Earnings season is in full swing: it’s a hit so far

Corporate earnings have been rolling in over the past couple weeks; so far, so good.

Stocks have beaten analyst estimates by an average of 5% this quarter, indicating analysts have been far too pessimistic going into the year. That pessimism may not continue.

Ned Davis research notes that 76% of stocks have seen upward revisions to their earnings estimates for the next 12 months.

The economic story of late is far from over. But companies and the American consumer has proven to be far more resilient than originally anticipated.