 21.8 0.0 Health Care 1.0 2.5 3.5 57.3 67.4 32.6 0.0 81.4 18.6 0.0 Industrials 3.8 7.5 11.5 72.5 81.1 18.9 0.0 89.2 10.8 0.0 Information Technology 3.7 5.1 9.0 59.6 87.5 12.5 0.0 89.3 10.7 0.0 Materials 2.5 9.6 12.4 86.7 73.1 26.9 0.0 88.5 11.5 0.0 Real Estate 0.3 3.1 3.4 100.0 77.3 22.7 0.0 68.2 31.8 0.0 Telecommunication Services 0.7 0.8 1.6 100.0 100.0 0.0 0.0 66.7 33.3 0.0 Utilities 10.2 -0.3 9.9 100.0 75.0 25.0 0.0 75.0 25.0 0.0
Table 3B: Slices & Dices
Sector/Industries % Sales Surprise
ExpectedY/Y Sales
Growth (%)
Actual Y/Y Sales
Growth (%)
%CompaniesReported
% with Positive
SalesSurprise
% with Negative
SalesSurprise
% with On Target Sales
% with Positive Y/Y
SalesGrowth
% with Negative Y/Y
SalesGrowth
% with Flat Y/Y Sales Growth
LargeCap S&P 500 ex-Energy 1.3 6.2 7.6 82.2 76.7 23.3 0.0 87.9 12.1 0.0 S&P 500 ex-Financials & Real Estat 1.4 7.6 9.2 79.5 77.7 22.3 0.0 88.1 11.9 0.0 S&P 500 ex-Tech 0.9 6.3 7.2 84.1 73.7 26.3 0.0 86.8 13.2 0.0 S&P 500 Retail Composite 1.6 16.5 18.3 40.0 85.7 14.3 0.0 92.9 7.1 0.0 S&P 500 Discretionary Retail 1.9 27.8 30.2 34.5 80.0 20.0 0.0 100.0 0.0 0.0 S&P 500 Staples Retail 1.0 3.8 4.9 66.7 100.0 0.0 0.0 75.0 25.0 0.0 S&P 500 Industrials Composite 1.4 7.9 9.4 78.2 80.4 19.6 0.0 88.6 11.4 0.0 S&P 500 Transportation 1.6 7.1 8.8 92.9 69.2 30.8 0.0 100.0 0.0 0.0 S&P 500 Industrials ex-GE 2.7 7.2 10.1 - - - - - - - S&P 500 ex-Apple 1.1 6.7 7.9 - - - - - - - Information Technology ex-Apple 2.9 11.8 15.0 - - - - - - -MidCap S&P 400 ex-Energy 2.4 7.1 9.6 74.7 71.1 28.9 0.0 81.8 18.2 0.0 S&P 500 ex-Financials & Real Estat 3.0 7.2 10.4 73.0 74.9 25.1 0.0 81.3 18.7 0.0 S&P 400 ex-Tech 2.9 6.8 9.9 76.5 70.0 30.0 0.0 79.8 20.2 0.0 S&P 400 Retail Composite 0.3 4.5 4.8 50.0 55.6 44.4 0.0 77.8 22.2 0.0 S&P 400 Discretionary Retail 0.5 4.5 5.0 40.0 66.7 33.3 0.0 100.0 0.0 0.0 S&P 400 Staples Retail -2.1 5.0 2.8 100.0 33.3 66.7 0.0 33.3 66.7 0.0 S&P 400 Industrials Composite 2.9 6.4 9.4 72.1 75.5 24.5 0.0 84.2 19.4 0.0 S&P 400 Transportation 1.0 25.0 26.3 100.0 77.8 22.2 0.0 22.2 0.0 0.0SmallCap S&P 600 ex-Energy 2.1 7.5 9.8 67.6 70.0 30.0 0.0 82.4 17.6 0.0 S&P 500 ex-Financials & Real Estat 2.6 7.8 10.6 63.9 76.0 24.0 0.0 83.7 16.3 0.0 S&P 600 ex-Tech 2.0 8.3 10.5 69.0 67.4 32.6 0.0 81.4 18.6 0.0 S&P 600 Retail Composite -0.3 10.9 10.5 39.1 50.0 50.0 0.0 61.1 38.9 0.0 S&P 600 Discretionary Retail 2.2 5.1 7.4 39.5 52.9 47.1 0.0 58.8 41.2 0.0 S&P 600 Staples Retail -8.8 35.6 23.6 33.3 0.0 100.0 0.0 100.0 0.0 0.0 S&P 600 Industrials Composite 2.4 7.8 10.5 61.2 75.6 24.4 0.0 84.4 15.6 0.0 S&P 600 Transportation 4.4 11.6 16.5 84.6 81.8 18.2 0.0 100.0 0.0 0.0
Source: Thomson Reuters I/B/E/S and Yardeni Research.
S&P 500/400/600 Change in Shares Outstanding
Page 4 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
S&P 500/400/600 Change in Shares Outstanding
Page 4 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Table 4: S&P Indexes Changes in Shares Outstanding (as of May 7, 2018)
Sector# companies
with share data for Q1-2018
Y/Y % change in
shares
% cos with falling
shares o/s y/y
% cos with share o/s down >4%
y/y
Q/Q % change in
shares
% cos with falling
shares o/s q/q
% cos with share o/s down >4%
q/q
S&P 500 LargeCap 417 -0.8 60.2 14.4 -0.3 50.8 1.7 S&P 400 MidCap 304 3.7 36.5 11.5 1.9 40.1 2.6 S&P 600 SmallCap 392 2.4 29.6 6.4 0.0 35.7 3.3LargeCap Sectors Consumer Discretionary 49 -2.1 67.3 24.5 -0.5 55.1 2.0 Consumer Staples 26 -1.7 73.1 7.7 0.0 46.2 0.0 Energy 27 0.9 40.7 18.5 0.0 40.7 3.7 Financials 68 -3.4 75.0 25.0 -1.0 69.1 1.5 Health Care 52 -0.8 61.5 17.3 0.2 48.1 0.0 Industrials 66 -1.1 77.3 10.6 -0.1 57.6 0.0 Information Technology 49 -1.3 67.3 12.2 -0.7 53.1 4.1 Materials 22 14.2 45.5 4.5 0.1 36.4 4.5 Real Estate 31 3.1 22.6 3.2 1.2 35.5 3.2 Telecommunication Services 2 0.1 50.0 0.0 0.3 0.0 0.0 Utilities 25 1.7 12.0 0.0 0.4 28.0 0.0MidCap Sectors Consumer Discretionary 35 -2.8 68.6 40.0 -0.7 51.4 8.6 Consumer Staples 10 -0.5 60.0 30.0 -0.7 70.0 0.0 Energy 21 10.8 14.3 0.0 6.0 14.3 4.8 Financials 56 8.2 26.8 5.4 3.9 35.7 3.6 Health Care 22 1.3 18.2 13.6 1.0 31.8 0.0 Industrials 47 1.6 46.8 8.5 -0.1 44.7 0.0 Information Technology 44 0.1 40.9 13.6 0.6 45.5 4.5 Materials 26 0.2 42.3 7.7 0.7 50.0 0.0 Real Estate 27 4.2 11.1 0.0 0.9 25.9 0.0 Telecommunication Services 1 0.9 0.0 0.0 -1.7 100.0 0.0 Utilities 15 0.5 33.3 0.0 0.1 33.3 0.0SmallCap Sectors Consumer Discretionary 53 1.2 47.2 13.2 0.2 52.8 1.9 Consumer Staples 9 0.1 44.4 0.0 0.1 22.2 0.0 Energy 20 5.5 10.0 0.0 0.2 30.0 10.0 Financials 79 3.7 26.6 3.8 1.1 27.8 1.3 Health Care 43 3.5 14.0 2.3 0.1 25.6 4.7 Industrials 74 0.2 39.2 8.1 0.4 41.9 0.0 Information Technology 56 -0.3 32.1 8.9 -0.5 39.3 3.6 Materials 26 -0.3 15.4 0.0 0.1 19.2 3.8 Real Estate 22 4.4 18.2 9.1 -4.8 40.9 13.6 Telecommunication Services 6 15.2 50.0 16.7 6.8 50.0 16.7 Utilities 4 2.2 0.0 0.0 0.3 25.0 0.0
Source: Thomson Reuters I/B/E/S and Yardeni Research.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-2.0
-1.5
-1.0
-.5
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
-2.0
-1.5
-1.0
-.5
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
Q1
S&P 500 NET REVENUE SURPRISE*(percent)
* Percentage that S&P 500 companies reported revenues above or below the consensus estimate at the time of the earnings report.Source: Yardeni Research and Thomson Reuters I/B/E/S.
yardeni.com
Figure 1.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19-25
-20
-15
-10
-5
0
5
10
15
20
-25
-20
-15
-10
-5
0
5
10
15
20
Q1
S&P 500 NET EARNINGS SURPRISE*(percent)
* Percentage that S&P 500 companies reported earnings above or below the consensus estimate at the time of the earnings report.Earnings surprise capped at -20% during Q4-2008.Source: Yardeni Research and Thomson Reuters I/B/E/S.
yardeni.com
Figure 2.
S&P 500 Revenue & Earnings % Surprise
Page 5 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-80
-60
-40
-20
0
20
40
60
80
100
-80
-60
-40
-20
0
20
40
60
80
100
Q1
Q1
S&P 500 POSITIVE & NEGATIVE REVENUE SURPRISES*(percent of companies)
* Percentage of S&P 500 companies that reported revenues above or below the consensus estimate at the time of the earnings report.Source: Yardeni Research and Thomson Reuters I/B/E/S.
yardeni.com
Figure 3.
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19-60
-40
-20
0
20
40
60
80
100
-60
-40
-20
0
20
40
60
80
100
Q1
Q1
S&P 500 POSITIVE & NEGATIVE EARNINGS SURPRISES*(percent of companies)
* Percentage of S&P 500 companies that reported earnings above or below the consensus estimate at the time of the earnings report.Source: Yardeni Research and Thomson Reuters I/B/E/S.
yardeni.com
Figure 4.
S&P 500 Revenue & Earnings % of Companies +/-
Page 6 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
-6
-4
-2
0
2
4
6
8
10
-6
-4
-2
0
2
4
6
8
10
Q4
2011 2012 2013 2014 2015 2016 2017 2018-.8
-.6
-.4
-.2
.0
.2
.4
.6
.8
1.0
1.2
-.8
-.6
-.4
-.2
.0
.2
.4
.6
.8
1.0
1.2
Q4
QUARTERLY REVENUE SURPRISE*(percent)
S&P 500 (1.2)S&P 500 Energy (0.4)S&P 500 ex-Energy (1.3)
Percent Surprise Attributable to Energy (-0.1)
* Percentage amount that revenues were above or below the consensus estimate at the time of the earnings report.Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 5.
-30
-15
0
15
30
45
60
75
-30
-15
0
15
30
45
60
75
Q4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-1.5
-1.0
-.5
.0
.5
1.0
1.5
-1.5
-1.0
-.5
.0
.5
1.0
1.5
Q4
QUARTERLY EARNINGS SURPRISE*(percent)
S&P 500 (4.8)S&P 500 Energy (-5.2)S&P 500 ex-Energy (5.3)
Percent Surprise Attributable to Energy (-0.5)
* Percentage amount that earnings were above or below the consensus estimate at the time of the earnings report.Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 6.
S&P 500 Revenue & Earnings Surprise ex-Energy
Page 7 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
-2
-1
0
1
2
3
4
5
-2
-1
0
1
2
3
4
5
Q4
2011 2012 2013 2014 2015 2016 2017 2018-.4
-.2
.0
.2
.4
.6
.8
-.4
-.2
.0
.2
.4
.6
.8
Q4
QUARTERLY REVENUE SURPRISE*(percent) S&P 500 (1.2)
S&P 500 Financials (1.2)S&P 500 ex-Financials (1.2)
Percent Surprise Attributable to Financials (0.0)
* Percentage amount that revenues were above or below the consensus estimate at the time of the earnings report.Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 7.
-30
-20
-10
0
10
20
30
-30
-20
-10
0
10
20
30
Q4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-20
-15
-10
-5
0
5
10
15
-20
-15
-10
-5
0
5
10
15
Q4
QUARTERLY EARNINGS SURPRISE*(percent)
S&P 500 (4.8)S&P 500 Financials (5.2)S&P 500 ex-Financials (4.6)
Percent Surprise Attributable to Financials (0.2)
Surprise capped at 20% and -20% due to extreme values.
* Percentage amount that earnings were above or below the consensus estimate at the time of the earnings report.Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 8.
S&P 500 Revenue & Earnings Surprise ex-Financials
Page 8 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
-40
-30
-20
-10
0
10
20
30
40
-40
-30
-20
-10
0
10
20
30
40
Q4
2011 2012 2013 2014 2015 2016 2017 2018-8
-6
-4
-2
0
2
4
-8
-6
-4
-2
0
2
4
Q4
QUARTERLY REVENUE GROWTH*(percent)
S&P 500 (8.2)S&P 500 Energy (21.5)S&P 500 ex-Energy (7.0)
Percentange Points Attributable to Energy (1.2)
Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 9.
-80
-60
-40
-20
0
20
40
60
80
-80
-60
-40
-20
0
20
40
60
80
Q4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-10
-5
0
5
10
-10
-5
0
5
10
Q4
QUARTERLY EARNINGS GROWTH*(percent)
S&P 500 (16.5)S&P 500 Energy (50.0)S&P 500 ex-Energy (14.0)
Percentange Points Attributable to Energy (2.5)
Growth capped at 50% and -50% due to extreme values.
Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 10.
S&P 500 Revenue & Earnings Growth ex-Energy
Page 9 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
-10
-5
0
5
10
15
20
-10
-5
0
5
10
15
20
Q4
2011 2012 2013 2014 2015 2016 2017 2018-2.0
-1.5
-1.0
-.5
.0
.5
1.0
1.5
2.0
-2.0
-1.5
-1.0
-.5
.0
.5
1.0
1.5
2.0
Q4
QUARTERLY REVENUE GROWTH*(percent) S&P 500 (8.2)
S&P 500 Financials (3.7)S&P 500 ex-Financials (8.8)
Percentage Points Attributable to Financials (-0.6)
Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 11.
-80
-60
-40
-20
0
20
40
60
80
-80
-60
-40
-20
0
20
40
60
80
Q4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-75
-50
-25
0
25
50
75
-75
-50
-25
0
25
50
75
Q4
QUARTERLY EARNINGS GROWTH*(percent)
S&P 500 (16.5)S&P 500 Financials (17.9)S&P 500 ex-Financials (17.4)
Percent Points Attributable to Financials (-0.9)
Growth capped at 60% and -60% due to extreme values.
Growth contribution capped at 60% and -60% due to extreme values.
Source: Thomson Reuters I/B/E/S and Yardeni Research Inc.
yardeni.com
Figure 12.
S&P 500 Revenue & Earnings Growth ex-Financials
Page 10 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Figure 13.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-75
-50
-25
0
25
50
75
100
Q4
CONSUMER DISCRETIONARYearnings surprise (%)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50
0
50
100
150
200
Q4
CONSUMER DISCRETIONARY% of companies with positive and negative earningssurprise (percent)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-2
0
2
4
6
8
10
Q4
CONSUMER STAPLES
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50
-25
0
25
50
75
100
125
Q4
CONSUMER STAPLES
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-40
-20
0
20
40
60
80
Q4
ENERGY
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50
-25
0
25
50
75
100
Q4ENERGY
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-75
-50
-25
0
25
50
75
Q4
FINANCIALS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-75
-50
-25
0
25
50
75
100
Q4FINANCIALS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-2
0
2
4
6
8
10
12
14
Q4
HEALTH CARE
Source: Yardeni Research and Thomson Reuters I/B/E/S.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50
-25
0
25
50
75
100
125
Q4
HEALTH CARE
yardeni.com
S&P 500 Sectors Quarterly Earnings Surprises
Page 11 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Figure 14.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-5
0
5
10
15
20
25
Q4
INDUSTRIALSearnings surprise (%)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50-250255075100125150175
Q4
INDUSTRIALS% of companies with positive and negative earningssurprise (percent)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-5
0
5
10
15
20
25
Q4
INFORMATION TECHNOLOGY
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50
-25
0
25
50
75
100
125
Q4INFORMATION TECHNOLOGY
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-20
0
20
40
60
80
Q4
MATERIALS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50
-25
0
25
50
75
100
125
Q4MATERIALS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-30
-20
-10
0
10
20
30
Q4
TELECOMMUNICATION SERVICES
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-50
0
50
100
150
Q4
TELECOMMUNICATION SERVICES
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-5
0
5
10
15
20
25
30
35
Q4
UTILITIES
Source: Yardeni Research and Thomson Reuters I/B/E/S.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-50
0
50
100
Q4UTILITIES
yardeni.com
S&P 500 Sectors Quarterly Earnings Surprises
Page 12 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Figure 15.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-2
0
2
4
6
Q4
CONSUMER DISCRETIONARYrevenue surprise (%)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-50
0
50
100
150
200
Q4
CONSUMER DISCRETIONARY% of companies with positive and negative revenuesurprise (percent)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-3
-2
-1
0
1
2
3
Q4
CONSUMER STAPLES
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-75
-50
-25
0
25
50
75
100
Q4CONSUMER STAPLES
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-6
-3
0
3
6
9
12
Q4
ENERGY
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-75
-50
-25
0
25
50
75
100
Q4ENERGY
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-8
-4
0
4
8
12
Q4
FINANCIALS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-75
-50
-25
0
25
50
75
100
Q4FINANCIALS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-2
-1
0
1
2
3
4
Q4
HEALTH CARE
Source: Yardeni Research and Thomson Reuters I/B/E/S.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-75
-50
-25
0
25
50
75
100Q4HEALTH CARE
yardeni.com
S&P 500 Sectors Quarterly Revenue Surprises
Page 13 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Figure 16.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-4
-2
0
2
4
6
Q4
INDUSTRIALSrevenue surprise (%)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-50
0
50
100
150
200
Q4
INDUSTRIALS% of companies with positive and negative revenuesurprise (percent)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-2
0
2
4
6
Q4
INFORMATION TECHNOLOGY
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-75
-50
-25
0
25
50
75
100
125
Q4INFORMATION TECHNOLOGY
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-12
-9
-6
-3
0
3
6
9
Q4
MATERIALS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-50
0
50
100
150
Q4
MATERIALS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-3
-2
-1
0
1
2
Q4TELECOMMUNICATION SERVICES
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-50
0
50
100
150
Q4
TELECOMMUNICATION SERVICES
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-20
-15
-10
-5
0
5
10
15
Q4
UTILITIES
Source: Yardeni Research and Thomson Reuters I/B/E/S.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100
-50
0
50
100
Q4
UTILITIES
yardeni.com
S&P 500 Sectors Quarterly Revenue Surprises
Page 14 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Figure 17.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100-75-50-25
0255075
100125150175
Q4
CONSUMER DISCRETIONARYy/y earnings growth (%)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-50
-25
0
25
50
75
Q4
INDUSTRIALS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-10
0
10
20
30
40
Q4
CONSUMER STAPLES
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-40
-20
0
20
40
60
80
100
Q4
INFORMATION TECHNOLOGY
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-125-100-75-50-25
0255075
100125
Q4ENERGY
Capped at 100% and -100% due to extreme values.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100-75-50-250255075100125
Q4
MATERIALS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-100-75-50-25
0255075
100125
Q4
FINANCIALS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-40
-30
-20
-10
0
10
20
30
Q4
TELECOMMUNICATION SERVICES
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-5
0
5
10
15
20
25
Q4
HEALTH CARE
Source: Yardeni Research and Thomson Reuters I/B/E/S.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-20
-10
0
10
20
30
40
50
Q4
UTILITIES
yardeni.com
S&P 500 Sectors Quarterly Earnings Growth
Page 15 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
Figure 18.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-6
0
6
12
18
Q4
CONSUMER DISCRETIONARYy/y revenue growth (%)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-10
-5
0
5
10
15
Q4
INDUSTRIALS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-10
-5
0
5
10
15
20
Q4
CONSUMER STAPLES
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-5
0
5
10
15
20
Q4
INFORMATION TECHNOLOGY
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-45
-30
-15
0
15
30
45
Q4
ENERGY
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-30
-20
-10
0
10
20
30
Q4
MATERIALS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-12
-8
-4
0
4
8
12
Q4
FINANCIALS
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-10
-5
0
5
10
15
Q4
TELECOMMUNICATION SERVICES
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-3
0
3
6
9
12
15
Q4
HEALTH CARE
Source: Yardeni Research and Thomson Reuters I/B/E/S.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-20
-15
-10
-5
0
5
10
15
20
Q4
UTILITIES
yardeni.com
S&P 500 Sectors Quarterly Revenue Growth
Page 16 / May 7, 2018 / Earnings Surprise Monitor www.yardeni.com
Yardeni Research, Inc.
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