The Xchange Blog

Q2 2019: Worst Earnings Season in Three Years? Trades for Slow Growth Expectations.

 

The Q2 earnings reporting cycle is underway, as results from the big banks begin hitting the headlines. Earnings growth isn’t expected to improve this quarter, as analysts predict moderating economic growth. Expectations for the S&P 500 Index are about -3.3% from the year-earlier period on 4.0% higher revenues. Previous-quarter S&P earnings declined -0.2 on 4.5% higher revenues. Although estimates for Q2 are subdued, the magnitude of negative revisions is still below that of other recent quarters.

Below is a table identifying the percentage of names in each index reporting, arranged by trading week. Following that table is a list of Top Ten Holdings for key indexes, along with their earnings announcement dates, and corresponding bold trades using Direxion Leveraged ETFs.

 

Source: Bloomberg. Data as of 7/8/2019.

 

Q2 Quarterly Earnings Calendar

(All index data as of 6/30/2019)

 S&P 500 Index (SPXT)    S&P 400 Index (MID)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
MICROSOFT CORP MSFT UW 4.23% 7/18/2019 STERIS PLC STE UN 0.75% 8/14/2019
APPLE INC AAPL UW 3.55% 7/30/2019 IDEX CORP IEX UN 0.75% 7/26/2019
AMAZON.COM INC AMZN UW 3.28% 7/25/2019 LEIDOS HOLDINGS INC LDOS UN 0.68% 7/30/2019
FACEBOOK INC-CLASS A FB UW 1.92% 7/24/2019 DOMINO’S PIZZA INC DPZ UN 0.67% 7/16/2019
BERKSHIRE HATHAWAY INC-CL B BRK/B UN 1.68% 8/5/2019 ZEBRA TECHNOLOGIES CORP-CL A ZBRA UW 0.66% 7/30/2019
JOHNSON & JOHNSON JNJ UN 1.52% 7/16/2019 NVR INC NVR UN 0.66% 7/18/2019
JPMORGAN CHASE & CO JPM UN 1.49% 7/16/2019 TRIMBLE INC TRMB UW 0.66% 8/1/2019
ALPHABET INC-CL C GOOG UW 1.39% 7/25/2019 FACTSET RESEARCH SYSTEMS INC FDS UN 0.65% 9/24/2019
ALPHABET INC-CL A GOOGL UW 1.36% 7/25/2019 CAMDEN PROPERTY TRUST CPT UN 0.62% 7/25/2019
EXXON MOBIL CORP XOM UN 1.30% 8/2/2019 LENNOX INTERNATIONAL INC LII UN 0.60% 7/22/2019
Related Funds:

Related Funds:

 Russell 2000® Index (RU20INTR)     Russell 1000 Financial Services Index (RGUSFLA)  
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
ARRAY BIOPHARMA INC ARRY UQ 0.53% 8/13/2019 BERKSHIRE HATHAWAY INC-CL B BRK/B UN 7.30% 8/5/2019
HAEMONETICS CORP/MASS HAE UN 0.31% 8/6/2019 JPMORGAN CHASE & CO JPM UN 6.35% 7/16/2019
NOVOCURE LTD NVCR UW 0.27% 7/25/2019 VISA INC-CLASS A SHARES V UN 5.35% 7/23/2019
DECKERS OUTDOOR CORP DECK UN 0.26% 7/25/2019 BANK OF AMERICA CORP BAC UN 4.39% 7/17/2019
SCIENCE APPLICATIONS INTE SAIC UN 0.26% 9/5/2019 MASTERCARD INC – A MA UN 4.24% 7/30/2019
RADIAN GROUP INC RDN UN 0.25% 7/31/2019 WELLS FARGO & CO WFC UN 3.36% 7/16/2019
PORTLAND GENERAL ELECTRIC CO POR UN 0.25% 8/2/2019 CITIGROUP INC C UN 2.86% 7/15/2019
EMCOR GROUP INC EME UN 0.25% 7/25/2019 PAYPAL HOLDINGS INC PYPL UW 2.40% 7/18/2019
TELADOC HEALTH INC TDOC UN 0.25% 8/1/2019 AMERICAN TOWER CORP AMT UN 1.60% 7/31/2019
CHEGG INC CHGG UN 0.25% 7/29/2019 AMERICAN EXPRESS CO AXP UN 1.49% 7/19/2019
Related Funds:

Related Funds:

 Technology Select Sector Index (IXTTR)  Health Care Select Sector Index (IXVTR)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
MICROSOFT CORP MSFT UW 19.64% 7/18/2019 JOHNSON & JOHNSON JNJ UN 10.78% 7/16/2019
APPLE INC AAPL UW 16.48% 7/30/2019 PFIZER INC PFE UN 6.94% 7/30/2019
VISA INC-CLASS A SHARES V UN 5.78% 7/23/2019 UNITEDHEALTH GROUP INC UNH UN 6.67% 7/18/2019
MASTERCARD INC – A MA UN 4.59% 7/30/2019 MERCK & CO. INC. MRK UN 6.25% 7/30/2019
CISCO SYSTEMS INC CSCO UW 4.53% 8/14/2019 ABBOTT LABORATORIES ABT UN 4.31% 7/17/2019
INTEL CORP INTC UW 3.98% 7/25/2019 MEDTRONIC PLC MDT UN 3.80% 8/20/2019
ADOBE INC ADBE UW 2.77% 9/17/2019 THERMO FISHER SCIENTIFIC INC TMO UN 3.41% 7/24/2019
ORACLE CORP ORCL UN 2.71% 9/16/2019 AMGEN INC AMGN UW 3.17% 7/30/2019
PAYPAL HOLDINGS INC PYPL UW 2.59% 7/18/2019 ABBVIE INC ABBV UN 3.03% 7/25/2019
INTL BUSINESS MACHINES CORP IBM UN 2.35% 7/17/2019 ELI LILLY & CO LLY UN 2.79% 7/30/2019
Related Funds:

Related Funds:

 S&P Consumer Discretionary Index (IXYTR)  S&P Consumer Staples Index (IXRTR)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
AMAZON.COM INC AMZN UW 23.35% 7/25/2019 PROCTER & GAMBLE CO/THE PG UN 15.70% 7/30/2019
HOME DEPOT INC HD UN 10.32% 8/20/2019 COCA-COLA CO/THE KO UN 10.99% 7/23/2019
MCDONALD’S CORP MCD UN 7.16% 7/26/2019 PEPSICO INC PEP UW 10.22% 7/9/2019
NIKE INC -CL B NKE UN 4.91% 9/24/2019 WALMART INC WMT UN 8.74% 8/15/2019
STARBUCKS CORP SBUX UW 4.68% 7/25/2019 COSTCO WHOLESALE CORP COST UW 4.63% 10/3/2019
LOWE’S COS INC LOW UN 3.61% 8/21/2019 PHILIP MORRIS INTERNATIONAL PM UN 4.59% 7/18/2019
BOOKING HOLDINGS INC BKNG UW 3.59% 8/5/2019 MONDELEZ INTERNATIONAL INC-A MDLZ UW 4.48% 7/29/2019
TJX COMPANIES INC TJX UN 2.95% 8/20/2019 ALTRIA GROUP INC MO UN 4.26% 7/30/2019
GENERAL MOTORS CO GM UN 2.22% 8/1/2019 COLGATE-PALMOLIVE CO CL UN 3.98% 7/26/2019
TARGET CORP TGT UN 2.02% 8/21/2019 KIMBERLY-CLARK CORP KMB UN 3.00% 7/23/2019
Related Funds:

Related Funds:

 S&P Industrials Select Sector Index (IXITR)  S&P Energy Select Sector Index (IXETR)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
BOEING CO/THE BA UN 8.07% 7/24/2019 EXXON MOBIL CORP XOM UN 22.60% 8/2/2019
HONEYWELL INTERNATIONAL INC HON UN 5.64% 7/18/2019 CHEVRON CORP CVX UN 20.35% 8/2/2019
UNION PACIFIC CORP UNP UN 5.30% 7/18/2019 CONOCOPHILLIPS COP UN 5.80% 7/30/2019
UNITED TECHNOLOGIES CORP UTX UN 4.64% 7/23/2019 SCHLUMBERGER LTD SLB UN 4.77% 7/19/2019
3M CO MMM UN 4.21% 7/25/2019 EOG RESOURCES INC EOG UN 4.47% 8/2/2019
LOCKHEED MARTIN CORP LMT UN 3.98% 7/23/2019 KINDER MORGAN INC KMI UN 3.55% 7/17/2019
GENERAL ELECTRIC CO GE UN 3.94% 7/31/2019 PHILLIPS 66 PSX UN 3.51% 7/26/2019
CATERPILLAR INC CAT UN 3.39% 7/24/2019 OCCIDENTAL PETROLEUM CORP OXY UN 3.16% 8/5/2019
UNITED PARCEL SERVICE-CL B UPS UN 3.13% 7/24/2019 MARATHON PETROLEUM CORP MPC UN 3.11% 8/1/2019
CSX CORP CSX UW 2.61% 7/16/2019 ANADARKO PETROLEUM CORP APC UN 3.09% 7/30/2019
Related Funds:

Related Funds:

 S&P Utilities Select Sector Index (IXUTR)  S&P Communication Services Select Sector Index (IXUTR)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
NEXTERA ENERGY INC NEE UN 12.14% 7/23/2019 FACEBOOK INC-CLASS A FB UW 19.61% 7/24/2019
DUKE ENERGY CORP DUK UN 7.93% 8/6/2019 ALPHABET INC-CL C GOOG UW 11.49% 7/25/2019
DOMINION ENERGY INC D UN 7.61% 8/1/2019 ALPHABET INC-CL A GOOGL UW 11.22% 7/25/2019
SOUTHERN CO/THE SO UN 7.13% 7/31/2019 NETFLIX INC NFLX UW 4.87% 7/17/2019
EXELON CORP EXC UN 5.76% 8/1/2019 AT&T INC T UN 4.48% 7/24/2019
AMERICAN ELECTRIC POWER AEP UN 5.40% 7/25/2019 ACTIVISION BLIZZARD INC ATVI UW 4.41% 8/8/2019
SEMPRA ENERGY SRE UN 4.63% 7/24/2019 COMCAST CORP-CLASS A CMCSA UW 4.37% 7/25/2019
XCEL ENERGY INC XEL UW 3.80% 8/1/2019 CHARTER COMMUNICATIONS INC-A CHTR UW 4.37% 7/26/2019
PUBLIC SERVICE ENTERPRISE GP PEG UN 3.66% 7/30/2019 WALT DISNEY CO/THE DIS UN 4.29% 8/6/2019
CONSOLIDATED EDISON INC ED UN 3.53% 8/1/2019 VERIZON COMMUNICATIONS INC VZ UN 4.20% 8/1/2019
Related Funds:

Related Funds:

 S&P Retail Select Industry Index (SPSIRETR)  Dynamic Pharmaceutical Intellidex Index (DZRTR)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
RITE AID CORP RAD UN 1.56% 9/18/2019 ABBOTT LABORATORIES ABT US 5.37% 7/17/2019
L BRANDS INC LB UN 1.46% 8/21/2019 AMGEN INC AMGN US 5.18% 7/30/2019
OFFICE DEPOT INC ODP UW 1.40% 8/7/2019 JOHNSON & JOHNSON JNJ US 5.17% 7/16/2019
STAMPS.COM INC STMP UW 1.40% 7/31/2019 GILEAD SCIENCES INC GILD US 5.14% 7/30/2019
GUESS? INC GES UN 1.38% 8/28/2019 MERCK & CO. INC. MRK US 5.13% 7/30/2019
CARVANA CO CVNA UN 1.38% 8/7/2019 PFIZER INC PFE US 5.02% 7/30/2019
DILLARDS INC-CL A DDS UN 1.37% 8/15/2019 ELI LILLY & CO LLY US 4.69% 7/30/2019
ABERCROMBIE & FITCH CO-CL A ANF UN 1.35% 8/29/2019 ABBVIE INC ABBV US 4.45% 7/25/2019
DICK’S SPORTING GOODS INC DKS UN 1.33% 8/28/2019 ALLERGAN PLC AGN US 3.58% 7/26/2019
BEST BUY CO INC BBY UN 1.33% 8/29/2019 ANI PHARMACEUTICALS INC ANIP US 3.23% 8/7/2019
Related Funds:

Related Funds:

  S&P Oil & Gas Exploration and Production Index (SPSIOP)   S&P Biotechnology Select Industry Index (SPSIBITR)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
PBF ENERGY INC-CLASS A PBF UN 2.45% 8/1/2019 ARRAY BIOPHARMA INC ARRY UQ 2.15% 8/13/2019
HOLLYFRONTIER CORP HFC UN 2.31% 8/1/2019 SAREPTA THERAPEUTICS INC SRPT UW 1.68% 8/15/2019
PHILLIPS 66 PSX UN 2.29% 7/26/2019 INVITAE CORP NVTA UN 1.65% 8/7/2019
MARATHON PETROLEUM CORP MPC UN 2.29% 8/1/2019 IMMUNOMEDICS INC IMMU UQ 1.55% 2/25/2020
OASIS PETROLEUM INC OAS UN 2.23% 8/5/2019 MIRATI THERAPEUTICS INC MRTX UW 1.52% 8/1/2019
CONTINENTAL RESOURCES INC/OK CLR UN 2.23% 7/29/2019 GENOMIC HEALTH INC GHDX UW 1.50% 8/6/2019
DELEK US HOLDINGS INC DK UN 2.21% 8/6/2019 ACADIA PHARMACEUTICALS INC ACAD UW 1.48% 8/6/2019
MATADOR RESOURCES CO MTDR UN 2.19% 7/31/2019 LIGAND PHARMACEUTICALS LGND UQ 1.48% 8/8/2019
NOBLE ENERGY INC NBL UN 2.17% 8/2/2019 BLUEBIRD BIO INC BLUE UW 1.47% 8/1/2019
DEVON ENERGY CORP DVN UN 2.16% 8/6/2019 EXACT SCIENCES CORP EXAS UR 1.45% 7/30/2019
Related Funds:

Related Funds:

  MSCI US REIT Index (RMS G)   S&P Regional Banks Select Industry Index (SPSIRBKT)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
PROLOGIS INC PLD UN 5.45% 7/16/2019 SIGNATURE BANK SBNY UW 2.44% 7/18/2019
SIMON PROPERTY GROUP INC SPG UN 5.33% 7/30/2019 SYNOVUS FINANCIAL CORP SNV UN 2.39% 7/16/2019
EQUINIX INC EQIX UW 4.40% 7/31/2019 KEYCORP KEY UN 2.36% 7/23/2019
PUBLIC STORAGE PSA UN 4.08% 8/1/2019 PNC FINANCIAL SERVICES GROUP PNC UN 2.36% 7/17/2019
WELLTOWER INC WELL UN 3.46% 7/31/2019 REGIONS FINANCIAL CORP RF UN 2.35% 7/19/2019
EQUITY RESIDENTIAL EQR UN 3.07% 7/30/2019 FIRST REPUBLIC BANK/CA FRC UN 2.35% 7/16/2019
AVALONBAY COMMUNITIES INC AVB UN 3.06% 7/31/2019 STERLING BANCORP/DE STL UN 2.34% 7/24/2019
DIGITAL REALTY TRUST INC DLR UN 2.63% 7/30/2019 M & T BANK CORP MTB UN 2.34% 7/18/2019
VENTAS INC VTR UN 2.62% 7/26/2019 HUNTINGTON BANCSHARES INC HBAN UW 2.34% 7/25/2019
REALTY INCOME CORP O UN 2.24% 8/1/2019 PEOPLE’S UNITED FINANCIAL PBCT UW 2.33% 7/18/2019
Related Funds:

Related Funds:

 Dow Jones Transportation Average (DJTTR)  PHLX Semiconductor Sector Index (XSOX)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
NORFOLK SOUTHERN CORP NSC UN 11.67% 7/24/2019 NVIDIA CORP NVDA UW 8.27% 8/15/2019
UNION PACIFIC CORP UNP UN 9.96% 7/18/2019 QUALCOMM INC QCOM UW 8.15% 7/31/2019
FEDEX CORP FDX UN 9.36% 9/17/2019 TEXAS INSTRUMENTS INC TXN UW 7.86% 7/23/2019
KANSAS CITY SOUTHERN KSU UN 7.16% 7/19/2019 BROADCOM INC AVGO UW 7.77% 9/5/2019
LANDSTAR SYSTEM INC LSTR UW 6.27% 7/24/2019 INTEL CORP INTC UW 7.67% 7/25/2019
UNITED PARCEL SERVICE-CL B UPS UN 5.95% 7/24/2019 MICRON TECHNOLOGY INC MU UW 4.49% 9/19/2019
UNITED AIRLINES HOLDINGS INC UAL UW 5.32% 7/16/2019 ADVANCED MICRO DEVICES AMD UW 4.18% 7/24/2019
HUNT (JB) TRANSPRT SVCS INC JBHT UW 5.22% 7/15/2019 ANALOG DEVICES INC ADI UW 4.17% 8/28/2019
C.H. ROBINSON WORLDWIDE INC CHRW UW 4.91% 7/30/2019 XILINX INC XLNX UW 4.03% 7/24/2019
CSX CORP CSX UW 4.51% 7/16/2019 APPLIED MATERIALS INC AMAT UW 4.02% 8/15/2019
Related Funds:

Related Funds:

 ISE Natural Gas Index (FUMTR)  Dow Jones U.S. Select Aerospace & Defense Index (DJSASDT)
Top 10 Weights Ticker Weight in the index Expected Earnings Top 10 Weights Ticker Weight in the index Expected Earnings
CONTINENTAL RESOURCES INC/OK CLR UN 5.32% 7/29/2019 BOEING CO/THE BA UN 22.11% 7/24/2019
MATADOR RESOURCES CO MTDR UN 5.19% 7/31/2019 UNITED TECHNOLOGIES CORP UTX UN 15.86% 7/23/2019
DEVON ENERGY CORP DVN UN 5.04% 8/6/2019 L3HARRIS TECHNOLOGIES INC LHX UN 8.16% 7/12/2019
CONCHO RESOURCES INC CXO UN 4.69% 7/31/2019 LOCKHEED MARTIN CORP LMT UN 7.20% 7/23/2019
NOBLE ENERGY INC NBL UN 4.55% 8/2/2019 NORTHROP GRUMMAN CORP NOC UN 4.65% 7/24/2019
PDC ENERGY INC PDCE UW 4.55% 8/8/2019 GENERAL DYNAMICS CORP GD UN 4.64% 7/24/2019
CIMAREX ENERGY CO XEC UN 4.53% 8/5/2019 TRANSDIGM GROUP INC TDG UN 4.55% 7/30/2019
MURPHY OIL CORP MUR UN 4.49% 8/7/2019 RAYTHEON COMPANY RTN UN 4.24% 7/25/2019
CABOT OIL & GAS CORP COG UN 4.34% 7/26/2019 TEXTRON INC TXT UN 3.21% 7/17/2019
ENCANA CORP ECA UN 4.15% 8/1/2019 ARCONIC INC ARNC UN 2.71% 7/30/2019
Related Funds:

Related Funds:

  Dow Jones U.S. Select Home Builders Index (DJSHMBT)  
Top 10 Weights Ticker Weight in the index Expected Earnings
DR HORTON INC DHI UN 12.89% 7/30/2019
LENNAR CORP-A LEN UN 11.73% 9/24/2019
NVR INC NVR UN 9.72% 7/18/2019
PULTEGROUP INC PHM UN 7.07% 7/23/2019
LOWE’S COS INC LOW UN 4.85% 8/21/2019
HOME DEPOT INC HD UN 4.78% 8/20/2019
SHERWIN-WILLIAMS CO/THE SHW UN 4.37% 7/25/2019
TOLL BROTHERS INC TOL UN 4.22% 8/20/2019
MASCO CORP MAS UN 3.02% 7/25/2019
LENNOX INTERNATIONAL INC LII UN 2.67% 7/22/2019
Related Funds:

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